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Tuesday, April 22, 2008

Mah Sing sees RM2.5b GDV from four projects

Developments to keep company busy for three to five years

MASAI: Mah Sing Group Bhd expects to generate about RM2.45bil in gross development value (GDV) from its property development projects in Johor and Penang.

Mah Sing Properties Sdn Bhd chief operating officer Ng Heng Phai said RM1.15bil would come from three projects in Johor and RM1.3bil from one project in Penang.

The Johor projects are Sierra Perdana (RM500mil), Sri Pulai Perdana I (RM500mil) and Sri Pulai Perdana II (RM157mil) in Johor while the Penang project is Southbay (RM1.3bil).

The company also has another ongoing project in Johor – Austin Perdana – but Ng did not provide its GDV.

“The Johor and Penang projects will keep us busy for the next three to five years,” Ng said at the Treasure Blitz grand draw ceremony recently.

Tan Pia Choo, a retired teacher from Meru in Selangor, won an RM88,000 office suite in Austin Perdana.

The grand prize of the upcoming premier event is a RM800,000 bungalow in Kemuning Residence, Shah Alam.

Ng said that over the period of a few months, the company had given away prizes worth RM900,000.

Including the bungalow, it would have spent RM2mil for the campaign, which is open to buyers of its 14 projects nationwide.

Ng said Mah Sing would launch Sri Pulai Perdana II before the end of the year.

Southbay, developed on a 33.18ha site, was soft-launched recently. It would have 288 link houses priced above RM755,000, three- and four-storey bungalows going for more than RM2.5mil each, retail shops, three to five-star hotels, serviced apartments and a retail mall.

Ng said Mah Sing was optimistic on the Johor property market as all its ongoing projects were located within Iskandar Malaysia.

He said the group had a total landbank of 323.73ha nationwide, adding that it would look for more land in Johor, particularly in Iskandar Malaysia.

By The Star (by Zazali Musa)

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