$MAHSING (8583.MY)$ announced that it has acquired of 5.99 acres of freehold land at Taman Pelangi, Johor Bahru just 3km from the upcoming Johor-Singapore Rapid Transit System (RTS) Link's Bukit Chagar Station.

The new land will be named M Grand Minori and is planned for the development of premium serviced apartments and some retail units with an estimated gross development value (GDV) of approximately RM1.5 billion. The development is aimed at a
diverse range of buyers, including first-time homeowners, upgraders from nearby established townships, Malaysians working in Singapore, Singaporeans, and otherforeign buyers and registration of interest is expected to begin in the second quarter of

This marks the Group's sixth acquisition in 2024, bringing the total GDV of all six lands to RM5.8 billion. Sale and purchase agreements (SPAs) were signed with Pelangi Sdn Bhd, a subsidiary of S P Setia Berhad today for RM156.8 million. The land is in the heart of Johor Bahru's Central Business District and just 3km from the Bukit Chagar RTS station, a strategic location that grants access to multiple amenities which will add value to the M Grand Minori community in the future.