Sixth project in state: Southbay East development on the mainland set to be completed within 4 years
Mah Sing Group Bhd is buying about 30.9ha of freehold land in mainland Penang for RM42.59 million for its new township, Southbay East, which has a potential gross development value (GDV) of RM400 million.
The developer said the land is acquired at RM12.80 per sq ft and that it will settle the payment within 18 months.
Southbay East is located 6.6km from the Jawi toll plaza on the North-South Expressway and about 7km from Taman Perindustrian Nibong Tebal.
Mah Sing group managing director and chief executive Tan Sri Leong Hoy Kum said this is the company's sixth project in Penang and the first on the mainland.
Among its projects in the state are Icon Residence, Southbay City, Southbay Plaza and The Loft.
The new development will offer link houses, linked semi-detached houses, semi-detached houses, townhouses and shops. It is expected to be completed in three to four years.
"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," he said in a statement yesterday.
"We have found a piece of land that is rightly priced with good payment terms, and we aim to build houses that are rightly priced as well."
Mah Sing's projects in Penang will yield remaining unbilled sales of about RM3.8 billion, representing 13 per cent of the company's RM28.78 billion GDV and unbilled sales. - By Business Times