26 August 2014

Mah Sing mulls options after caveat in Seremban land deal

  26 August 2014

PETALING JAYA: Mah Sing Group Bhd said that a land search on the RM359.56mil parcel it had recently purchased in Seremban showed that there was a caveat lodged in on Aug 8.

Thus, the company is currently seeking clarification from the vendors and concurrently evaluating its options.

“The company will decide on its next course of action and will make the necessary announcements, where applicable,” said Mah Sing.

On Aug 8, the company told Bursa Malaysia that its wholly owned unit Grand Prestige Development Sdn Bhd was proposing to acquire 425.3ha in Mukim Rantau, Seremban for RM359.56mil.

Mah Sing said it was planning a mixed-development project with an estimated gross development value of RM7.5bil on the site.

This would be its maiden foray into Negri Sembilan.

On the caveat, Mah Sing said that prior to its announcement on Aug 11, a land search had been conducted on Aug 7 and the results of the search showed that there was no caveat lodged on the land.

“Furthermore, the representations and warranties by the vendors in the sale and purchase agreement stated that other than the intended acquisition and the right of way for electricity lines, there were no other encumbrances on the land,” said Mah Sing.

Subsequently, Grand Prestige’s solicitors conducted a land search on the land on Aug 15 and discovered that there had been a caveat lodged on Aug 8.

A further instrument search on the details of the caveat was obtained on Aug 22.



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