Mah Sing To Buy 1.129-Hectare Land In Setapak For RM44.50 Mln

KUALA LUMPUR, Nov 21 (Bernama) -- Mah Sing Group Bhd’s wholly owned subsidiary, Maxim Heights Sdn Bhd, plans to acquire a 1.129-hectare plot of leasehold land in Setapak for RM44.50 million from The Rampai Development Sdn Bhd.

In a filing with Bursa Malaysia, Mah Sing said this acquisition is for a new development, M Mira, which is expected to have an estimated gross development value (GDV) of approximately RM300 million.

“These developments will benefit from the upcoming confirmed MRT 3 stations of Rejang and Setapak and the existing LRT stations of Sri Rampai and Wangsa Maju,” it said.

This acquisition marks the group’s fifth land deal in 2025, following M Aria in Sentul, the landmark acquisition of the Corus Hotel site, M Legasi 2 in Semenyih and M Cora in Penang.  The total estimated GDV of all five lands is approximately RM4.1 billion.

“The acquisition is expected to contribute positively to the future earnings of Mah Sing and is expected to be completed in the first quarter of 2026,” it said.

Meanwhile, in a separate statement, Mah Sing said its wholly owned subsidiary, Fusion Heights Development Sdn Bhd, has mutually terminated the sale and purchase agreement with Premier Land Resources Sdn Bhd for the acquisition of 227.29 hectares of prime land in Sepang, Selangor, signed on Jan 31, 2024.

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Mah Sing said the deposit, together with interest earned, shall be refunded to the Fusion Heights.

Following the mutual termination, the company highlights that this decision enables a more efficient reallocation of capital towards opportunities that better align with Mah Sing’s investment criteria and offer quicker turnaround potential.

“The termination is not expected to have any material impact on the company’s earnings per share, net assets per share, gearing, share capital, or shareholding structure for the financial year ending Dec 31, 2025,” it added.

-- BERNAMA