Mah Sing seeks new partners for Bangi data centre project; 1Q net profit rises 10%

• The collaboration agreement between Mah Sing and Bridge Data Centres Malaysia V Sdn Bhd (BDC) for a data centre with up to 100-megawatt (MW) power capacity expired following the end of the exclusivity period, according to a filing with Bursa Malaysia.

KUALA LUMPUR (May 30): Mah Sing Group Bhd (KL:MAHSING) announced on Friday that it is seeking new partners to develop data centre facilities on 17.55 acres of freehold land in Southville City, Bangi, after talks with Bridge Data Centres lapsed.

The collaboration agreement between Mah Sing and Bridge Data Centres Malaysia V Sdn Bhd (BDC) for a data centre with up to 100-megawatt (MW) power capacity expired following the end of the exclusivity period, according to a filing with Bursa Malaysia.

Mah Sing said its second collaboration with BDC, involving a separate 35.68-acre site planned for a 200MW data centre, is still active, with the agreement valid until Oct 28 this year.

The first collaboration initially began as a joint venture but later evolved into a built-transfer-lease model, where Mah Sing would develop the data centre and lease it to BDC.

Despite agreeing on key commercial terms and securing confirmations of critical infrastructure—including electricity, water and dark fibre—the definitive agreement was not signed before the exclusivity period expired on May 30, said Mah Sing.

Mah Sing said it could not agree to an extension this time as sought by BDC due to the firm's "lack of clear commitment" to finalise the definitive agreement.

1Q net profit rises 10%; on track to meet RM2.65b full-year sales target

Separately, Mah Sing reported a 9.98% year-on-year rise in net profit for the first quarter ended March 31, 2025 (1QFY2025) to RM66.04 million from RM60.05 million, supported by stronger contributions from its property development segment.

Quarterly revenue climbed 16.4% to RM649.69 million from RM558.21 million in 1QFY2024, backed by progressive revenue recognition from ongoing construction projects.

Key earnings contributors during the quarter included M Vertica in Cheras, M Arisa in Sentul, Meridin East, M Tiara and M Minori in Johor Bahru, M Astra in Setapak, M Senyum in Salak Tinggi, M Panora in Rawang and M Nova in Kepong, the company said.

No dividend was declared for the quarter.

Mah Sing said it secured RM1.01 billion in property sales in the first five months of 2025, keeping it on track to meet its full-year sales target of at least RM2.65 billion. The company anticipates stronger financial performance in 2025, supported by unbilled sales of RM2.73 billion and a focus on quick project completions.

The company continued to expand its M-Series portfolio with recent launches such as M Legasi in Semenyih and M Tiara in Johor Bahru, as well as Suria Madani in Taman Desa and Meridin East in Johor Bahru.

Planned launches for the rest of the year include new phases of M Legasi, M Zenya, Meridin East and M Tiara, along with new projects such as M Aurora in Old Klang Road, M Aria in Sentul, Icon City 2 in Petaling Jaya, Southbay City in Penang, and M Tiara 2, Tiara Hills and M Grand Minori in Johor Bahru.

“Prudent capital management has been instrumental in maintaining a robust balance sheet and ample liquidity, resulting in a cash balance of RM790.6 million and a net gearing of 0.17 times as at March 31, 2025,” it said, adding that its financial strength supports land bank expansion, including the recent acquisition of a new parcel in Sentul with a gross development value of RM283 million.

Shares of Mah Sing closed one sen or 0.97% lower at RM1.02 on Friday, valuing the group at RM2.64 billion.

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