PETALING JAYA (July 8, 2026): Mah Sing Group Bhd has proposed to acquire approximately 419.17 acres of freehold land in Mukim Senai, Kulai, Johor, for RM273.87 million to develop MS Industrial Park @ Kulai, a large-scale industrial project with an estimated gross development value (GDV) of RM2.26 billion.

According to a Bursa Malaysia circular, the acquisition will be undertaken through M Industrial Development Sdn Bhd (MID), Mah Sing's 60%-owned subsidiary, with the land being purchased from Aura Muhibah Sdn Bhd.

Strategic freehold industrial land acquisition

The proposed acquisition involves a single parcel of approximately 419.17 acres (1,696,288 sq m) of freehold land located in Mukim Senai, Daerah Kulai, Johor.

The total purchase consideration of RM273.87 million, payable entirely in cash, translates into an implied land cost of approximately RM653,000 per acre.

Mah Sing intends to transform the site into MS Industrial Park @ Kulai, further strengthening its industrial property portfolio in one of Malaysia's fastest-growing manufacturing and logistics corridors.

Comprehensive industrial development

The proposed industrial park is planned as a multi-phase development featuring a wide range of industrial products and facilities, including:

Cluster factories

Semi-detached factories

Detached factories

Warehouses

Logistics hubs

Data centres

Supporting industrial facilities

Development will proceed in phases, subject to approvals from the relevant authorities.

Upon completion of this acquisition and another previously announced land purchase, Mah Sing's total landbank is expected to increase to approximately 2,682.5 acres.

Funding and transaction structure

The purchase price was negotiated on a willing-buyer, willing-seller basis after considering the land's strategic location, size, prevailing industrial land values and Mah Sing's planned development concept.

The acquisition will be funded through a combination of internally generated funds and bank borrowings, with the final financing structure to be determined based on the group's capital management strategy, gearing level and borrowing costs.

As the transaction is fully cash-funded, it will not result in the issuance of new shares or dilution of existing shareholders.

Completion remains subject to shareholder approval and the fulfilment of regulatory conditions under the sale and purchase agreement.

Supporting Johor's industrial growth

Mah Sing views the proposed acquisition as part of its broader strategy to expand its industrial development business alongside its established residential and commercial property segments.

The company believes MS Industrial Park @ Kulai will capitalise on increasing demand for industrial space driven by manufacturing, logistics, warehousing and data centre investments in Johor.

The development is also expected to leverage the expertise and sustainability initiatives of KLK Land, supporting environmentally responsible industrial development.

Positioned to benefit from the Johor-Singapore Special Economic Zone

The project is strategically positioned to benefit from investment opportunities arising from the Johor-Singapore Special Economic Zone (JS-SEZ).

By offering modern industrial facilities within the rapidly expanding Kulai-Senai corridor, Mah Sing aims to attract both local and foreign manufacturers seeking to establish operations near Singapore.

Management expects the proposed acquisition and future development to contribute positively to the group's long-term earnings and cash flow.

Development risks

Mah Sing acknowledged that the project remains subject to several development risks, including:

Completion of the land acquisition.

Financing and funding requirements.

Land conversion and planning approvals.

Regulatory approvals and development timelines.

The group has outlined risk management measures to address these challenges throughout the project's development cycle.

Key Takeaways

Mah Sing is acquiring 419.17 acres of freehold land in Kulai for RM273.87 million to develop MS Industrial Park @ Kulai, with an estimated GDV of RM2.26 billion.

The proposed industrial park will offer a diversified product mix comprising factories, warehouses, logistics facilities, data centres and supporting industrial infrastructure.

The implied land cost of approximately RM653,000 per acre appears competitive for a strategic freehold industrial site within Johor's high-growth industrial corridor.

The development aligns with Mah Sing's strategy of expanding its industrial property portfolio beyond its traditional residential business.

Collaboration with KLK Land is expected to incorporate sustainable development practices while enhancing the project's attractiveness to investors.

The project is well positioned to benefit from increased industrial investment driven by the Johor-Singapore Special Economic Zone (JS-SEZ), particularly in manufacturing, logistics and data centre sectors.

Upon completion of its planned land acquisitions, Mah Sing will significantly expand its landbank, providing a strong pipeline for future industrial developments and long-term earnings growth.