Mah Sing snaps up iconic Corus KLCC site for RM260mil, paving way for RM1.28bil serviced apartment project

Mah Sing Group Bhd has acquired the iconic Corus KLCC hotel site along Jalan Ampang for RM260 million, securing a rare 1.485-acre freehold parcel right in the heart of the KLCC precinct.

The land is currently occupied by Corus KLCC Hotel, long associated with the MUI Group, which is divesting the asset as part of its asset rationalisation strategy.

Mah Sing plans to tear down and redevelop the site into a premium freehold serviced apartment project with an estimated gross development value (GDV) of RM1.28 billion. Indicative unit prices are expected to start from around RM898,000, putting the project firmly in the upper mid-to-luxury segment of the KL city-centre market.

Prime KLCC location with rare freehold status

The Corus KLCC site checks almost every box for a prime city-centre address:

– Freehold land in a precinct dominated by leasehold and strata titles
– Five minutes’ walk to Petronas Twin Towers and Suria KLCC
– Within walking distance of KLCC Park, Intermark Mall, The Linc KL and Pavilion Kuala Lumpur
– Strong public transport connectivity via Ampang Park MRT–LRT interchange, KLCC LRT Station and an underground station linked directly to Suria KLCC
– Covered pedestrian walkways linking to Suria KLCC, KLCC Park and Bukit Bintang, enhancing walkability in all weather

Mah Sing describes the location as offering “unmatched accessibility and connectivity”, with both public and private transport routes and positioning within a Transit Planning Zone (TPZ) under Kuala Lumpur’s planning framework.

From Ming Court to Corus: end of an era, start of a new landmark

For the MUI Group, the sale also closes a significant chapter. The group’s association with the property dates back roughly 40 years, beginning with the Ming Court Hotel in 1984 before it was later rebranded as Corus KLCC.

MUI chairman and CEO Andrew Khoo says the divestment is timely and part of a broader rationalisation plan, but stresses that Mah Sing is the “right organisation” to unlock the site’s full potential and enhance the KLCC skyline with a new landmark development.

Mah Sing’s strategy: unlocking value in prime urban locations

For Mah Sing, this is the group’s second land acquisition of the year, and it fits squarely into its strategy of unlocking value in prime urban locations with strong demand fundamentals.

Founder and group managing director Tan Sri Dato’ Sri Leong Hoy Kum positions the deal as more than a straightforward redevelopment:

– It is a chance to create a prestigious KLCC address with strong international appeal
– The project is expected to complement the KLCC skyline, support urban regeneration, and stimulate the local economy via jobs and higher footfall

– The premium serviced apartments are designed to appeal to a mix of high-net-worth locals, foreign buyers and long-stay expatriates attracted to the KLCC lifestyle

The redevelopment also aligns with the objectives of the Kuala Lumpur Local Plan 2040, which emphasises compact, accessible and liveable neighbourhoods in key city corridors, including KLCC.

Why this KLCC deal matters to the market

Analysts have noted that while the land cost works out to a premium price per sq ft, the ratio of land cost to total GDV remains within a healthy range for a city-centre project, giving Mah Sing room to build margins while competing in the luxury-serviced-apartment segment.

For the broader Kuala Lumpur market, the Corus KLCC redevelopment:
– Adds new prime stock to the KLCC residential pipeline
– Supports ongoing regeneration along Jalan Ampang and the greater KLCC–Bukit Bintang corridor
– Shows that well-located freehold parcels in the city centre can still attract aggressive bids despite softer patches in the high-end condo market

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Article Information Source: NST

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