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Wednesday, November 24, 2010

Mah Sing to unveil new home project valued at RM800mil

GEORGE TOWN: Mah Sing Group Bhd will unveil its RM800mil residential project on a 61-acre site in Batu Ferringhi in the first quarter of 2011.

Tan Sri Leong Hoy Kum ... ‘Penang is an important market for us and we want to create the same kind of excitement there that we have achieved in the Klang Valley.’

Group managing director and chief executive Tan Sri Leong Hoy Kum said the project to be known as Ferringhi Residence@Penang was designed to be a gated and guarded project, comprising landed properties such as semi-detached, bungalow homes and condominiums.

The semi-detached units, with built-up of 3,000 sq ft, is priced from RM1.4mil onwards, while the bungalow homes, with built-up of 4,200 sq ft, is priced from RM2.2mil.

There will also be condominiums with built-up areas of between 850 sq ft and 1,800 sq ft, priced tentatively from RM480 psf.

Most phases would enjoy commanding views of the sea, he said.

Leong added that the semi-detached homes and bungalows would have their own separate clubhouse facilities.

The condominium will have a facilities deck that will house amenities such as a swimming pool, gym and various other facilities, he added.

Leong said Batu Ferringhi, a renowned tourist belt on the island, was sought after by homeowners and investors as it was located away from the city's hustle and bustle.

Our superlink homes in Penang such as Residence@Southbay are about 90% sold and are expected to be handed over to purchasers by the first quarter of 2011. Penang is an important market for us and we want to create the same kind of excitement there that we have achieved in the Klang Valley, he said.

Mah Sing's wholly-owned subsidiary Uptrend Housing Development Sdn Bhd yesterday acquired the 61-acre freehold site in Batu Ferringhi for RM157.3mil cash or about RM59.17 psf.

The land has been converted for residential development and the group has received approval from the local authorities for the development plans of the landed properties of Ferringhi Residence@Penang, he said.

By The Star

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