GEORGE TOWN (Oct 1): Mah Sing Group Bhd has seen encouraging sales for its Southbay City development in Batu Maung, Penang, thanks to the project’s close proximity to the new Jambatan Sultan Abdul Halim Muadzam Shah [Second Penang Bridge].
Its Chief Operating Officer Teh Heng Chong said interest has piqued among local and foreign buyers from Indonesia, Hong Kong, China and Taiwan, since the bridge’s opening in February this year.
Mah Sing is developing three projects in the southwest district on the island, with a total gross development value (GDV) of between RM2.5 billion and RM3 billion.
“We are planning to develop two more projects in this area, due to strong interests. People like our location, which is near the industrial zone and about 1km to the Second Penang Bridge,” he said.
Teh, who was speaking to reporters to introduce the group’s latest project, The Coastal @ Southbay City, said Mah Sing aimed to develop a fully integrated development in the former sleepy hollow.
Mah Sing owns about 87 acres in Batu Maung, of which 60 acres have been built up with bungalows, terrace houses and highrise luxury units on the land that has been aptly re-branded as Southbay City.
Since the launch of its first project in Batu Maung, Residence @ Southbay, in 2011, Mah Sing has generated a total sales of about RM800 million from the Penang development.
In conjunction with the group’s 20th anniversary celebration on Saturday, Teh said guests would be able to witness the launch of the Coastal @ Southbay City.
“We are going to first launch the block of professional suites that would house 156 single or duplex units, measuring between 571 square feet and 1,318 square feet, costing RM581,000 and above,” he said.
The RM275 million Coastal @ Southbay comprise of a 25-storey professional suite block, a 31-storey residential suite-block, and a two-storey shoplex, said Teh, adding the project will be completed in 2018.
“We are targeting buyers who are want to set up a small office/home office type of business. Since the development is close to the industrial zone, companies or individuals can purchase the unit to set up such offices.
“Our unique selling point includes affordable pricing, flexible sizes and layout to suit various needs, and budget ideal for start up businesses, and facilities in the project are available to owners and their staff,” he said.
He added that early birds at the event beginning 10am Saturday, would be able to enjoy a 5% rebate on the unit’s purchase price.
On the group's Ferringhi Residence Precinct Two project in Batu Ferringhi, Teh said it would be launched in December or January, pending approval by the local authorities for its planning permission application.