PETALING JAYA: Mah Sing Group Bhd (Mah Sing) and The South Sea Capital Sdn Bhd (TSSC) formed a new joint venture company namely Mah Sing South Sea Industrial Development Sdn Bhd (MSSSID) to offer swift and comprehensive solutions in the development of industrial properties.
MSSSID will be helmed by Mah Sing’s property subsidiaries chief executive officer Benjamin Ong and TSSC chairman and founder Sun Jian Wei, who is also the Malaysia JiangSu Entrepreneurs Business Association executive president. Ong will take the position of chief executive officer while Sun will be the chairman in MSSSID.
MSSSID’s scope will include engaging in various aspects of industrial real estate property development comprising land acquisition, ownership, operation, management, and leasing. Additionally, the joint venture will provide supplementary services including property consultancy, valuation, design, construction, development management, marketing, sales and customisation to investors’ needs and investments.
Mah Sing’s founder and group managing director Tan Sri Leong Hoy Kum said as Malaysia is attracting increasing international manufacturers’ interest, Mah Sing is the preferred partner for these enterprises.
“Drawing upon our nearly three decades of successful experience in property development and over four decades of manufacturing expertise, we are well-positioned to utilize our networks and resources, providing a holistic, all-in-one solution for investors seeking to establish manufacturing facilities in Malaysia,” Leong said.
According to the shareholders’ agreement, Mah Sing’s subsidiaries will hold 70% equity while TSSC will hold the remaining 30%. The parties shall provide MSSSID with an initial paid-up capital of RM1mil in proportion to their shareholdings.
The strategic joint venture is set to unlock further prospects for expanding Mah Sing’s portfolio growth in industrial development. To date, Mah Sing has successfully completed and delivered five industrial parks, comprises the Mah Sing Integrated Industrial Park in Mutiara Subang, iParc in Bukit Jelutong, iParc 2 in Shah Alam, iParc 3 in Bukit Jelutong and iParc, Tanjung Pelepas.