The build enviroment is MinGW-w64 and MSYS2.

When I build `emacs-24', Emacs is being configured with

Should Emacs use the GNU version of malloc?  yes
Should Emacs use a relocating allocator for buffers? yes
Should Emacs use mmap(2) for buffer allocation?  no

With this configuration the x64 version is built just fine, but the x86
version build fails with

make[2]: Entering directory
> '/c/Users/Haroogan/Projects/GitHub/MINGW-packages/mingw-w64-emacs/src/.build/i686-w64-mingw32/lisp'
> Compiling
> /C/Users/Haroogan/Projects/GitHub/MINGW-packages/mingw-w64-emacs/src/emacs/lisp/emacs-lisp/macroexp.el
> Error: Could not reserve dynamic heap area.


 I've checked what is called in this case and it seems to be fine at the
first glance:

#else  /* USE_LSB_TAG */
static char *
allocate_heap (void)
{
#ifdef _WIN64
  size_t size = 0x4000000000ull; /* start by asking for 32GB */
#else
  /* We used to start with 2GB here, but on Windows 7 that would leave
     too little room in the address space for threads started by
     Windows on our behalf, e.g. when we pop up the file selection
     dialog.  */
  size_t size = 0x68000000; /* start by asking for 1.7GB */ <<< This one is
used.
#endif
  void *ptr = NULL;

  while (!ptr && size > 0x00100000)
    {
      reserved_heap_size = size;
      ptr = VirtualAlloc (NULL,
  get_reserved_heap_size (),
  MEM_RESERVE,
  PAGE_NOACCESS);
      size -= 0x00800000; /* if failed, decrease request by 8MB */
    }

  return ptr;
}
#endif /* USE_LSB_TAG */


Any ideas?