The collaboration will see Mah Sing and KLK Land co-develop the land into MS Industrial Park @ Kulai, a strategically planned industrial park located within the Johor-Singapore Special Economic Zone (JS-SEZ).
The freeport is envisioned to offer tax exemptions on energy and maritime businesses, import-duty exemptions on most raw materials and equipment for manufacturing, unrestricted capital and profit repatriation, and allows 100% foreign ownership subject to conditions.
For total purchase consideration of RM44.
Earlier this week, Transport Minister Anthony Loke Siew Fook said the MACC is free to investigate the aerotrain project based on existing law and with sufficient evidence.
Despite the four disruptions in its four months of operations, chief airports officer Bryan John Thompson said the aerotrain’s operational service availability performance has been above 98%, save for its dip to 95.
Mah Sing said it believes the land price is reasonable given its prime location, potential gross development value, and contribution to expanding the group’s presence in Penang.
The collaboration enables MapleHome to offer a suite of property management and hospitality services to M Grand Minori residents and investors, including in-house maintenance, housekeeping, concierge, air conditioning servicing and airport transfers.
The disposal will pave the way for M Legasi 2—an integrated township envisioned as an upscale extension of the current M Legasi development.
MAHB said it has received data and assurance from the contractors about the train, but "the information provided has not instilled sufficient confidence in the current reliability of the aerotrain system".
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