Crescendo receives balance payment for RM263m Johor data centre land sale

PETALING JAYA (Sept 9): Crescendo Corp Bhd said its wholly owned subsidiary has received the balance purchase price and late-payment interest up to Aug 26 from MSFusion Sdn Bhd under a RM263.21 million Johor land sale intended for data centre development.

In a Bursa Malaysia filing on Wednesday (Sept 9), Crescendo said the payment was made to Crescendo Development Sdn Bhd’s (CDSB) solicitors, Messrs Roger Tan & Partners, on Sept 9.

The payment follows Crescendo’s Aug 27 disclosure that MSFusion had not paid RM225.91 million in principal sums due under the sale and purchase agreement (SPA) as at Aug 26, excluding late-payment interest.

Of this, RM222.73 million comprised the balance purchase price, including an infrastructure-work retention sum, while RM3.18 million was reimbursement for costs and expenses incurred by the vendor for construction of fibre paths and 6% sales and service tax.

Crescendo had said late-payment interest of RM1.51 million had accrued on the RM222.73 million and RM20,212.60 on the RM3.18 million through Aug 26.

The latest filing does not state the total late-payment interest ultimately received or specifically confirm whether the separate RM3.18 million reimbursement sum and related interest have been settled.

Under the Aug 27 notice, MSFusion had 14 days from Aug 27 to remedy the stated defaults, failing which CDSB would be entitled, without prejudice to its other rights under the SPA, to terminate the agreement.

52-acre site intended for data centre

CDSB entered into the conditional SPA with MSFusion in August 2025 to sell a 52.544-acre freehold industrial parcel in Bandar Cemerlang Industrial Park, Kota Tinggi, Johor, for RM263.21 million, or RM115 per sq ft. The SPA became unconditional on April 27 this year.

The land’s express conditions allow medium-industrial use for a data centre, subject to approved plans, while the SPA states that MSFusion is acquiring it to develop and operate a data centre.

MSFusion, a subsidiary of Singapore-incorporated Megaspeed International Pte Ltd, is principally engaged in computer facilities management and other telecommunications activities.

The transaction was conditional on several approvals and confirmations, including written confirmation of a 300MW power allocation from Tenaga Nasional Bhd and approval for the data centre development from PLANMalaysia Johor.

Crescendo had said it expected to record a gain after tax of about RM109.03 million upon the SPA becoming unconditional. The land had an audited net book value of about RM12.26 million as at Jan 31, 2025.

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