KUALA LUMPUR: The MUI Group and Mah Sing Group Bhd have inked an agreement which saw the MUI Group divesting its prime 1.485-acre freehold parcel of land in the heart of KLCC precinct.
The strategically located land, housing Corus KLCC hotel and within 5 minutes walking distance of the iconic Petronas Twin Towers and Suria KLCC, was transacted at RM260 million.
MUI chairman and CEO Andrew Khoo said: “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.”
“In view of our long 40 years’ association with this property starting from Ming Court Hotel opening in 1984 and subsequent rebranding to Corus KLCC, we envisage that this redevelopment will enhance the KLCC skyline and add to the current vibrancy of this prestigious locality”.
Mah Sing founder and group managing director Tan Sri Leong Hoy Kum shared, “This acquisition aligns with our strategy of unlocking value in prime urban locations with strong demand fundamentals. More than just a redevelopment, it’s 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.”
The prime freehold parcel will be redeveloped into a premium freehold serviced apartment project with an estimated GDV of RM1.28 billion. Units are indicatively priced from RM898,000.
This marks Mah Sing’s second land acquisition of the year, reinforcing the group’s strategy of unlocking value from prime urban locations with strong demand fundamentals.