Mah Sing Properties Sdn Bhd, a wholly-owned subsidiary of Mah Sing Group Bhd, has acquired 82.29 hectares of freehold land in Johor Baharu for RM54.7 million cash.

The land has been slated for the development of Mah Sing i-Parc, an integrated industrial and business park which can yield an estimated gross development value of RM610 million.

'We see enormous potential for Mah Sing i-Parc to be a centralised logistic hub as it is only one kilometre from the Port of Tanjung Pelepas and 23 kilometres from Jurong Industrial Estate in Singapore.

'The location is very prime, and this is one of, if not the last piece of sizeable freehold land in the area,' Mah Sing group managing director/chief executive officer Tan Sri Leong Hoy Kum said in a statement today.

Meanwhile, Mah Sing is confident of meeting the RM2 billion sales target for this year, says Leong

The company had achieved sales of RM738 million as at the second week of April, he said.

'The confluence of strong fundamentals, branding, locations, concept and products will make 2011 another good year for the company,' he told reporters on the sidelines of Invest Malaysia 2011. - Bernama