In a statement yesterday, Mah Sing said its subsidiary Multi Synergy Group Sdn Bhd had entered into a sale and purchase agreement with Flextronics Technology for the proposed acquisition of the land in Jalan Astaka U8/84, within the specialised Shah Alam Industrial Zone.

It will carry out an industrial development on the land to be named iParc, with an estimated gross development value (GDV) of about RM100 million. Presently, two inter-connected detached industrial buildings stand on the land. Mah Sing expects to start work on the development next year.

Mah Sing said no valuation was carried out on the land and it was unable to disclose its net book value as the company was not privy to the information.

Flextronics Technology, which was involved in the manufacturing of mobile phones and PCB assembly of mobile phones, had ceased operations on March 31, 2009.

Mah Sing said the group intended to carry out an industrial development comprising three-storey units in iParc, which is within the existing Bukit Jelutong Business and Technology Park.

iParc was envisioned to be a low-density industrial park hosting hi-tech industries as well as logistics warehousing and service facilities. The main target market would be local companies looking to integrate their corporate headquarters with operations and warehousing facilities as well as multinational corporations from various industries, said the property developer.

Mah Sing said it would be its strategy of a quick turnaround for iParc as the land use was already categorised as “industry” and only entailed submission of layout and building plan approval.

“With iParc, Mah Sing Group now has 18 development projects situated in high-growth regions and property hot spots in Malaysia, comprising 13 projects in the Klang Valley, the central region, four projects in Johor, the southern region and one project in Penang, the northern region,” it said.

This article appeared in The Edge Financial Daily, September 17, 2009.