KUALA LUMPUR (July 20): MUI Properties Bhd's (KL:MUIPROP) unit is disposing of a parcel of industrial land in Bandar Springhill, Negeri Sembilan for RM18.73 million cash to fund ongoing development and infrastructure works, while advancing its plan to position the township as a medical hub.
The property developer's indirect 60%-owned subsidiary, West Synergy Sdn Bhd, is selling the land to Antmed Malaysia Sdn Bhd, according to a Bursa Malaysia filing on Monday.
The proposed disposal is expected to generate an estimated net gain of RM10.87 million for West Synergy, of which RM6.52 million will be attributable to MUI Properties based on its 60% interest.
The remaining RM4.35 million will be attributable to Chin Teck Plantations Bhd (KL:CHINTEK), which holds the other 40% stake in West Synergy.
The freehold land, measuring 49,725 sq m, is located within Springhill Industrial Park in Port Dickson and has an audited net book value of RM4.36 million as at June 30, 2025.
West Synergy originally acquired the land for RM497,902 in January 1995.
MUI Properties said the disposal builds on the group’s strategy, adopted in 2024, to develop Bandar Springhill into a medical hub.
Antmed, which is wholly-owned by Hong Kong Antmed Ltd, is involved in medical science research and development.
In July 2024, West Synergy sold 53 acres of freehold land in Bandar Springhill to Antmed for RM80.8 million cash. At the time, MUI Properties said Antmed could help attract other healthcare-related investments and support the development of Bandar Springhill as a medical hub.
On Monday, MUI Properties said Antmed’s decision to acquire further land within two years of its initial purchase reaffirmed its long-term commitment to the township.
“The proposed disposal continues to advance the medical hub ecosystem, while delivering financial benefits to West Synergy through improved earnings and working capital to support ongoing development,” the group said.
Of the proceeds, RM15.22 million will be used for working capital requirements for ongoing projects and infrastructure works in Bandar Springhill, while RM3.43 million has been earmarked for taxes and RM80,000 for transaction expenses.
MUI Properties is 23.48%-owned by Malayan United Industries Bhd (KL:MUIIND). Its shares closed unchanged at 17 sen on Monday, with a market capitalisation of RM129.89 million.