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.
