KUALA LUMPUR: Mah Sing Group Bhd said it has discovered that a caveat has been lodged on the piece of freehold land measuring 1,051 acres (425ha) in Mukim Rantau, Seremban that the group is in the process of acquiring for RM359.557 million in cash.
In a filing with Bursa Malaysia yesterday, Mah Sing said the solicitors of its wholly-owned subsidiary, Grand Prestige Development Sdn Bhd, had conducted a land search on Aug 15, 2014 and subsequently discovered that a caveat was lodged on Aug 8 this year.
Mah Sing said a further instrument search on the details of the said caveat was carried out on Aug 22, 2014.
“The company is currently seeking clarification from the vendors and concurrently [we are] evaluating our options. The company will decide on its next course of action and will make the necessary announcements, where applicable,” it said.
To recap, Grand Prestige on Aug 11, 2014 signed the sale and purchase agreement (SPA) with the respective vendors for the proposed acquisition of the 1,051-acre land in Seremban.
Mah Sing proposes to develop a township there with a potential gross development value (GDV) of RM7.5 billion. Subject to the authorities’ approval, work is expected to commence in 2015, while the township will be developed over a span of seven to eight years.
The land is freehold and the terrain is generally flat. Currently, a major portion of the land is planted with oil palm trees.
A land search conducted earlier on Aug 7, 2014 showed that there was no caveat lodged on the land.
Furthermore, the vendors had assured Mah Sing that there were no encumbrances on the land, except for the intended acquisition and the right of way for electricity lines.
The vendors, namely Poh Yong Cak, Lim Kim Chong and Sam Chien Kiong, are the surviving trustees appointed by all the registered and beneficial owners of the land as their sole and absolute trustees.
According to Mah Sing, the proposed land acquisition will result in the group’s first foray into Negeri Sembilan.
Its proposed gated and guarded lifestyle township will comprise terrace and superlink houses that are aimed at first-time home buyers, and an exclusive selection of semi-detached houses and bungalows for upgraders.
Last year, Mah Sing also faced hiccups in the purchase of a 1,351-acre land in Pasir Gudang, Johor for RM401.2 million cash, due to caveats lodged on the land. The issue has since been resolved.
This article first appeared in The Edge Financial Daily, on August 27, 2014.
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