KUALA LUMPUR, Aug 7 (Bernama) -- The MUI Group and Mah Sing Group Bhd (Mah Sing) have inked a strategic agreement which saw the MUI Group divesting its prime 600.96-hectare freehold parcel of land in the heart of KLCC precinct to the latter for RM260 million.
In a joint statement today, MUI Group and Mah Sing said the land would be redeveloped into a premium freehold serviced apartment project, with an estimated gross development value of RM1.28 billion.
Each unit is indicatively priced starting from RM898,000.
The parties said the land in Jalan Ampang, currently occupied by the Corus Hotel, will undergo a transformative redevelopment as part of Mah Sing’s vision for urban regeneration.
“We see this as a key opportunity to contribute meaningfully to Kuala Lumpur’s ongoing urban evolution -- not only through high-quality homes but also through the economic multiplier effect that vibrant, well-integrated developments bring,” said Mah Sing founder/group managing director, Tan Sri Leong Hoy Kum.
MUI chairman and chief executive officer Andrew Khoo said the divestment of the property was part of the group’s rationalisation strategy.
-- BERNAMA
BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; www.bernama.com; BERNAMA TV on Astro 502, unifi TV 631 and MYTV 121 channels and BERNAMA Radio on FM93.9 (Klang Valley), FM107.5 (Johor Bahru), FM107.9 (Kota Kinabalu) and FM100.9 (Kuching) frequencies.
Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial
