Mah Sing Group plans to develop an approximately 1.3 billion-Malaysian-ringgit residential property in Sentul in Kuala Lumpur, Malaysia, following the acquisition of several land parcels.
The company's unit, Nova Legend Development Sdn Bhd, signed a deal to acquire a 78% equity interest in Cosmowealth Housing Development Sdn Bhd from LTS Properties (M) Sdn Bhd, T.S. Law Corp. Sdn Bhd and Law Wai Cheong for around 55.0 million ringgit. The purchase will allow Mah Sing to have an indirect stake in 8.5 acres of land in Sentul, comprising three land parcels, which Cosmowealth plans to acquire for approximately 95.1 million ringgit.
Mah Sing plans to use internally generated funds, bank borrowings and/or proceeds raised from its unrated senior perpetual securities program to fund the transactions, which will increase the company's land bank to 2,336 acres with a 32.2 billion ringgit total development value and unbilled sales.
As of May 26, US$1 was equivalent to 4.27 Malaysian ringgit.