KUALA LUMPUR: Mah Sing Group Bhd has teamed up with EduCity Iskandar Malaysia Sdn Bhd, a wholly-owned subsidiary of Iskandar Investment Sdn Bhd, to provide student accommodation at Phase 2 of Mah Sing’s Meridin@Medini Executive Suites in Iskandar Puteri, Johor.
The property group yesterday signed a memorandum of understanding (MoU) with EduCity to offer 183 fully furnished apartment units, which would cater to 370 students, out of 583 available units.
Mah Sing chief executive officer Datuk Ho Hon Sang (pic) said the Meridin@Medini project is located 3.6km from EduCity and will be the first external student accommodation provider for Iskandar Malaysia’s education hub.
“We will provide first-class facilities to the students who study at EduCity with the starting price from RM850 per month per student. We will also provide two-way bus shuttle services between Meridin@Medini and EduCity for students staying at our development,” Ho told a press conference.
He said the partnership with EduCity is an ongoing one because there will be a continuous flow of students coming to study at the education hub. “It is as far as the moon and stars; there is no timeline to end the partnership,” he quipped.
Phase 2 of Meridin@Medini features Meridin Executive Suites, Meridin Walk Lifestyle Mall and two blocks of hotel suites, namely Ramada Meridin and Ramada Encore Meridin.
The project has seen a take-up rate of 60% and the group targets to hand over the keys to purchasers by the first quarter of 2018.
“There is a potential growth in Meridin@Medini in terms of price and rental yield. With high-speed rail coming in, we see a tremendous influx in Johor,” said Ho.
He said students have the option of choosing a studio unit or a twin-sharing studio unit, which have built-up space ranging from 341 sq ft to 603 sq ft.
The units come with induction cooker, heated shower, air conditioner, lightings, mattress, wardrobe, study tables, chairs as well as fridge.
EduCity chairman Datuk Khairil Anwar Ahmad said the partnership with Mah Sing would provide more options for students to consider as accommodation is a crucial aspect of their daily life.
“We are giving another opportunity for the students to consider although we encourage students to stay within the campus in their first and second years, because some students prefer more privacy and choose to stay further from campus,” he said, adding that EduCity has about 3,000 students.
On the outlook for Mah Sing this year, Ho reiterated that the group would continue to focus on delivering affordable properties priced from RM400,000 to RM500,000 each.
“From the market feedback and our analysis we believe that there is still a good response to properties at affordable prices,” he said.
Mah Sing’s share price closed at RM1.47 yesterday, giving it a market capitalisation of RM3.57 billion.Source: The Edge Markets