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Mah Sing gets land transfer OK for 2.2B-ringgit Kuala Lumpur project

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Mah Sing gets land transfer OK for 2.2B-ringgit Kuala Lumpur project

Mah Sing Group said its 2.2 billion-ringgit development project in Kuala Lumpur is moving forward, as the state authority approved Dec. 8 the land transfer deal associated with the project.

As such, Mah Sing's Cordova Land Sdn. Bhd. has three months from the approval date, plus a 30-day extension option with a late payment fee, to settle the remaining balance for the land it bought for the project.

In July, Mah Sing said the 11.233-acre land parcel in Cheras, Kuala Lumpur, has permission for a mixed-use scheme. About a month after, Cordova said it bought the site from Datuk Bandar Kuala Lumpur for 82.1 million ringgit. The company will build M Vertica at the site, a development that will comprise residential suites and retail shops.

As of Dec. 8, US$1 was equivalent to 4.09 Malaysian ringgit.