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BUSINESS • 07/11/2024 02:06 PM

Mah Sing Unit To Buy Land In Old Klang Road For RM112.97 Mln

KUALA LUMPUR, Nov 7 (Bernama) -- Mah Sing Group Bhd’s wholly-owned unit Major Land Development Sdn Bhd has entered into a sale and purchase agreement with Pink Forest Sdn Bhd for a proposed acquisition of 2.12 hectares of freehold land along Old Klang Road for RM112.97 million.

Mah Sing said that the land, worth an estimated gross development value of RM660 million, will be developed into M Aurora, a transit-oriented development featuring serviced apartments with unit sizes beginning from 702 square feet and indicative prices starting from RM468,800.

“The development will also include retail spaces featuring convenient drive-through units,” the property developer said in a Bursa Malaysia filing today.

Mah Sing said M Aurora marks the group’s fourth land acquisition this year, and the company intends to fund the costs and expenses of the proposed acquisition and development through internally generated funds and bank borrowings.

“Barring any unforeseen circumstances, the proposed acquisition is expected to be completed in the first half of 2025,” it said, adding that the exercise is expected to contribute positively to the group’s future earnings.

-- BERNAMA

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