KUALA LUMPUR: Mah Sing Group Ventures Sdn Bhd has signed an agreement with Huges Development Sdn Bhd to acquire 35.9ha of leasehold land in Puchong, Selangor, for RM656.9 million.
Mah Sing Group Ventures is a wholly-owned subsidiary of Mah Sing Group Bhd.
The proposed acquisition will allow the Mah Sing group of companies to
replenish a large portion of its Gross Development Value (GDV) and increase the sustainability of the group’s earnings through the acquisition of prime landbank in Puchong, Mah Sing Group said in a filing to Bursa Malaysia today.
"The proposed acquisition, based on preliminary plans, shall comprise an
integrated mixed development with offerings to a full range of customers
and will appeal to the mass market and medium to higher income households.
"The proposed development, intended to offer serviced residences, office towers, shop offices, retail lots, a retail mall and a hotel, is expected to
have a potential GDV of approximately RM9.3 billion," it said. -- BERNAMA