Mah Sing To Acquire Land In Johor Bahru With RM1.5 Bln GDV
KUALA LUMPUR, Dec 19 (Bernama) -- Mah Sing Group Bhd plans to acquire 2.424 hectares of freehold land in Johor Bahru, designated for the development of premium serviced apartments and retail units, with an estimated gross development value (GDV) of RM1.5 billion.
This marks the group’s sixth acquisition in 2024, bringing the total GDV of all six lands to RM5.8 billion.
In a filing with Bursa Malaysia today, Mah Sing said its wholly owned subsidiary, Dsara Sentral Sdn Bhd, has entered into a sale and purchase agreement with SP Setia Bhd’s subsidiary, Pelangi Sdn Bhd, for the acquisition.
The total purchase consideration is RM156.80 million.
“In line with the group’s quick turnaround strategy and subject to regulatory approval, the registration of interest for M Grand Minori is expected to begin in the second quarter of 2025,” it said.
The property developer stated that, backed by a strong balance sheet and encouraging demand for its projects, Mah Sing is focused on expanding its land portfolio in Johor.
The company actively seeks new opportunities in townships, industrial projects, and M Series developments.
In a statement, Mah Sing said Johor is its second-largest development region after Klang Valley.
To date, the group has sold approximately 17,000 units of residential, commercial and industrial developments in Johor alone.
The upcoming infrastructure projects in Johor, such as the Johor-Singapore Rapid Transit System (RTS) Link and the potential revival of the KL-Singapore high-speed rail project, will greatly improve connectivity and accessibility in the region.
The Johor-Singapore RTS link will offer residents a seamless connection between Bukit Chagar and Woodlands North, with a quick five-minute train journey, providing convenient access to Singapore, said Mah Sing.
-- BERNAMA