KUALA LUMPUR (May 17): Mah Sing Group Bhd is buying a 1.42ha (3.56-acre) land fronting the Titiwangsa Lake Garden here for up to RM60 million cash to undertake an estimated RM650 million condominium project.

In a statement to Bursa Malaysia today, Mah Sing said it was buying the freehold land along Jalan Beserah from Saw Shiuo Shyong @ Sonny Saw for up to RM60 million.

"The proposed development, indicatively priced from RM485,000 per unit with built-up from 850 square feet, aims to cater for first-home buyers, working professionals, young families and home upgraders seeking to live in the vicinity of the Kuala Lumpur City Centre and close proximity to public transportation.

"The proposed acquisition will result in the increased ownership of prime landbanks by Mah Sing group of companies to 931.2ha (2,328 acres), with total remaining GDV (gross development value) and unbilled sales of RM30.9 billion," Mah Sing said.

Mah Sing said it planned to finance the land acquisition and development cost via the company's internally-generated funds and perpetual bond sale proceeds. The company said it was also looking into bank loans.

Mah Sing said it expects to complete the land acquisition by the fourth quarter of this year.

At Bursa Malaysia today, Mah Sing shares fell one sen or 0.65% at 12:30pm to RM1.53 for a market value of RM3.69 billion. The stock saw 520,300 shares traded.