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Thursday, November 19, 2015

Mah Sing to launch RM1.3b worth of projects in Penang next year

GEORGE TOWN (Nov 19): Mah Sing Group Bhd ( Valuation: 2.40, Fundamental: 2.80), the country's second-largest property developer by sales value, will launch three residential developments with a combined gross development value of RM1.3 billion in Penang next year.

Its senior general manager Daniel Law said the projects — Ferringhi Residence Two, condominium blocks at South Bay City in Batu Maung and Pykett, Jalan Burmah on the island — are expected to contribute about 10% to 12% to the group's sales.

"The contribution would not show much difference from the overall sales for the financial year ending Dec 31, 2015," he told a media briefing on Ferringhi Residence Two today.

He said Mah Sing will also open its RM150 million shopping mall within South Bay City for business by the middle of next year.

Law added that the retail outlets within the mall have all been sold out to locals.

(Note: The Edge Research’s fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

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