KUALA LUMPUR: Mah Sing Group Bhd
's wholly-owned subsidiary Enchanting View Development Sdn Bhd is acquiring 2.83 acres of leasehold land in George Town in Timor Laut, Pulau Pinang, from Penang Development Corp for RM51.8mil.
In a stock exchange filing, the property devleoper said the land will be used to develop a new mixed-development project named M Cora, which is expected to have a gross development value of RM528mil.
"Backed by a strong balance sheet and the continued momentum of its M-Series projects, Mah Sing is committed to expanding its footprint through a diversified project portfolio from fast-turnaround niche developments to large-scale townships.
"The group is confident that the project to be undertaken on the land will further strengthen its market position and contribute positively to its future growth and earnings outlook," it said.
The proposed acquisition is expected to be completed in the second half of 2028.
