Mah Sing’s industrial development portfolio to grow
01 Feb 2024
In a statement, the property developer said 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 (MSSSID), which is 70%-owned by Mah Sing.
“The landowner, Premier Land Resources Sdn Bhd, also grants Fusion Heights Development the option to purchase an additional approximately 376.65 acres for RM12.50 per sq ft within four years of the sale and purchase agreement.
“The potential GDV for the entire 561.65 acres is up to RM2bil, encompassing comparable development components.”
Mah Sing said the land is planned to be an industrial development comprising customised factories, industrial lots, cluster, semi-D and detached factories catering to medium and light industrial businesses.
The development is set to attract industry players from high-tech manufacturing and value creation manufacturing sector to set up their facilities here.
“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 commence in the second half of 2024 and to be 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,” it said.
Mah Sing said the acquisition also represents a strategic move for the group, building upon the foundation laid by the formation of joint venture company MSSSID in September 2023.
“MSSSID provides one-stop development solutions for industrial real estate properties, from sales and marketing, leasing, project construction and management, as well as customisation to investors’ need and investment.”
Mah Sing noted that Malaysia has been the focus of foreign investors, adding that its push into industrial projects is timely.
The developer said this is especially with the launch of Malaysia’s New Industrial Master Plan 2030 to build Malaysia’s industrial capacity and resilience for long-term, sustainable growth.
“In the first nine months of 2023, Malaysia recorded RM225bil in total approved investments of which foreign direct investment (FDI) accounted for RM125.7bil or 55.9% of total approved investments.
“The manufacturing sector took the lead for FDI, contributing RM84.8bil or 85% of approved investments in that sector.”
Mah Sing added that the industrial property market is widely lauded as a bright spot for the property market in 2024 and that the group’s acquisition of Mah Sing Business Park, Sepang is a strategic move to capitalise on the country’s industrial growth potential.
Mah Sing founder and group managing director Tan Sri Leong Hoy Kum said it is within Malaysia’s favourable environment that the group makes this strategic acquisition.
“We strongly believe Malaysia and Mah Sing is the preferred country and partner for these enterprises looking to efficiently invest and grow across this region,” he said in the same statement.
Mah Sing said the land is located at the central of Klang Valley and close to populated areas such as Bandar Baru Salak Tinggi, Putrajaya, Cyberjaya, Subang and Shah Alam, which can provide business executives and workers the convenience of living near the city centre and access to ready amenities.
“Mah Sing’s landed residential development M Senyum is located at Bandar Baru Salak Tinggi. Also known as the Airport City, Bandar Baru Salak Tinggi is well connected to major accesses and highways such as KLIA Expressway, Elite Highway, North-South Expressway, Putrajaya-Cyberjaya Expressway, Jalan Banting-KLIA and KLIA Extension Highway.”
Source: The Star