KUALA LUMPUR (Dec 2): Mah Sing Group Bhd's proposed joint development of 4.08 acres of prime land along Jalan Tun Razak-Jalan Pahang faced a setback after the conditions were not met.
It said on Friday the conditions in the joint venture agreement to develop the land with Asie Sdn Bhd and Usaha Nusantara Sdn Bhd "have not been fulfilled".
"Notwithstanding the above, however, we are exploring options to move forward on this," it said about the proposed joint development, which is part of the RM9-billion 58 acre riverside urban regeneration project.
To recap, on Aug 2, Mah Sing announced it would undertake a niche development — M Sentral — with an estimated gross development value of RM900 million.
M Sentral would comprise of smaller sized and more affordable serviced residences as there is strong demand due to lower entry prices, as well as some retail units.
Under the deal, Usaha Nusantara would grant Grand Pavillion the sole and absolute right to develop the land for an entitlement of RM106.60 million to be settled via 60% in cash (RM63.96million) and 40% stake in Grand Pavillion.
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