Mah Sing buys land in Penang for new township with RM400m GDV

Business & Markets 2013
Written by Jonathan Gan of theedgemalaysia.com
Tuesday, 10 December 2013 16:49
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KUALA LUMPUR (Dec 10): Mah Sing Group Berhad has acquired
approximately 76.38 acres of free hold land for RM42.59 million in
Penang for a new township, Southbay East in Jawi, with a gross
development value (GDV) of approximately RM400 million.
In a statement Tuesday, Mah Sing said Southbay East is located 6.6km
from the Jawi Toll on the North-South Highway and is about 7km to
Taman Perindustrian Nibong Tebal. The fledging township of Nibong
Tebal is located just 4km away.
It said the new guarded township also featured clubhouse facilities.
The development will offer a range of products appealing to the mass
market including link houses, linked semi-detached homes,
semi-detached homes, town houses and shops.
The development is expected to completed over the course of 3-4
years.
Mah Sing group managing director and chief executive Tan Sri Leong Hoy Kum said while this was the developer’s sixth
project in Penang, it was the first one on the mainland.
“We have been building our brand in the state since 2007, and we want to heed the Government’s call to build properties for
the middle income segment, as these products are in short supply in Penang,” said Leong.
Leong said Mah Sing’s projects in Penang would yield remaining unbilled sales of approximately RM3.8 billion, representing
13% of the company’s RM28.78 billion GDV and unbilled sales.