KUALA LUMPUR: Mah Sing Group Bhd (8583), the country's fifth largest developer by revenue, will launch Icon City, a RM3 billion integrated commercial development in Petaling Jaya, Selangor, in the next quarter.
Group managing director and group chief executive Tan Sri Leong Hoy Kum said Mah Sing will be launching more commercial and industrial projects this year to build the two segments.
Mah Sing has 33 ongoing developments with remaining gross development value and unbilled sales of RM11.4 billion, and RM4.2 billion has been earmarked for commercial and industrial projects.
Mah Sing may replicate the development of Icon City to offer mix products, but it would depend on location and land size, he said.
Icon City comprises seven- to eight-storey lifestyle shop-offices, gourmet street with 20 two-storey food outlets, small office versatile-offices (Sovo), serviced apartments, lifestyle mall, boutique hotel and office towers.
Leong is bullish that Icon City will command good sales because of the product mix, design and location.
Icon City is located on a 7.93ha site in SS8, Sungei Way, a site formerly occupied by Matsushita Group of Co. The land is situated at the crossroads of the Lebuhraya Damasara-Puchong and the Federal Highway.
With unique architectural features, the development would showcase designs, such as forest and water themed plazas, sky glass bottomed pool roof garden and moulded landscapes.
"The shops are on en-bloc sales and we have overwhelming response from potential buyers. It is a testament to our product quality, branding and track record," he said.
Leong said for the serviced apartments and Sovo, Mah Sing is looking at both strata and en-bloc. He added that the five- to seven-year development will comply to the Green Building Index, Green Mark and LEED standards. - By Sharen Kaur
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Source: Business Times, 4 April 2011
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