KUALA LUMPUR: Mah Sing Group Bhd plans to launch two new projects, in Cheras, Selangor, and Johor, by the second half of this year after acquiring two plots of land in these areas.

At an EGM yesterday, Mah Sing received shareholder approval for the proposed acquisition of 261.22 acres in the Tebrau-Plentong corridor in Johor Baru for RM61.5mil. On Monday, the medium to high-end property developer announced the acquisition of 9.906 acres of freehold land in Cheras for RM10.57mil.

The company intends to build a 4,000-unit mixed residential and commercial, township development on the Johor land.

The township, to be known as Sierra Perdana, will be targeted at the medium-end market. It has an estimated total gross development value of RM513mil.

''The project is a continuation of the group's presence in Johor after the success of the two lifestyle developments, Sri Pulai Perdana in Skudai and Austin Perdana in Tebrau, JB,'' said group chief executive Datuk Leong Hoy Kum.

Based on population growth trends, the company expects strong sales of its latest Johor-based project.

''Johor Baru itself has a vibrant population growth rate of 4.58% compared with the national rate of 2.6% and a correspondingly higher appetite for residential property,'' said Leong.

The company plans to create a unique 'lifestyle adventure-park community' at the Sierra Perdana development, incorporating features such as a safari entrance and lush landscaped grounds with dedicated parks.

The Cheras land is slated for the development of 56 semi-detached houses and garden bungalows within a gated community and 20 shop offices. The estimated gross development value of the project, One Residence, is RM63mil.

''Similar to Perdana Residence in Selayang, we see potential demand for semi-detached homes and garden bungalows within the surrounding area in anticipation of existing homeowners upgrading from their present homes, as well as the desire of the younger generation setting up their first home near their parents.

''We will be offering double-storey semi-detached homes from RM588,800, double-storey garden bungalows from RM888,800 and three-storey shop offices from RM888,800,'' Leong added.

Source : The Star 22/3/2006