Kota Tinggi, 8 March – MB World Group Berhad (“MBWG” or the “Group”) has unveiled their first new integrated township – Taman Sri Penawar in Bandar Penawar, marking the start of more new ventures for the Group.
Taman Sri Penawar is a township development project under the leadership of Cocoa Valley Development Sdn. Bhd., a subsidiary of MBWG. The project spans across 470 acres of prime land bank with 3,300 residential units and 380 commercial units planned. The entire township has an estimated Gross Development Value (“GDV”) of RM1.9 billion. It will be developed in phases and is expected to complete in 7 years.
“Taman Sri Penawar is a potential investment township that is located strategically as it is adjoining Taman Desaru Utama which is complemented by established amenities such as hotels, shopping mall, retail outlets, restaurants and clinics. It is also well-connected with major roads and highways such as Tanjung Balau Road, Kota Tinggi – Pengerang Highway and Senai – Desaru Expressway, linking to Tanjung Balau, Bandar Penawar, Pengerang, Kota Tinggi, Johor Bahru, Senai and Iskandar Puteri.” said Mr. Ng Liang Khiang, Executive Director of MB World Group Berhad, at the media launch today.
The township’s strategic location is further augmented by the Refinery and Petrochemical Integrated Development (RAPID) project spearheaded by Petroleum Nasional Bhd (Petronas) which is expected to employ 70,000 workers during construction and generate 4,000 new jobs upon completion. Additionally, Saudi Arabian Oil Co’s (Saudi Aramco) plans to invest RM31 billion in RAPID will enhance the positive outlook of the project. This bodes well for the township as this will indirectly contribute to Taman Sri Penawar’s capital and rental appreciation.
Ng added, “We believe that Taman Sri Penawar is an ideal township for working adults to invest in as the ongoing Petronas’ RAPID project in Pengerang has opened up plenty of job opportunities to the public.”
MBWG will officially launch the project at a public event on 11 March 2017, Saturday at its sales gallery in Bandar Penawar. The day will include a selection of activities such as property talks, D.I.Y handicraft workshops and performance. Light refreshments will also be provided. Among the development phases, the projects that are available for preview are the second phase of single storey terrace house, Desaru Avenue and Harmonia.
The second phase of single storey terrace house consists of 320 units and has an average land area of 20 by 70ft, a built-up area of 1,091 sq. ft. with three bedrooms and two bathrooms. The property has received good response with over 50% units have been booked prior to the launch. The first phase of the single storey terrace house with a total of 265 units has also been fully sold within 2 weeks time prior to the launch.
The Desaru Avenue offers 161 units of double storey shop offices. With its spacious and flexible layout, the shop office is ideal for a variety of businesses. To complement the success of single storey terrace house, the phase 1 of Desaru Avenue has been sold within a month prior to the launch.
The Harmonia consists of 272 units of double storey terrace houses, and has an average land area of 22 by 70ft with a built-up area of 1,996 sq. ft. This gated and guarded development aspires to provide a safe and comfortable living environment.
In their recent quarterly announcement, MBWG announced their fourth quarter (“4Q FY2016”) results for the Financial Year Ending 31 December 2016 (“FY2016”) with the revenue for FY2016 standing at RM122.70 million which shows an increase of 103.62% from RM60.26 million for the Financial Year Ending 2015 (“FY2015”), mainly contributed from its property development segment.