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Wednesday, December 11, 2013

Mah Sing Group plans RM400m township in Jawi, Penang

Source: http://www.thestar.com.my/Business/Business-News/2013/12/10/Mah-Sing-Group-plans-RM400m-township-in-Jawi-Penang.aspx

KUALA LUMPUR: Mah Sing Group Bhd plans to build a lifestyle township in Jawi, Penang with a gross development value of RM400mil.
It had on Tuesday bought 20 pieces of prime freehold contiguous land in Jawi, totalling 76.38 acres, from several parties.
Mah Sing said the proposed development, called Southbay East, would be developed over three to four years.
The projects would comprise of a gated guarded lifestyle township including link homes, linked semi-detached homes, semi-detached homes, town houses and shops with a clubhouse.
On the acquisition of the 20 pieces of land, Mah Sing described the purchase as timely as it allowed the group to expand its existing presence in Penang with five projects all located on the island, across the Second Bridge to the fast growing Seberang Prai on the mainland
“With the proposed acquisition, the group now has remaining lands in Penang worth approximately RM3.8bill in combined GDV and unbilled sales, representing approximately 13% of the group’s total GDV and unbilled sales of RM28.78bil,” it said.
Mah Sing said the parcels of land were 6.6km from the Jawi Toll on the North-South Highway and 15.6km from the interchange to the second bridge in Batu Kawan.

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