Malaysian construction and property developer Malaysian Resources Corp Bhd (MRCB) has sold seven parcels of land in Cyberjaya, Selangor for RM419.05 million cash (US$ 102.48 million) to a Singapore-backed data center firm, according to the firm’s Bursa exchange filing last week.
The sale and purchase agreement (SPA) was signed between its indirect wholly owned subsidiary, Subang Sentral Sdn Bhd (SSSB) and Digital Cosmos Malaysia Sdn Bhd, a wholly owned subsidiary of Digital Cosmos (S) Pte Ltd. Digital Cosmos is involved in the development and operation of digital infrastructure including data centers.
The SPA is conditional upon several approvals including approval for at least 182MW of power supply and confirmation of at least 9.41 million liters of water supply per day, approvals related to the proposed data center development and issuance of a new title deed upon a land surrender and re-alienation exercise.
MRCB said the proceeds of the sale of the 36.66 acres of land will be used to reduce gearing, improve cash flow and enable it to fund other large scale development and infrastructure projects. The sale is expected to be completed by 4Q2027.