Kuala lumpur: Mah Sing Group Bhd’s wholly owned subsidiary, Maxim Heights Sdn Bhd, plans to acquire a 1.129-hectare plot of leasehold land in Setapak for RM44.50 million from The Rampai Development Sdn Bhd. In a filing with Bursa Malaysia, Mah Sing stated that this acquisition is intended for a new development, M Mira, which is expected to have an estimated gross development value (GDV) of approximately RM300 million.

According to BERNAMA News Agency, the development will benefit from the upcoming MRT 3 stations at Rejang and Setapak, as well as the existing LRT stations at Sri Rampai and Wangsa Maju. This acquisition marks Mah Sing Group’s fifth land deal in 2025, following other projects such as M Aria in Sentul, the acquisition of the Corus Hotel site, M Legasi 2 in Semenyih, and M Cora in Penang. The total estimated GDV of all five lands is approximately RM4.1 billion.

The acquisition is expected to positively contribute to Mah Sing’s future earnings and is anticipated to be completed in the first quarter of 2026. Meanwhile, in a separate statement, Mah Sing announced that its subsidiary, Fusion Heights Development Sdn Bhd, has mutually terminated the sale and purchase agreement with Premier Land Resources Sdn Bhd for the acquisition of 227.29 hectares of prime land in Sepang, Selangor, initially signed on January 31, 2024.

Mah Sing stated that the deposit, along with interest earned, will be refunded to Fusion Heights. Following the mutual termination, the company emphasized that this decision allows for a more efficient reallocation of capital towards opportunities better aligned with Mah Sing’s investment criteria and offering quicker turnaround potential. The termination is not expected to have any material impact on the company’s earnings per share, net assets per share, gearing, share capital, or shareholding structure for the financial year ending December 31, 2025.