KUALA LUMPUR: Mah Sing Group Bhd
has acquired a 111.29-ha freehold parcel adjoining its existing 202.34-ha M Legasi township in Semenyih for approximately RM273.5mil.
In a statement, the property developer said the newly acquired land will pave the way for M Legasi 2, an integrated township featuring a mix of residential properties and shop lots designed to meet the evolving needs of modern homebuyers.
It said sale and purchase agreements were signed with S P Setia Bhd’s unit, Petaling Garden Sdn Bhd, for the acquisition.
“The M Legasi 2 land benefits from an existing access road that provides immediate connectivity and enhances development readiness.
“The project is estimated to be developed over a period of eight years, with registration of interest targeted to begin in 2026 and commencement expected in 2027,” the company said.
The group said the acquisition comprises two adjoining parcels of freehold land in Semenyih, with a combined gross area of approximately 123.43 ha.
“Of this, about 111.29 ha form the net developable area to be acquired by Mah Sing,” it said.
Meanwhile, Mah Sing founder and group managing director Tan Sri Leong Hoy Kum said the acquisition marked another milestone for Mah Sing, underscoring its confidence in the Semenyih corridor as a thriving growth area.
Mah Sing said this was its third acquisition this year, following the acquisition of M Aria, a 1.12-ha prime freehold land in Sentul with an estimated gross development value (GDV) of RM283mil.
In August, the group expanded its footprint in the capital with the acquisition of a 0.59-ha prime freehold parcel in the heart of the Kuala Lumpur City Centre precinct, carrying an estimated GDV of RM1.28bil.
Meanwhile, S P Setia said in a filing with Bursa Malaysia that the proposed disposal was in line with the S P Setia group of companies’ direction to optimise and rebalance its land bank and move towards an asset-light structure and achieve an efficient capital structure.
“Barring any unforeseen circumstances and subject to the fulfilment of the conditions precedent, the proposed disposal is expected to be completed in the second half of 2026,” it said.
The proposed disposal is expected to enhance the group’s cash flow and contribute positively to S P Setia’s profitability, it said.
S P Setia said the net assets and cash balance of the group will increase by RM34.51mil and RM273.5mil, respectively, immediately after the completion of the proposed disposal. — Bernama
