Mah Sing diversifies into industrial real estate
07 Sep 2023
Mah Sing Group Bhd is diversifying into industrial real estate property development and leasing to capitalise on the surge in foreign direct investments (FDI) in Malaysia.
Malaysia attracted RM264.6 billion of approved investments in 2022, of which FDI accounted for RM163.3 billion, or 61.7 per cent of total approved investments.
China was the leading contributor to foreign investments, with RM55.4 billion worth of investments in Malaysia.
Mah Sing’s two subsidiaries, Nova Legend Development Sdn Bhd (MS1) and Jastamax Sdn Bhd (MS2), entered into a shareholders’ agreement on September 7, 2023, with The South Sea Capital Sdn Bhd (TSSC) to jointly take on industrial development, land acquisition, ownership, operation, management, and leasing through a joint venture (JV) arrangement.
The business activities may include related services such as industrial property consultancy, valuation, design and construction, development management, marketing and sales, and investment.
Mah Sing said in a stock exchange filing today that the JV would be carried out through Mah Sing South Sea Industrial Development Sdn Bhd.
TSSC will hold a 30 per cent stake in the JV company, while MS1 and MS2 will have 50 per cent and 20 per cent stakes respectively.
The JV also opens up more opportunities for Mah Sing to fuel its industrialdevelopment portfolio growth.
The developer has to date completed five industrial parks, including Mah Sing Integrated Industrial Park in Mutiara Subang, iParc in Bukit Jelutong, iParc 2 in Shah Alam, iParc 3 in Bukit Jelutong, and Mah Sing iParc at the Port of Tanjung Pelepas in Johor.