Latest news with #RM898
Malaysian Reserve
07-08-2025
- Business
- Malaysian Reserve
MUI sells Corus KLCC Hotel site to Mah Sing for RM260m; RM1.3b redevelopment planned
MAH SING Group Bhd has acquired a 1.485-acre freehold parcel in the heart of the Kuala Lumpur City Centre (KLCC) from The MUI Group for RM260 million, paving the way for a premium serviced apartment project with an estimated gross development value (GDV) of RM1.28 billion. The land, currently housing the Corus KLCC Hotel along Jalan Ampang, is within walking distance of key city landmarks including the Petronas Twin Towers, Suria KLCC, and KLCC Park. It will be redeveloped into a high-end residential development with units indicatively priced from RM898,000. The deal forms part of MUI Group's asset rationalisation strategy. '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 chairman and CEO Andrew Khoo in a statement today. '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,' he added. Mah Sing's founder and group MD, Tan Sri Datuk Sri Leong Hoy Kum, said the acquisition fits the group's urban development strategy. '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 rare 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,' he said. The redevelopment supports the goals outlined in the Kuala Lumpur Local Plan 2040 (KLLP-2040), which promotes compact, accessible, and liveable urban spaces. Mah Sing also views the project as a contribution to the city's broader urban renewal agenda. 'We see this as a key opportunity to contribute meaningfully to Kuala Lumpur's ongoing urban evolution — not only through high-quality homes but also through the economic multiplier effect that vibrant, well-integrated developments bring,' said Leong. This marks Mah Sing's second land deal of the year, reinforcing its strategic push into high-demand urban locations. — TMR
The Star
07-08-2025
- Business
- The Star
Mah Sing acquires land within KLCC for RM260mil
PETALING JAYA: Mah Sing Group Bhd has acquired 1.485-acres of freehold land in the heart of the KLCC precinct from the MUI Group for RM260mil. In a statement, Mah Sing said the strategically located land houses the Corus KLCC hotel and is within five minutes' walking distance from the PETRONAS Twin Towers and Suria KLCC. Mah Sing said the land will be redeveloped into a premium freehold serviced apartment project with an estimated gross development value of RM1.28bil. Units are indicatively priced from RM898,000. Mah Sing founder and group managing director Tan Sri Leong Hoy Kum said the acquisition aligns with the group's 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 rare 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 acquisition 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. The land, currently occupied by the Corus Hotel along Jalan Ampang, will undergo a transformative redevelopment as part of Mah Sing's vision for urban regeneration. 'This initiative aims to breathe new life into a legacy property, create job opportunities during and after construction, and stimulate the local economy through increased footfall, tourism, and commercial activity. 'The influx of residents and guests to the area will contribute to the vibrancy of surrounding retail, food and beverage, wellness and professional services,' said Mah Sing.
New Straits Times
07-08-2025
- Business
- New Straits Times
Mah Sing snaps up iconic Corus KLCC site for RM260mil, paving way for RM1.28bil redevelopment
KUALA LUMPUR: Mah Sing Group Bhd has acquired the iconic Corus KLCC Hotel site for RM260 million, with plans to transform the freehold parcel into a prestigious RM1.28 billion serviced apartment project. Spanning 0.60 hectares and strategically positioned just a five-minute walk from the Petronas Twin Towers and Suria KLCC, the site represents a bold foray into one of Kuala Lumpur's most coveted addresses. The upcoming residences, indicatively priced from RM898,000, are expected to attract strong interest from both domestic and international buyers. "More than just a redevelopment, it's an opportunity to create a prestigious address in the heart of Kuala Lumpur", said Tan Sri Leong Hoy Kum, Mah Sing's founder and group managing director. "We are excited to reimagine this prime site into a landmark development that complements the KLCC skyline. With its rare 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," Leong said. The acquisition is part of a strategic agreement with The MUI Group, which is divesting the land as part of its ongoing portfolio rationalisation. The site carries deep historical value for MUI, having housed the original Ming Court Hotel in 1984 before its rebranding to Corus KLCC. MUI chairman and chief executive officer 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 re development 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". This marks Mah Sing's second major land deal in 2025, reinforcing its strategy of capitalising on prime urban landbanks with strong fundamentals. The project supports the Group's ambitions to deepen its footprint in high-demand, high-value locations—especially in central Kuala Lumpur. Demolition and planning activities are expected to commence soon, with early anticipation pointing to one of the capital's most sought-after residential addresses in the making. Beyond creating a new architectural icon, the development is poised to bring wide-reaching economic benefits. According to Mah Sing, the project will revitalise a legacy site, create job opportunities during and after construction, and stimulate local economic activity through increased footfall, tourism, and commercial vibrancy. The influx of residents and guests to the area will contribute to the vibrancy of surrounding retail, F&B, wellness, and professional services, said Leong. The redevelopment also aligns with national urban planning goals and supports the Kuala Lumpur Local Plan 2040 (KLLP-2040), which emphasises compact, connected, and liveable neighbourhoods. Leong said the acquisition reflects Mah Sing's solid financial fundamentals and disciplined investment strategy. As the Group continues to identify and acquire high-potential landbanks in key urban corridors, it remains focused on offering accessible, well-designed, and strategically located properties to meet evolving lifestyle and investment demands. "We see this as a key opportunity to contribute meaningfully to Kuala Lumpur's ongoing urban evolution – not only through high-quality homes but also through the economic multiplier effect that vibrant, well-integrated developments bring."
