Mah Sing plans 3.4-bil.-ringgit projects in KL, Penang
By David Tan, The Star/Asia News Network Tuesday, August 12, 2014, 12:03 am TWN
The Star/Asia News Network--Mah Sing Group Bhd will develop 3.4 bil. ringgit worth of residential projects in Penang and Kuala Lumpur over the next five years.
Group chief executive officer Ng Chai Yong told StarBiz two of the projects would be located in Penang, while another two would be in Kuala Lumpur.
In Penang, Mah Sing plans to develop The Coastal for the 320 mil. ringgit Southbay City in Batu Maung and the 750 mil. ringgit Ferringhi Residence Precinct 2 in Batu Ferringhi.
The projects, opened for registration now, will be launched in October and November respectively.
In Kuala Lumpur, the group will launch the 1.5 bil. ringgit Lakeville Residence in Taman Wahyu, Jalan Ipoh, and the 900 mil. ringgit D'sara Sentral in Sungai Buloh soon.
"The projects in Penang are competitively priced at around 800 ringgit per square foot and 900 ringgit per square foot respectively for The Coastal and Ferringhi Residence Precinct 2, as they are located near the sea, with accessibility to the main trunk road and expressway leading to George Town.
"The Coastal comprises 156 professional suites and 100 residential suites, with built-up areas ranging between 575 square foot and 1,300 square foot.
"The projects in Kuala Lumpur are attractively priced at around 550 ringgit per square foot for Lakeville and 660 ringgit per square foot for D'sara Sentral," he said.
To add value to the Southbay City project, Mah Sing plans to develop a 750,000 square foot shopping mall in 2016.
"The mall will take about three to four years to complete.
"We are currently constructing a 424,000 square foot shopping podium trends@southbay city for Southbay Plaza, which is expected to be completed in 2016," he said.
Despite the stringent bank loan conditions which had caused the property market to slow down in the country, Ng said the group's sales had remained buoyant.
"We don't expect the pricing of our projects to soften, as they are all located in prime and strategic locations like the Southbay project, which is a stone's throw from the first and second links in Penang and the Tun Dr Lim Chong Eu Expressway, leading to town," Ng said.
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