Mah Sing gets shareholders’ nod for RM2.26 bil MS Industrial Park @ Kulai project

PETALING JAYA (July 22): Mah Sing Group Bhd has secured shareholders’ approval to acquire 419.17 acres of freehold land in Kulai, Johor, for the development of MS Industrial Park @ Kulai, an industrial project with an estimated gross development value (GDV) of RM2.26 billion.

It said in a press statement that the approval was obtained at an extraordinary general meeting today, with 99.9% of shareholders voting in favour of the proposed acquisition.

The land will be acquired from Kuala Lumpur Kepong Bhd’s wholly owned unit Aura Muhibah Sdn Bhd for RM273.87 million. The purchase consideration is supported by an independent valuation of RM274 million by Knight Frank Malaysia Sdn Bhd.

The acquisition is expected to be completed in the fourth quarter of 2026, with development works to commence thereafter.

The project will be developed through M Industrial Development Sdn Bhd, a joint venture company in which Mah Sing holds a 60% stake and KLK Land Sdn Bhd holds the remaining 40%.

Mah Sing said the project is intended to cater to industries such as advanced manufacturing, logistics, technology and digital infrastructure.

The development is planned to comprise cluster, semi-detached and detached factories, as well as industrial land parcels ranging from one to eight acres.

The land parcels could accommodate customised industrial facilities, logistics hubs and potential data centre developments, the company said.

Following the acquisition, Mah Sing’s total landbank will increase to about 2,682.51 acres.

Mah Sing said 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.

The company said its existing and upcoming Johor projects include M Grand Minori, M Minori, Meridin East, M Tiara 2 and Tiara Hills, with a combined estimated development value of RM11.62 billion.

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