Mah Sing in JV for RM900m project in KL

KUALA LUMPUR: MAH SING GROUP BHD [] is teaming up with Asie Sdn Bhd to jointly develop about 4.08 acres of prime land along Jalan Tun Razak-Jalan Pahang here which is part of the largest privatised urban regeneration project in Kuala Lumpur.

Mah Sing said on Tuesday, Aug 2 Mah Sing would undertake a niche development – M Sentral --with an estimated gross development value of approximately RM900 million.

M Sentral shall comprise smaller sized and more affordable serviced residences as there is strong demand due to lower entry prices, as well as some retail units.

Its unit Grand Pavilion Development Sdn Bhd had inked a JV agreement with Asie and its unit Usaha Nusantara Sdn Bhd for the joint development,.

Under the deal, Usaha Nusantara would grant Grand Pavillion the sole and absolute right to develop the land for an entitlement of RM106.60 million to be settled via 60% in cash (RM63.96million) and 40% stake in Grand Pavillion.

Mah Sing shall continue to have 60% shareholding in Grand Pavillion.

It said Asie had full rights and approvals for a mixed development comprising residential and commercial PROPERTIES [] and community, leisure, recreation and infrastructure facilities on 15 parcels of development land together with five air rights in Precinct 2-Pekeliling of the River Corridor Development under the Blue Corridor policy of Kuala Lumpur City Plan 2020.