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The buyout comes at a time when Genting Malaysia is bidding for a casino licence in New York as part of a US$5.

Situated along Jalan Besar in Simpang Renggam, the land is strategically located near the North-South Expressway and surrounded by established residential, commercial and industrial zones.

Commercial activity has become a focal point of Sri Petaling’s transformation—prime stretches are now commanding some of the highest commercial values in the area, while tenants unable to keep up with rising rental rates have sought second-tier premises as alternatives.

The sale helps Magma unlock value from a non-core asset, reduce debt, and focus on higher-growth areas.

Of the total, RM338.

“A renewed HOC would not only encourage genuine homeownership, especially among first-time buyers, but also help sustain market momentum in 2026,” said Mah Sing’s founder and group managing director Tan Sri Leong Hoy Kum.

The building, owned by former finance minister Tun Daim Zainuddin and his widow Toh Puan Na’imah Abdul Khalid, is subject to two forfeiture proceedings by the MACC, which are being challenged.

As a result, the project went ahead under the Land Acquisition Act 1970, with 67% of landowners agreeing and the remaining 33% facing compulsory acquisition.

Minister in the Prime Minister’s Department (Federal Territories) Datuk Seri Dr Zaliha Mustafa said residents themselves agreed to redevelop the area, selected the developer, and signed a deal without government interference.

As cities absorb burgeoning populations, they are increasingly vulnerable to social and climate-related pressures ranging from inadequate infrastructure to public health crises.