Mah Sing and KLK enter joint development for industrial land in Johor’s Special Economic Zone
On 19 December, Mah Sing Group Bhd and a subsidiary of Kuala Lumpur Kepong Bhd (KLK) announced a joint venture to acquire and develop 419.15 acres of freehold industrial land in Kulai, Johor. The land sits within the Johor-Singapore Special Economic Zone (JS-SEZ). MahSing Kulai Park targets stronger industrial growth and cross-border economic activity between Malaysia and Singapore.
The acquisition carries a value of approximately RM274 million. It aligns with development priorities under Malaysia’s New Industrial Master Plan 2030. The plan emphasises industrial and economic corridors such as Johor to improve regional connectivity and business efficiency. The parties will undertake the development under MahSing Kulai Park. The project positions itself as a key industrial component in southern Johor’s evolving economic landscape.
The partnership structure and development plans for MahSing Kulai Park are formalised with project management agreement
The joint venture company, M Industrial Development Sdn Bhd, will operate under majority ownership by Nova Legend Development Sdn Bhd. This wholly owned Mah Sing subsidiary will hold a 60% equity stake. KLK Land Sdn Bhd will retain the remaining 40%.
The parties secured the acquisition through a conditional sale and purchase agreement with Aura Muhibbah Sdn Bhd. Aura Muhibbah is a fully owned subsidiary of KLK. Following completion, Mah Sing will oversee the planning, development, and execution stages. It will do so through a project management agreement with Southville City Sdn Bhd, another wholly owned group entity.
The project, branded as MS Industrial Park @ Kulai, sits near key infrastructure. These include Senai International Airport, the North-South Expressway, and Johor’s major port facilities. This location enhances the site’s logistics and transport appeal.
The development of MahSing Kulai Park is expected to include a mixed range of industrial facilities
The industrial park will feature cluster factories as well as semi-detached and detached factory units. It will also offer vacant industrial land plots. These plots will support logistics hubs, warehouses, and ancillary facilities.
This layout aims to accommodate a wide range of industrial players, suppliers, and value chain partners. Mah Sing’s founder and group managing director, Tan Sri Datuk Seri Leong Hoy Kum, highlighted the goal of building an integrated industrial platform within the JS-SEZ.
The companies anticipate the project contributing to Johor’s economic development with broader impacts
KLK’s executive chairman, Tan Sri Lee Oi Hian, described Kulai and the surrounding JS-SEZ as a vital growth corridor. He noted its role in supporting Johor’s industrial advancement and sustainable economic outcomes.
The site forms part of KLK Land’s broader master-planned township strategy. This plan covers roughly 2,500 acres in Kulai. Development will proceed in phases and integrate industrial, commercial, and residential components. Both Mah Sing and KLK emphasised their intention to enhance job creation. They also expect the project to stimulate business activity, particularly in industrial and logistics sectors.
Project completion remains subject to regulatory and shareholder approvals with expected timelines
The joint venture acquisition remains subject to standard conditions precedent. These include securing regulatory approvals and, where required, shareholder consent. The partners expect to complete the deal within three months after meeting all conditions. An automatic one-month extension remains available if needed.
Market response remained stable following the announcement. Mah Sing shares closed unchanged at 95 sen. The company recorded a market capitalisation of RM2.43 billion. Meanwhile, KLK shares rose 1.52% to RM20, reflecting a market value of RM22.3 billion.
Location: KUALA LUMPUR
Date: 2025-12-19