The signing ceremony was witnessed by Mah Sing Founder and Group Managing Director Tan Sri Leong Hoy Kum (far left) and KLK Executive Chairman Tan Sri Lee Oi Hian (far right). Signing the agreement are Mah Sing Group CEO and Executive Director Datuk Voon Tin Yow (centre, left) and Lee Wen Ling, Managing Director of KLK Land.
KUALA LUMPUR: Mah Sing Group Bhd
and Kuala Lumpur Kepong Bhd (KLK) unit KLK Land Sdn Bhd have formed a strategic joint venture to acquire and develop a 419.15-acre tract of freehold industrial land within the Johor-Singapore Special Economic Zone (JS-SEZ) in Kulai.
According to a joint statement from the developers, the site, which was acquired for RM274mil, is a part of KLK Land's 2,500 acres in Kulai that have been earmarked for phased development under a master-planned industrial township.
The project, named MS Industrial Park @ Kulai, will have an estimated gross development value (GDV) of RM2.26bil.
Mah Sing will hold 60% of the joint venture undertaking the project, while Kuala Lumpur Kepong will own the remaining 40%. According to the statement, Mah Sing will spearhead the planning, development and execution of the project.
For Mah Sing, the project serves to widen its footprint in the industrial segment. "Our focus is on building a well-integrated industrial platform that brings together anchor industrial players, their suppliers and wider value chain partners.
"While technology-enabled and high-growth industries such as data centres, logistics, and other supporting industrial activities form part of this ecosystem, the overarching objective is to foster an integrated industrial environment that creates long-term value, supports Malaysia’s industrial transformation and strengthens Mah Sing’s sustainable growth," said Mah Sing.founder and group managing director Tan Sri Sri Leong Hoy Kum.
Meanwhile, KLK executive chairman Tan Sri Lee Oi Hian said the collaboration is aligned with the group's long-term strategy to unlock the potential of its land in Kulai and build a stronger industrial development portfolio.
"Through this partnership with Mah Sing, we are able to strategically initiate the first phase development that will unlock and catalyse the broader 2,500-acre master-planned township envisioned for KLK Land.
"We view Kulai and the wider Johor-Singapore Special Economic Zone as an important growth corridor that supports Johor’s evolving industrial landscape and contributes to sustainable economic growth.”
