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News Updates & Article sharing

Mammoth Empire sells 61-acre tract in Damansara Perdana to Exsim Development for RM760m

10/15/2019

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Picture
The 61-acre tract in Damansara Perdana, which MEH has offloaded, was originally earmarked for ECD2. (Photo by The Edge)
KUALA LUMPUR (Oct 14): Mammoth Empire Holding Sdn Bhd (MEH) has sold a 61-acre tract in Damansara Perdana, Selangor, to Exsim Development Sdn Bhd for RM760 million, reported The Edge Malaysia based on government documents.

According to information released by National Property Information Centre (Napic), the six lots of land were transacted in March.

The weekly also confirmed with MEH executive director Datuk Danny Cheah that the lands “had been set aside” for Empire City Damansara 2 (ECD2). MEH is the developer of the RM5 billion Empire City Damansara (ECD1).

The business publication calculated that at “RM760 million, the deal for the 61 acres, or 2.67 million sq ft, works out to RM286 per sq ft (psf)”.
Cheah also explained that “while earlier reports put the total acreage at 65 acres”, four acres “had been surrendered for infrastructure such such as a Majlis Bandaraya Petaling Jaya road, the Damansara-Shah Alam Elevated Expressway (DASH) and a water tank”.

The same news report stated that the sale of the tracts “is part of MEH’s measures to pare down debt and complete the long-delayed ECD1”.

“We have cleared over 90% of our bank loans [of which] RM140 million was with AmBank, RM290 million with Maybank and RM158 million with Affin Bank. We have only a balance of RM40 million of loans with AmBank for ECD1,” Cheah said.

“Hopefully, by 2020, we will be free of bank encumbrances. We want to plan and execute things at our own pace,” he added.

Cheah said MEH will complete and reopen the Empire City Mall by 2022.

Meanwhile, Exsim head of corporate communications Michelle Siew told The Edge that the name of ECD2 will be changed to Central Park Damansara.

She also said that the development of the 61 acres “is expected to take eight years to complete”. The estimated GDV is RM9 billion.

The weekly also reported that Exsim has plans to build “20 blocks of office buildings of between 28 and 49 storeys, five blocks of serviced apartments of 39 to 49 storeys and six blocks of affordable apartments of 43 to 47 storeys” plus an auditorium, retail units, a hotel and a private school.

The company will be launching D’Quince Residences (currently in the registration stage and awaiting final approval) there.

D’Quince Residences has a GDV of RM580 million.

Refer from www.edgeprop.my
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  • Home
  • New Property Launch
    • Best Investment 2022 PJ Damansara Low Risk Low Entry Price High ROI
    • 2022 PJ Rumah Mampu Milik RM270k Damansara
    • Bangsar South 2 Rooms from RM390k BELOW Market Price
    • 10% ROI PJ Project near Ikea and One Utama Mall
    • Mid Valley Seputeh New Launch
    • Pavilion Damansara Heights 柏威年 白沙罗岭 马来西亚 吉隆坡 精选楼盘
    • 马来西亚RM300千的PJ屋子-首购族,年轻人月入3千能买房
    • 2021 Penang Most Awaited Project
    • 2021 New Launch - KL Metropolis
    • 2021 PJ Spacious and Affordable 5 Star Condo
    • Freehold LRT Linked 3 Room Suites in Glenmarie
    • New SPACIOUS Kepong Landed 6 Room 6 Bath
    • Bangsar Last Piece Land New Launch
    • Avara Seputeh (Mid Valley)
    • Project Announcement Registration. Malaysia New Property Launch
  • Existing & Past Project
    • 2020 Lowest Risk & Price in Klang Valley with Great ROI
    • Kiara East Suite Dex
    • 2019 SAFEST PROFITABLE HIGH CASHBACK INVESTMENT
    • Best Property Investment Projects in 2018
    • KL City Freehold Spacious Affordable 3 room Project
    • Jalan Kuching Freehold New Office & Shoplot
    • Jalan Ipoh New Freehold Shoplot & Offices
    • RM300k KL Sentral New Prelaunch
    • The Olive Condo, Sunsuria City
    • Prelaunch Landed House Bukit Rahman Putra
    • RM260k No Downpayment Puchong South Suites
    • PJ North RM400k High Cash Back Project
    • Denai Sutera @ Alam Sutera, Bukit Jalil
    • First Phase of Banting New Township
    • Neu Suites 3rdNVenue @ Embassy Row by Titijaya & CREC
    • COURT 28, Jalan Ipoh KL City New Property Launch Service Apartment. Malaysia New Property Launch
    • Semanja Kajang New FREEHOLD Kajang Double Storey Houses. Malaysia New Property Launch
    • M Suite @ Desa Park North
    • BIJI LIVING @ Sek 17 PJ City by Conlay. Malaysia New Property Launch
    • Amani Residence Bandar Puteri Puchong New Freehold Service Apartment. Malaysia New Property Launch
    • SFERA RESIDENCY @ Puchong South. Malaysia New Property Launch
    • KL North Last Release
    • PreLaunch Freehold Double Storey
  • LAND
  • News & Articles
    • Educational Articles
    • Ho Chin Soon Greater KL Map Sharing
  • Other Reference Link & Services
    • Land Sale Malaysia
    • Malaysia New Property Launch
    • Lets Buy Property Malaysia
    • Other Professional Services
  • Referral
  • Career
  • MPIG
    • About Us
    • Contact Us
  • Get Professional Advice
  • PJ八打灵2021全新地产项目分析手册