Mah Sing - Another commercial project

Below is the article from The Edge:


KUALA LUMPUR: Mah Sing Group Bhd plans to undertake a RM256 million project, called Southgate Commercial Centre, along Jalan Tun Razak.

It announced on July 27 that the project would be build on 1.92-ha freehold land which it was acquiring for RM52 million or RM250.90 per sq ft from Ninchii Fashion Sdn Bhd.

Mah Sing group managing director Datuk Leong Hoy Kum said the company was targeting corporate and high-end customers, including professionals, investors and entrepreneurs for the Southgate Commercial Centre.

“With the prime address and easy accessibility, law firms, consultancies and advertising agencies are just a few of the professions which could set up office here,” he said. It was also seeking to attract niche boutiques and specialty stores.

Southgate Commercial Centre, modelled after the Xintiandi success story in Shanghai, was conceptualised as an integrated commercial and leisure hub and is expected to be completed in three years.

With its Southgate Commercial Centre, Mah Sing has 14 development projects with a total gross development value (GDV) of RM3.726 billion.

Together with its unbilled sales of RM430 million as at March 31, 2007, the total GDV of RM4.156 billion would ensure earnings visibility for the company for over seven years.

Southgate Commercial Centre was the company’s third commercial development in Kuala Lumpur after its Grade A office development in Jalan Tun Razak and its integrated lifestyle development offering office suites enclosed by a resort style plaza in Mont’ Kiara.