Mah Sing to buy land for RM113mil

From left: Mah Sing deputy group chief executive officer & executive director Lionel Leong, Mah Sing group chief executive officer and executive director Datuk Voon Tin Yow, Team Keris Bhd group executive chairman Datuk Lee Seng Hee and Team Keris deputy chairman Datin Irene Lee.

KUALA LUMPUR: 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 2.12ha of freehold land along Old Klang Road here for RM112.97mil.

Mah Sing said that the land, worth an estimated gross development value of RM660mil, would be developed into M Aurora – a transit-oriented development featuring serviced apartments with unit sizes beginning from 702 sq ft and indicative prices starting from RM468,800.

M Aurora was 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