GEORGE TOWN: Penang projects are slated to deliver some 10 per cent of Mah Sing Group Bhd’s sales target for this year.
Its chief operating officer Teh Heng Chong said Mah Sing has five projects in the state at the moment.
“Penang is an important market, forming some seven per cent of the remaining gross development value (GDV) and unbilled sales of RM3.3 billion from the group’s 48 projects in Malaysia,” he said.
In Penang, Mah Sing has 33.1ha of undeveloped landbank with remaining GDV of RM2.8 billion.
“Over the years, Mah Sing has established strong brand recognition in Penang,” said Teh, adding that the group is both keen and open to explore opportunities on mainland Penang.
“Mah Sing is a market-driven developer and is always on the lookout for potential markets and the company has always strived to offer the right type of products that fit the property cycle.”
He said that when Mah Sing entered the Penang market in 2007, development was concentrated mainly in the central and northern parts of the island.
“However, we were keen on the potential of the land due to the proximity of the second bridge (Sultan Abdul Halim Muadzam Shah Bridge).
Furthermore, the size of the development on 35.2ha of freehold land was significant enough for us to plan an exciting master plan,” Teh said.
“Mah Sing’s Southbay City and Southbay are key projects anchoring the southern part of Penang, with the residential components are sold out.
We are now focusing on the commercial components.
“Owing to the scarcity of land and also the thriving manufacturing sector, we believe there will be an economic boom in the southern part of Penang.”
By delivering quality products on time and ensuring the buyers get reasonable capital appreciation, Mah Sing hopes its branding and track record will attract buyers to also support its other projects in the state, such as the Ferringhi Residence.
~ By BUSINESS TIMES
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