KUALA LUMPUR (Nov 21): Mah Sing Group Bhd (KL:MAHSING) is expanding its presence in the Setapak area with the proposed acquisition of 2.79 acres of leasehold land in Sri Rampai for RM44.5 million.
The company said its wholly-owned subsidiary Maxim Heights Sdn Bhd entered into an agreement with The Rampai Development Sdn Bhd on Friday for the purchase of the land, which comes with a development order.
In a filing with Bursa Malaysia, Mah Sing said the acquisition forms part of its strategy to grow in high-demand urban corridors, noting that the site in Sri Rampai sits within a well-established residential catchment.
“Following the success of M Adora, M Astra, M Azura, and StarParc Point, this marks the group’s fifth development in the well-established neighbourhoods of Wangsa Maju and Setapak,” the property developer said. "These developments will benefit from the upcoming confirmed MRT 3 stations of Rejang and Setapak, and existing LRT stations of Sri Rampai and Wangsa Maju."
Mah Sing said the proposed development, tentatively named M Mira, is expected to have an estimated gross development value of RM300 million.
The company noted that the site fits its quick-turnaround development model and complements the continued momentum of its M-Series projects.
“The group is confident that the project to be undertaken on the land will further strengthen its market position and contribute positively to its future growth and earnings outlook,” it added.
The acquisition, which is expected to be completed in the first quarter of 2026, will be funded through internally-generated funds and bank borrowings.
Shares of Mah Sing closed up one sen or 0.99% at RM1.02 on Friday, for a market capitalisation of RM2.61 billion.
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