Mah Sing Group Bhd set to launch projects worth over RM1.2 billion in 2016

Mah Sing Group Bhd set to launch projects worth over RM1.2 billion in 2016

GEORGE TOWN, Nov 19 — Property developer Mah Sing Group Bhd is set to launch over RM1.2 billion worth of projects in Penang next year.

Mah Sing (North) Senior General Manager Daniel Law Wei Keong said the upcoming launches include the RM735 million Ferringhi Residence 2, the RM350 million Icon Residence at Lebuh Pykett, and an unnamed RM150 million project in Southbay City, Batu Maung.

He said the group also expects the Penang properties to contribute between 10 to 12 per cent to the group’s total sales for the 2015 fiscal year ending Dec 31.

“We still have about RM2.8 billion worth in remaining GDV and RM300 million in unbilled sales on the 33-hectare land bank in Penang,” he told reporters after the exclusive preview of the Ferringhi Residence 2 here today.

He said the group has launched RM2 billion worth of housing projects nationwide in 2015 with 84 per cent of the units costing below RM1 million and the remaining 16 per cent priced from RM1 million onwards.

The Ferringhi Residence 2 project, comprising three blocks of 632 resort-style units, will be launched in the first quarter of 2016, he said.

“With built-ups from 1,208 sq ft to 2,910 sq ft and priced from RM775,265, we strive to live up to our brand’s promise, which is to build a premier lifestyle,” he said.

He said the group will also introduce a RM150 million shopping mall in Southbay City which is expected to begin operations in mid-2016.

“It will have 84 retail lots, which are all sold out, priced between RM1 million to RM2 million depending on the size,” he said.

Law said units in the unnamed project, with a built-up area of 750 to 1,000 sq. ft., would cost below RM680 per sq ft.