Kuala lumpur: The MUI Group and Mah Sing Group Bhd (Mah Sing) have signed a strategic agreement that results in the MUI Group divesting a prime 600.96-hectare freehold land parcel in the heart of the KLCC precinct to Mah Sing for RM260 million. In a joint statement, the companies announced that this land, located on Jalan Ampang and currently occupied by the Corus Hotel, will be redeveloped into a premium freehold serviced apartment project. The estimated gross development value of this redevelopment is projected at RM1.28 billion, with each unit indicatively priced starting from RM898,000.

According to BERNAMA News Agency, the transformative redevelopment is part of Mah Sing’s vision for urban regeneration. Tan Sri Leong Hoy Kum, Mah Sing’s founder and group managing director, emphasized the importance of this opportunity to contribute to Kuala Lumpur’s urban evolution. He highlighted the potential for high-quality homes and the economic multiplier effect that comes with vibrant, well-integrated developments.

Andrew Khoo, MUI chairman and chief executive officer, stated that the divestment aligns with the group’s rationalisation strategy. This strategic move marks a significant step in the reshaping of Kuala Lumpur’s urban landscape, promising to enhance the city’s residential offerings and economic vitality.