Mah Sing to unveil Phase 2 of Meridin@Medini

PETALING JAYA: Mah Sing Group Bhd is kicking off phase 2 of its RM1.1bil Meridin@Medini development in Iskandar Malaysia next month.

The firm will open for preview its Meridin Linx iSovo, featuring small office versatile office units with built-ups starting from 450 sq ft and priced from RM298,000 in September.

The other two blocks in phase 2 comprise the Meridin Hotel Suites. It is learnt that Mah Sing plans to manage the hotel, while the rooms are to be sold to investors under a sale and leaseback-type arrangement.

The developer saw robust demand for the first phase of its maiden 8.2-acre mixed development in Medini, an area which has been earmarked as the central business district of Nusajaya, one of Iskandar Malaysia’s five flagship zones.

Two out of the three blocks of its 30-storey serviced residences under phase 1, with views of Legoland Malaysia, enjoyed a take-up rate of over 80% for their 595 units.

The homes were priced from RM387,000, or an average of RM630 per sq ft, with sizes of 521 sq ft to 2,134 sq ft.

Mah Sing opened for sale the third and final block of residences in May, but sales figures for the 32-level condominium – which has the lowest density among the three towers at six units per floor, or 192 units – were not yet available.

Phase 1 also includes a retail strip called Meridin Walk. Prices for the retail lots start from RM1,000 per sq ft, with sizes of between 731 sq ft and 3,323 sq ft. The Meridin Walk will be connected to the retail podium in phase 2 of Meridin.

Although the take-up for the retail lots were not known, sources said it should be well-received given the limited number of only 30 units on offer.

Johor is an increasingly important market for Mah Sing. Its sales there have grown from RM133mil in 2011 to RM290mil last year, and the state’s contribution to group sales doubled to 12% over the same period.

In the first quarter of this year, its Iskandar Malaysia-based properties chalked up sales of RM174mil, or 23% of Mah Sing’s RM750mil sales during the January-March period.

The group’s current gross development value (GDV) and unbilled sales in Johor stood at RM6.4bil and RM276mil, respectively. It has a balance of 363 acres to be developed in the state.

Mah Sing is looking to launch in 2014 its next Iskandar Malaysia-focused development – Meridin@Senibong. It bought the land in May for RM365mil, or RM238 per sq ft, from Kim San Investments Sdn Bhd.

Registrations for Meridin@Senibong will commence before the end of the year.

The 35.3 acre freehold tract, with an estimated GDV of RM4.35bil, is adjacent to Senibong Cove in the Permas Jaya township and comes with unobstructed views of Singapore. The project will consist of serviced residences, a hotel, a retail podium and a street mall.