Mah Sing terminates Shah Alam land deal, buys two more parcels in Cheras and Bukit Mertajam

PETALING JAYA: Mah Sing Group Bhd today announced that the group has aborted the agreement to purchase 85.43 acres site in the Sultan Salahuddin Abdul Aziz Shah golf course in Shah Alam, but it has acquired two parcels of land in Cheras, Kuala Lumpur and Bukit Mertajam, Penang for RM307.28 million.
In a statement today, Mah Sing said the group and the vendor has mutually agreed to terminate the sales and purchase agreement as the land conversion approval and consent to transfer were not fulfilled.
The group said the termination will allow it to focus on affordably priced products in other developments rather than high-end products.
Meanwhile, the group said it has acquired two parcels of land in Cheras and Bukit Mertajam for an integrated development and a business park respectively. The combined gross development value (GDV) is about RM2.35 billion.
Mah Sing share price closed lower by 3.09% or 5 sen at RM1.57 today, with some 729,200 shares traded.