Timeline | Description |
1984 | Kuala Lumpur Industries acquired prime Bukit Bintang land and developed Wisma KLIH as an office building. |
2010 | Equine Capital sold the ageing building to Mammoth Empire, which redeveloped it into WOLO Hotel. |
2019 | HYM Group acquired WOLO Kuala Lumpur for 115 million, marking a shift in ownership and strategy. |
2023 to 2025 | Impiana Hotels rebranded as Magma Group and expanded into hospitality, property, and lifestyle ventures. |
The story of Magma Group begins with a modest office building known as Wisma KLIH, located at the intersection of Jalan Bukit Bintang and Jalan Sultan Ismail. Developed in the 1980s by Kuala Lumpur Industries Bhd, the building once stood as a symbol of Kuala Lumpur’s early commercial expansion.
Over four decades, the asset changed hands multiple times, reflecting broader shifts in Malaysia’s corporate landscape. What began as a traditional office property evolved into WOLO Kuala Lumpur, and ultimately became part of a larger strategic platform under Magma Group.
In 1984, Kuala Lumpur Industries Bhd acquired a 22 million parcel of land at a prime Bukit Bintang intersection and developed Wisma KLIH, a 14 storey office building with over 5,000 square metres of net lettable area. It served as a commercial asset during a period of rapid urban and economic growth in Kuala Lumpur.
In 2010, Equine Capital Bhd divested Wisma KLIH for 58 million to Wonderful Vantage, a subsidiary of Mammoth Empire Holding. This followed Equine Capital’s earlier acquisition of Kuala Lumpur Industries during post Asian financial crisis restructuring, which included inheriting the ageing building.
In 2010, Mammoth Empire repositioned the asset through a redevelopment strategy. Of the 58 million purchase price, 48 million was allocated to the freehold property and 10 million to refurbishment. The building was transformed into a 133 room boutique hotel and rebranded as WOLO Hotel Bukit Bintang, marking its transition from office space to lifestyle hospitality.
In 2019, Mammoth Empire sold WOLO Kuala Lumpur for 115 million as part of a broader asset disposal programme to ease debt pressures. The buyer was HYM Group, controlled by Lee Foo Sang, who acquired the asset through HYM Wolo with an 80 percent stake.
In 2023, Lee Foo Sang expanded his influence by acquiring a 19.9 percent stake in Impiana Hotels Bhd for approximately 8.46 million. This positioned him as the largest shareholder and allowed him to integrate operational expertise from WOLO Kuala Lumpur and other boutique hospitality assets into a listed platform.
In December 2023, Impiana Hotels Bhd was rebranded as Magma Group, signalling a strategic pivot towards a diversified portfolio spanning hospitality and property development. From January 2024, Magma Group entered into a lease agreement with HYM Group to operate WOLO Kuala Lumpur, consolidating its role within the group’s ecosystem.
In 2025, Magma Group expanded its shareholder base through a share issuance tied to an 80 million land acquisition in Dutamas. This brought Lee Chong Wei in as a strategic shareholder via Skyload Express, increasing his total stake to approximately 9.85 percent, combining direct and indirect holdings.
In May 2025, Magma Group formed a joint venture with CHAGEE through Magma Chain Management. The new entity aims to open up to 300 outlets nationwide, marking the group’s entry into high growth lifestyle retail. Notably, CHAGEE’s flagship glasshouse outlet in Bukit Bintang is located within WOLO Kuala Lumpur, reinforcing the asset’s role as both a hospitality and consumer brand platform.
The evolution of Wisma KLIH into WOLO Kuala Lumpur and its integration into Magma Group reflects a broader shift from passive property ownership to active platform building, where assets are continuously repositioned to capture higher value across hospitality, retail, and lifestyle ecosystems.
1.What was Wisma KLIH originally
It was a 14 storey office building developed in the 1980s in Bukit Bintang.
2.Who transformed it into WOLO Kuala Lumpur
Mammoth Empire redeveloped the building into a boutique hotel in 2010.
3.Why was WOLO Kuala Lumpur sold in 2019
The sale was part of Mammoth Empire’s effort to reduce debt through asset disposals.
4.How did Magma Group become involved
Its major shareholder Lee Foo Sang integrated the asset into the group’s broader hospitality strategy.
5.What is Magma Group’s current direction
It is expanding beyond hotels into property development and lifestyle retail, including a partnership with CHAGEE.
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