Mah Sing Group Bhd has signed an agreement with Koperasi Permodalan Felda Bhd (KPFB) to sell one of the two wings of The Icon Jalan Tun Razak for RM174.4 million.

The group’s wholly-owned subsidiary Star Residence Sdn Bhd secured the transaction through an en-bloc deal.

Upon execution of the sales and purchase agreement, KPFB will pay 10% of the purchase price, with the balance 90% to be paid progressively according to the stage of works completed.

Mah Sing group managing director Datuk Leong Hoy Kum said in a statement, “This 20-storey wing office development has a total floor area of 243,830sq ft with 301 car park bays.”

He added that the construction of The Icon Jalan Tun Razak is scheduled to be completed in 24 months.

With the strong demand for commercial developments and Grade A offices, Leong said the group will continue to target more commercial lands in Kuala Lumpur and the Klang Valley for its Icon series of commercial development.

“We target to conclude more en bloc sales for our Icon series including The Icon Mont Kiara, where the signature tower will house SoHo units and corporate designer suites.”