MUI Properties bags RM80.8m cash in Bandar Springhill land disposal

PETALING JAYA (April 8): MUI Properties Bhd has completed the disposal of approximately 53 acres of land in Bandar Springhill, Port Dickson, for a total cash consideration of RM80.8 million, marking the conclusion of a transaction first announced in July 2024.

The company said in a Bursa announcement its 60%-owned subsidiary, West Synergy Sdn Bhd, finalised the sale on Tuesday in accordance with the terms of the sale and purchase agreement.

The land parcel, held under Geran 159976 Lot 8322 in Mukim Jimah, Negeri Sembilan, was sold to Antmed Malaysia Sdn Bhd. The transaction falls under a non-related party disposal pursuant to Chapter 10 of Bursa Malaysia’s Listing Requirements.

While the filing does not disclose the gain arising from the disposal, the completion converts a sizeable landholding into RM80.8 million in cash, reinforcing liquidity at the subsidiary level.

As this is a follow-through announcement, the financial rationale and utilisation of proceeds would have been outlined in the earlier July 10, 2024 disclosure, with the current update serving to confirm execution.

The disposed land forms part of the Bandar Springhill township in Port Dickson, a mixed-development area positioned within Negeri Sembilan’s coastal growth corridor.

At approximately 53 acres, the parcel represents a substantial tract within the township, suggesting a partial monetisation rather than a full exit from the broader Springhill landbank.

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