At the signing ceremony were (from left) Yeoh, Ong, Leong and Khoo.

KUALA LUMPUR: Mah Sing Group Bhd (Mah Sing) has officially acquired a 1.485-acre freehold parcel of land, which currently houses the Corus Hotel, from The Mui Group for RM260mil.

“It is the right time for our group to divest the hotel property as part of our rationalisation strategy. We have found Mah Sing the right organisation to lead the redevelopment of this project and to create an iconic, landmark project that will maximise the full potential of the land,” said Mui Group chairman and chief executive officer (CEO) Andrew Khoo.

“This acquisition aligns with our strategy of unlocking value in prime urban locations with strong demand fundamentals. More than just a redevelopment, it is an opportunity to create a prestigious address in the heart of Kuala Lumpur. We are excited to reimagine this prime site into a landmark development that complements the KLCC skyline. With its freehold status, unrivalled connectivity and prime city-centre location, we believe the project will have strong international appeal and deliver long-term value to our homebuyers and stakeholders,” said Mah Sing founder and group managing director Tan Sri Leong Hoy Kum.

Present at the signing ceremony alongside Leong and Khoo were Mah Sing property subsidiaries CEO Yeoh Chee Beng and Mui Group senior vice president Ong Hung Ming.

The redevelopment will result in a premium serviced apartment project with an estimated gross development value (GDV) of RM1.28bil. This represents Mah Sing’s second land acquisition of the year and aims to stimulate local economic growth and support the Kuala Lumpur Local Plan 2040 by promoting sustainable urban regeneration.

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