KUALA LUMPUR (July 22): Mah Sing Group Bhd (KL:MAHSING) has secured shareholders' approval to acquire an estimated 419.17 acres of freehold land in Kulai, Johor, paving the way for the development of a RM2.26 billion gross development value (GDV) industrial park within the Johor-Singapore Special Economic Zone.
The company said it received 99.9% votes in favour of the acquisition from shareholders during an extraordinary general meeting held on Wednesday morning.
The land, which will be developed as MS Industrial Park @ Kulai, will be acquired from Kuala Lumpur Kepong Bhd’s (KL:KLK) wholly owned unit Aura Muhibah Sdn Bhd for RM273.87 million. The purchase price is supported by real estate agency Knight Frank Malaysia Sdn Bhd's independent valuation of RM274 million, according to a statement.
Mah Sing said the land acquisition is expected to be completed in the fourth quarter of 2026, with works scheduled to commence subsequently.
The project will be undertaken by M Industrial Development Sdn Bhd — a joint venture company between Mah Sing, which holds a 60% stake, and KLK’s wholly owned unit KLK Land Sdn Bhd, which holds the remaining 40%.
“We are grateful for the strong support and confidence shown by our shareholders. Their approval reflects a shared conviction that MS Industrial Park @ Kulai is a strategically important development that will strengthen Mah Sing's industrial portfolio while creating sustainable long-term value for our shareholders,” said Mah Sing founder and group managing director Tan Sri Leong Hoy Kum.
Mah Sing said the industrial park is intended to cater to industries such as advanced manufacturing, logistics, technology and digital infrastructure.
Located within Iskandar Malaysia, the project is positioned near Senai International Airport, the Port of Tanjung Pelepas, Johor Port, the North-South Expressway, Senai-Desaru Expressway and the Second Link to Singapore.
The property developer said the project will comprise cluster, semi-detached and detached factories, as well as industrial land parcels ranging from one to eight acres. The company said the land parcels could accommodate customised industrial facilities, logistics hubs and potential data centre developments.
The latest acquisition will increase its total land bank to about 2,682.51 acres, which Mah Sing said leaves more room for future residential and industrial opportunities.
Mah Sing said, in the statement, it has been operating in Johor since 2000, and has completed residential townships and industrial developments in the state with a cumulative GDV of about RM4.47 billion.
It said its ongoing and upcoming Johor projects, including M Grand Minori, M Minori, Meridin East, M Tiara 2 and Tiara Hills, have a combined estimated development value of RM11.62 billion.
Mah Sing first announced the MS Industrial Industrial Park @ Kulai via a joint venture signing ceremony with KLK on Dec 19, 2025. Mah Sing said it will oversee the planning, development and execution of the industrial development through a project management agreement.
At the time of writing on Wednesday, Mah Sing’s shares were up by half a sen or 0.5% to 94.5 sen, giving the company a market capitalisation of RM2.42 billion. Meanwhile, KLK’s shares were down by 40 sen or 1.9% to RM20.74, valuing the company at RM23.2 billion.