News: Mah Sing’s M Luna sees 90% take-up rate

Jun 16, 2020

M Luna, a 1,672-unit serviced apartment project of Mah Sing Group Bhd in Kepong, registered a 90% take-up rate for its phase 1A last weekend. 

Under the project’s phase 1A, Mah Sing offered 200 units of two- to four-bedrooms with sizes ranging from 700 sq ft to 1,000 sq ft. Unit prices start from RM385,000 for the 700 sq ft apartment or RM550 per sq ft, reported The New Straits Times.

Phase 1B of the project, which features an additional 200 units, is now open for sale.

Mah Sing CEO Datuk Ho Hon Sang believes buyers were attracted to M Luna due to its location, pricing and design.

Read our honest review on M Luna here! 

The RM705 million project, which comes with two 57-storey towers, sits on 2.21-hectare leasehold site that is located adjacent to Kepong Metropolitan Park and the Forest Research Institute Malaysia.

“The encouraging take-up for phase 1A is a testament that properties in the right location remain strong,” The New Straits Times quoted Ho.

He also attributed the project’s robust take-up to the reintroduction of the Home Ownership Campaign (HOC) under the government’s Penjana plan.

Under HOC 2020, buyers can enjoy stamp duty exemption on the instrument of transfer for homes limited to the first RM1 million of the property’s price as well as full stamp duty exemption on loan agreement.

Ho said this bodes well for Mah Sing since 84% of the company’s sales target for this year are for residential properties costing below RM700,000.

Despite the challenges brought by the Covid-19 pandemic, Mah Sing is cautiously optimistic that demand for good quality and affordably priced homes at strategic locations will continue to be resilient, said Ho.

“We believe that Malaysia is in the process of recovering from the pandemic and advancing into the revitalisation of the economy on the back of the government’s proactive approach in introducing many rounds of stimulus packages especially the recently announced Penjana plan,” he added.

 

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