KUALA LUMPUR, Dec 10 — Property-based Mah Sing Group Bhd has bought 76.38 acres of freehold land for RM42.59 million to develop a new township, Southbay East, in Jawi, Penang, with potential gross development value (GDV) of RM400 million.
The purchase price will be paid in 18 months. The land was acquired at RM12.80 per square foot.
Group Managing Director and Group Chief Executive Tan Sri Leong Hoy Kum said the group has found a land that was rightly priced with good payment terms, thus Mah Sing aimed to develop rightly priced houses over three to four years.
“The gated and guarded township, which is the sixth project in Penang but the first on the mainland with clubhouse facilities, will offer products appealing to the mass market, including link homes, linked semi-detached homes, semi-detached homes, town houses and shops.
“We plan to tap on our expertise with township planning in other parts of Malaysia. For example, the development concept of our latest integrated township of Southville@KL South is “connectivity” and “walk-friendly,” he said in a statement today.
Together with Southbay East, Mah Sing’s unbilled sales is about RM3.8 billion, representing about 13 per cent of the group’s RM28.78 billion GDV.
He said Penang also contends with scarcity of land which is seeing the demand for affordable housing expanding to mainland. — Bernama
