Mah Sing Group Bhd’s wholly owned subsidiary, Maxim Heights Sdn Bhd, is set to acquire a 1.129-hectare leasehold land parcel in Setapak from The Rampai Development Sdn Bhd for RM44.5 million. The site will be developed into a new project, M Mira, with an estimated gross development value (GDV) of around RM300 million.
According to a Bursa Malaysia filing, the development will benefit from the upcoming MRT 3 stations at Rejang and Setapak, as well as existing LRT stations at Sri Rampai and Wangsa Maju. This marks Mah Sing’s fifth land acquisition in 2025, following M Aria in Sentul, the Corus Hotel site, M Legasi 2 in Semenyih, and M Cora in Penang, with a combined estimated GDV of approximately RM4.1 billion.
The company expects the Setapak acquisition to positively contribute to future earnings, with completion targeted for the first quarter of 2026.
Separately, Mah Sing announced that its subsidiary, Fusion Heights Development Sdn Bhd, has mutually terminated the sale and purchase agreement for 227.29 hectares of land in Sepang, Selangor, originally signed with Premier Land Resources Sdn Bhd on Jan 31, 2024. The deposit and accrued interest will be refunded.
Mah Sing said the termination allows for better allocation of capital to projects that align more closely with its investment strategy and offer faster returns. The company added that the termination is not expected to materially affect its earnings per share, net assets, gearing, share capital, or shareholding structure for the financial year ending Dec 31, 2025.
