Latest: Mah Sing in JV for RM900m project in KL
Tags: Asie Sdn Bhd , Jalan Pahang , Jalan Tun Razak , Kuala Lumpur , Kuala Lumpur City Plan 2020 , M Sentral , Mah Sing Group Bhd , River Corridor Development , Usaha Nusantara Sdn Bhd

By Joseph Chin of theedgeproperty.com
Tuesday, 02 August 2011 12:38
http://www.theedgeproperty.com/news-a-view...ject-in-kl.html

KUALA LUMPUR: Mah Sing Group Bhd is teaming up with Asie Sdn Bhd to jointly develop about 4.08 acres of prime land along Jalan Tun Razak-Jalan Pahang here which is part of the largest privatised urban regeneration project in Kuala Lumpur.

Mah Sing said on Tuesday, Aug 2 that it would undertake a niche development — M Sentral — with an estimated gross development value of approximately RM900 million.

M Sentral shall comprise smaller sized and more affordable serviced residences as there is strong demand due to lower entry prices, as well as some retail units.

Mah Sing unit Grand Pavilion Development Sdn Bhd had inked a joint venture agreement with Asie and its unit Usaha Nusantara Sdn Bhd for the joint development.

Under the deal, Usaha Nusantara would grant Grand Pavillion the sole and absolute right to develop the land for an entitlement of RM106.60 million to be settled via 60% in cash (RM63.96 million) and 40% stake in Grand Pavillion.

Mah Sing shall continue to have 60% shareholding in Grand Pavillion. It said Asie had full rights and approvals for a mixed development comprising residential and commercial properties and community, leisure, recreation and infrastructure facilities on 15 parcels of development land together with five air rights in Precinct 2-Pekeliling of the River Corridor Development under the Blue Corridor policy of Kuala Lumpur City Plan 2020.

This post has been edited by accetera: Apr 24 2015, 10:14 PM

Titiwangsa sentral owners should sell higher now?

i just read the same topic just now. about M sentral, could u guy stick it together into one topic?

dis mah sing, cash flow king la

Or they have good finance team

PM me the detail!!!

haha jam-packed area!!

i think its integrated project? any idea?

no info on mahsing website yet ... wonder when they will open for registration

typical Ali Baba marriage....who is behind Asie? Why the latter was given the sole right to re-develop the Jln Tun Razak stretch and not via open tender?

They develop which side tamansari.
The pjd side or opposite titiwangsa site?

From the map, it looks like opposite pjd which is in front of TS

Ok. But Is the empty land beside titiwangsa called tamansari as well??

Which empty land are you referring to?

Anyway, tamansari project covers quite a huge portion of this area.

This smells very politically linked....biasalah tu

All i know is that Asie is a private cconcessionaire with the full rights to develop the pekililing area, or what is known as Tamansari Riverside Garden City project......somehow this has now evolved to become this M City thing......

Anyway - can anyone share what's the inside scoop of Asie sdn bhd? Who are the guys behind this company?

as expected, ex senior armno politician is behind Asie....
http://findarticles.com/p/articles/mi_qn62...1/ai_n24909924/

due to personal values, i will stay away from this dev even TMS had bought the land.

did TMS bought the land? as far as i know for now it is JV development... and Asie have been holding the land for many many years now in return they built the low cost homes somewhere else...

oh yeah there was a proposal to build a 60-storey first revolving tower in this area...

u guys can refer to the historical postings in Skyscrapercity forums.
http://www.skyscrapercity.com/showthread.php?t=297370












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This post has been edited by accetera: Aug 3 2011, 09:16 AM

the iconic revolving tower at Parcel M of Tamansari

700 to 800 psf

in terms of absolute prices, from 350K onwards....