Mercury Industries completes RM11.5m acquisition of 22 freehold land parcels in Melaka
Mercury Industries Bhd has completed the RM11.5 million acquisition of 22 freehold land parcels in Bandar Pekan Tanjong Kling, Melaka Tengah. The parcels, adjacent to the company's Klebang Cove Residensi Phase 1, are earmarked for a mixed residential development with an estimated gross development v
PETALING JAYA (Oct 7): Property developer Mercury Industries Bhd has completed its RM11.5 million acquisition of 22 freehold land parcels in Melaka through its wholly-owned subsidiary Plutovest Sdn Bhd.
In a Bursa Malaysia filing on Tuesday (Oct 6), the company said the balance purchase price had been fully paid to vendor Tambun Leaders Sdn Bhd that day, completing the acquisition. The parcels span approximately 9.31 acres, or 405,392 sq ft, in Bandar Pekan Tanjong Kling, Seksyen II, Melaka Tengah. They are adjacent to Plutovest's Klebang Cove Residensi development, also known as Klebang Cove Phase 1.
Plutovest signed the conditional sale and purchase agreement on Nov 27, 2025. The agreement became unconditional on June 11, 2026, after all conditions precedent were fulfilled. In its November 2025 announcement, Mercury Industries said Plutovest intended to develop the land into a mixed residential development comprising apartments and shop offices, with a preliminary estimated gross development value of approximately RM300 million.
Development planning was then at a preliminary stage, with costs, commencement and completion dates, and development funding yet to be determined. The Oct 6 completion announcement did not update these plans. According to the November 2025 filing, the acquired land and Phase 1 fall within the same approved master development order. Infrastructure and utilities for Phase 1 were planned to have sufficient capacity to serve Phase 2.
The group said it expected the combined development of both phases to improve overall profitability through economies of scale and shared infrastructure. Phase 1 was described in the November 2025 filing as an ongoing development comprising four apartment blocks with 648 units.
The acquired parcels comprise PT 50–60 and PT 73–83, held under titles H.S.(D) 81100–81110 and H.S.(D) 81123–81133 respectively. They include land designated for residential use, shop offices, stalls and utilities. Mercury Industries said the purchase price was negotiated on a willing-buyer, willing-seller basis, taking into account its internal assessment of comparable land values and the site's development potential. No external independent valuation was carried out.
