Mah Sing, KLK open Phase 1B of Kulai industrial park
- Mah Sing and KLK Land opened Phase 1B of MS Industrial Park @ Kulai, a RM2.26 billion, 419-acre freehold park in the JS-SEZ, after the developers said Phase 1A was more than 90% taken up. Prices were not published.
- The joint venture is buying the land from KLK for RM273.87 million, or RM15 psf, but the purchase is still conditional: the deadline for new titles and transfer consent was pushed to 21 December 2026.
- The land must still be converted to industrial use. The draft Kulai Local Plan 2035 zones it mainly for housing.
Mah Sing Group Bhd and KLK Land Sdn Bhd have opened Phase 1B of MS Industrial Park @ Kulai for sale, along with a sales gallery. The developers said on 23 October that Phase 1A is more than 90% taken up. The park covers 419.17 acres of freehold land in Mukim Senai, Kulai district, Johor, in Zone E of the Johor-Singapore Special Economic Zone, with an estimated gross development value of RM2.26 billion. It is being developed by M Industrial Development Sdn Bhd, 60% owned by Mah Sing and 40% by KLK Land, the property arm of plantation group Kuala Lumpur Kepong Bhd (KLK).
What is on sale
- Semi-detached factories: two storeys on 70 ft by 160 ft plots, 6,710 to 7,920 sq ft built-up
- Detached factories: two storeys on 90 ft by 200 ft plots, 8,802 to 15,134 sq ft built-up
- Land: industrial parcels of about 1 to 8 acres, plus larger plots for custom-built facilities and data centres
- Not disclosed: prices, and the number of units in each phase
- Whole park: about 700 units in five phases, built over six to eight years from the second half of 2026
The land deal
- Seller: Aura Muhibah Sdn Bhd, a KLK Land subsidiary. The land was an oil palm estate leased to KLK until 30 September 2026
- Titles: six plots to be cut from a larger title, plus Lot 1033 (Geran Mukim 1408) and Lot 1080 (Geran Mukim 1410), Tempat Sengkang, Mukim Senai
- Price: RM273.87 million, or RM15.00 psf. Valuer Knight Frank put it at RM274 million
- Payment: a 10% deposit of RM27.39 million was paid on 29 December 2025. The other 90% is due on completion
- Approval: a related-party deal, because KLK executive director Lee Jia Zhang is married to the daughter of Mah Sing founder Tan Sri Leong Hoy Kum. Mah Sing's shareholders approved it on 22 July 2026
Not settled yet
The purchase has not completed. The Estate Land Board approved the subdivision on 25 June, but titles for the six new plots, the board's consent to the transfer and an access-road agreement with a neighbouring landowner were still outstanding. On 18 September the deadline was moved from 20 September to 21 December 2026.
The land is not yet industrial. Two lots are agricultural titles that must be planted with oil palm, and M Industrial will apply to convert all the land to "Industri" only once the titles are in its name. The draft Kulai Local Plan 2035 zones the site for mixed use, at least half residential, up to 30% industrial and up to 20% commercial. Mah Sing's circular says that if the conversion fails, it can build homes or shops instead.
The numbers
- Valuer's comparables: SD Guthrie sold 935 acres in Kulai to Eco Business Park 8 Sdn Bhd at RM20 psf in November 2025, and 513 acres to Scientex at RM15.08 psf in 2023. Seriemas sold 551 acres to Golden Valley Capital at RM12.50 psf in 2023
- Converted land: Microsoft paid RM75 psf for 123 acres at Eco Business Park VI, Kulai, in 2024 (our report)
- GDV against land: RM2.26 billion is about 8.3 times the land price, or about RM124 per sq ft of land
- Kulai market: industrial land sales hit RM1.28 billion in 2025, 58.5% of the district's land sales by value and up 186.7% on 2024, the valuer's report says
- Penang: PDC's final compensation for 380 acres of plantation land in Byram this month works out to RM14.56 psf, almost the same as Kulai's raw land (our report)
The park is the first stage of KLK Land's plans for about 2,500 acres in Kulai, and Mah Sing's sixth industrial project.
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