Mah Sing to develop RM728mil gdv prime industrial development in Sepang

KUALA LUMPUR: Mah Sing Group Bhd  will be developing a new 185 acres prime industrial development with an estimated gross development value of RM728 million in Sepang.

The development will comprise of customised factories, industrial lots, cluster, semi-D and detached factories catering to medium and light industrial businesses.

It aims to attract industry players from high-tech manufacturing and value creation manufacturing sector to set up their facilities there.

In line with the group's quick turnaround strategy and subject to authorities' approval, the development of Mah Sing Business Park, Sepang is expected to start in the second half of 2024 and developed over a span of three to four years. The acquisition will fuel the growth of Mah Sing's industrial development portfolio and strengthen its competitiveness in Malaysia's industrial development landscape.

Mah Sing Business Park, Sepang will be developed by Fusion Heights Development Sdn Bhd, a subsidiary of Mah Sing South Sea Industrial Development Sdn Bhd.

Mah Sing South Sea is 70 per cent owned by Mah Sing.

Apart from the initial 10 per cent downpayment, the balance 90 per cent of total purchase price of RM100.7 million, or RM12.50 per square foot (psf), for 185 acres is payable three months after completion of conditions precedent.

The landowner, Premier Land Resources Sdn Bhd, has also granted Fusion Heights Development Sdn Bhd the option to purchase an additional 376.65  acres for RM12.50psf within four years of the sale and purchase agreement.

The potential GDV for the entire 561.65 acres is up to RM2 billion, encompassing comparable development components.

Premier Land intends to take a 20 per cent interest in Fusion Heights through a shareholders agreement between Mah Sing South Sea and Premier Land.

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