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Thursday, March 5, 2009

Mid-2009 launch for Southbay Penang

GEORGE TOWN: Mah Sing Group Bhd expects to launch its RM1.35bil Southbay Penang by mid-2009.

Group managing director and chief executive Datuk Seri Leong Hoy Kum told StarBiz the launching of the project would coincide with the completion of Southbay Penang’s showhouses.

Leong said Southbay Penang had attracted more than than 3,000 prospective buyers, of whom 70% had registered interest for Residence@Southbay’s superlink homes and the rest for Legenda@Southbay’s designer bungalows and Southbay City, the commercial precincts.

“Of this number, close to 80% are from Penang island, about 9% from Penang mainland and the rest from other states and overseas,” he said.

Leong said Southbay Penang’s innovative design, its low density and guarded features, private clubhouse facilities and the smart home features of the residential units contributed to the favourable response to the project so far.

On whether the global recession would delay the completion of Southbay Penang, Leong said the group was committed to completing all its projects on schedule.

On the future of the property market in Penang in view of the global recession, he said the group expected the non-speculative range of properties to hold up well.

“We expect the medium-to-high-end landed property segment to continue to yield decent long-term positive capital appreciation in the foreseeable future.

“We can still see transactions, albeit at a slower pace, as this segment attracts buyers who are more affluent and tend to hedge their wealth in this segment during uncertain times.

“These people have a wider savings/expense ratio and generally look to invest their excess funds in properties as there are limited investment options now,” he said.

Comprising 376 units of landed residential properties and an integrated commercial hub, Southbay Penang is scheduled for completion within seven years.

By The Star (by David Tan)

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