PETALING JAYA: Mah Sing Group Bhd
’s move to acquire more land in Johor and its proposed development there is welcomed by analysts who have in turn raised their valuation for the property developer.
CIMB Securities stated Mah Sing’s purchase of 100.4 acres of land in Pulai, Johor from Amanah Raya Bhd for RM103.7mil or RM23.70 per sq ft is in response to growing demand for residential property there.
The proposed RM1.45bil gross development value (GDV) M Tiara 2 development planned for the site reflects Mah Sing’s management aim to benefit from the infrastructure buildup in the southern state such as the Rapid Transit System (RTS) link to Singapore.
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