Mah Sing cancels RM650m GDV project

by TMR

Mah Sing Group Bhd has announced the termination of a planned RM650 million gross development value (GDV) project in Kuala Lumpur (KL) due to the non-fulfilment of the conditions set out under the initial purchase agreement.

On May 17 this year, the property developer’s wholly owned subsidiary, Mah Sing Properties Sdn Bhd, agreed to buy 3.56 acres (1.4ha) of land located in Bandar KL from vendor Saw Shiuo Shyong for RM60 million, which would have marked the company’s first land buy in two years.

Following the termination, the vendor is to refund the RM6 million deposit of which RM4.8 million has already been received, while the remaining RM1.2 million is to be paid within one week from the cancelled acquisition. The firm’s share price closed one sen higher at RM1.57 yesterday with 1.66 million shares exchanging hands.