Rewards for loyal customers

Breathtaking view: An artist's impression of The Coastal project, comprising two towers of professional suites, residential suites and shoplex in Batu Maung.

MAH Sing Group Bhd is offering special packages for housebuyers who purchase its recently launched The Coastal Professional Suites at Southbay City in Batu Maung, Penang.

Group general manager Yeoh Chee Beng said the special offer would be available for buyers at The Star Property Fair 2014 at Queensbay Mall from Oct 23 to Oct 26.

Among the packages will be the Buyer’s Appreciation package and a Buyer-Get-Buyer reward package for loyal customers in conjunction with the group’s 20th anniversary celebration.

The Coastal, with a gross domestic value of RM275mil offers two towers of over 1.13ha of freehold land.

The low density development, scheduled for completion in mid-2018, consists of a total of 156 units of professional suites, 100 units of residential suites and 12 units of shoplex.

Yeoh said for a start, they would only open up the first 25-storey tower comprising 156 professional suites for sale. He said the units would be ideal for entrepreneurs with start-up businesses, small businesses or businesses that do not require large space.

He said the units were priced from RM581,000 with built-up sizes ranging from 571sq ft to 1,318sq ft.

“Selling points of the development include a swimming pool, pool lounge, hanging garden, gymnasium, playground as well as protruded sky decks with breathtaking views of Penang’s blue waters.

“There is also an automated waste collection system which guarantees cleanliness and convenience.

“It is located a stone’s throw away from the second Penang bridge, 7km from the Penang International Airport and 15km from George Town,” he said.

Yeoh said there would also be a sky bridge connecting both towers with landscape features upon completion.

“Once The Coastal is ready, it will serve as a major commercial hub of Southbay City,” he added.

Southbay City is an integrated development which has a value of RM2.09bil.

It sits on a 13.9ha plot of prime land with sea frontage, offering excellent convenience and complete resort-like facilities.

It is touted as the vibrant city of the future, having been recently voted the winner of Cityscape Asia Real Estate Award 2010 under the Best Waterfront Development (Future) category.

With a modern contemporary theme, it encompasses a host of retail outlets, fine dining restaurants along the shoreline, luxurious residential suites, lifestyle retail shops, office suites, hotel and resort, and other tourist and recreational attractions. 

Other components of the project include The Coastal@Southbay City, Trends@Southbay, Legenda@Southbay, Southbay Plaza, Residence@Southbay and The Loft@Southbay City.

The Star Property Fair will be held from 10.30am to 10.30pm.

More than 16 exhibitors will be taking part in the fair, which is held for the second time this year.

The booths will be spread out in the mall’s north, central and south atriums.

There will be talks and contests during the three-day event.

More than RM30,000 prizes are to be won. Admission is free. - The Star

Mah Sing plans RM3.4bil projects in KL and Penang

BY DAVID TAN

Mah Sing Group CEO Ng Chai Yong with the scale model of the Southbay City project in Batu Maung.

GEORGE TOWN: Mah Sing Group Bhd will develop RM3.4bil worth of residential projects in Penang and Kuala Lumpur over the next five years.

Group chief executive officer Ng Chai Yong told StarBiz two of the projects would be located in Penang, while another two would be in Kuala Lumpur.

In Penang, Mah Sing plans to develop The Coastal for the RM320mil Southbay City in Batu Maung and the RM750mil Ferringhi Residence Precinct 2 in Batu Ferringhi.

The projects, opened for registration now, will be launched in October and November respectively.

In Kuala Lumpur, the group will launch the RM1.5bil Lakeville Residence in Taman Wahyu, Jalan Ipoh, and the RM900mil D’sara Sentral in Sungai Buloh soon.

“The projects in Penang are competitively priced at around RM800 per sq ft and RM900 per sq ft respectively for The Coastal and Ferringhi Residence Precinct 2, as they are located near the sea, with accessibility to the main trunk road and expressway leading to George Town.

“The Coastal comprises 156 professional suites and 100 residential suites, with built-up areas ranging between 575 sq ft and 1,300 sq ft.

“The projects in Kuala Lumpur are attractively priced at around RM550 per sq ft for Lakeville and RM660 per sq ft for D’sara Sentral,” he said.

To add value to the Southbay City project, Mah Sing plans to develop a 750,000 sq ft shopping mall in 2016.

“The mall will take about three to four years to complete.

“We are currently constructing a 424,000 sq ft shopping podium trends@southbay city for Southbay Plaza, which is expected to be completed in 2016,” he said.

Despite the stringent bank loan conditions which had caused the property market to slow down in the country, Ng said the group’s sales had remained buoyant.

“We don’t expect the pricing of our projects to soften, as they are all located in prime and strategic locations like the Southbay project, which is a stone’s throw from the first and second links in Penang and the Tun Dr Lim Chong Eu Expressway, leading to town,” Ng said.

From Penang, the sales contribution for 2014 fiscal year is expected to increased to RM371mil compared to RM326mil last year.

“From Greater Kuala Lumpur, the sales contribution is projected to increase to RM2.217bil in 2014 from RM1.563bil in 2013.

“From Johor, the group is targeting to achieve RM831mil in sales this year, compared with RM959mil last year.

“We set a lower sales target for Johor this year as we have already launched most of the key projects in the state last year,” Ng said.

According to Ng, the Southbay project in Batu Maung has achieved sales of about RM811mil as at March 31.

“To date, the take-up rate is over 90%. The value of Southbay properties has risen by 100% in terms of capital appreciation since completion four years ago.

“A terraced unit at Residence@Southbay had risen from RM780,000 to RM1.45mil in the secondary market,” Ng said.

Mah Sing’s focus for this year is to ensure that its products stay affordable.

“Over 80% of our planned residential product launches will be priced below RM1mil,” he said.

The group’s main focus is still on the Klang Valley, where the projects are expected to contribute 60% to sales this year, followed by Johor Baru (23%), Penang (10%), and Kota Kinabalu (7%).

“The prospects of the property market in this country continue to be positive in the middle to long term as the population is projected to grow, especially in the Klang Valley, which is expected to increase from seven million now to 10 million in 2020.

“The key infrastructure projects such as the mass rail transit lines and the proposed high speed rail connecting Singapore to Kuala Lumpur will continue to spur interests in the Klang Valley,” Ng added.

In Johor Baru, Mah Sing plans to launch the RM5bil Bandar Meridin East project in the second quarter of 2015.

The projects for Bandar Meridin East will be previewed end of 2014.

“The design for the master plan will take advantage of the natural terrain of the site and incorporate several lifestyle communities comprising terraced, semi-detached and bungalow dwellings.

“Focus will be on creating a living lifestyle with particular emphasis on community participation, and security and sustainability in guarded and gated environments.

“To enhance safety further, traffic calming devices will be incorporated to control speeds and provide safe environments for cyclists and children,” he said. - The Star

Mah Sing’s Southbay East plan hits roadblock

KUALA LUMPUR: Mah Sing Group Bhd’s proposed acquisition of 20 pieces of prime freehold land in Jawi, Penang totalling 76.38 acres (30.9ha) from four separate vendors for RM42.59 million or RM12.80 per sq ft, has hit a roadblock.

The property developer is suspending further payments of the balance purchase price to Yenher Agro-Products Sdn Bhd due to a breach of agreement for four pieces of land there.

In a filing with Bursa Malaysia yesterday, Mah Sing said its unit Nature Legend Development Sdn Bhd is currently seeking advice as to its legal position and possible legal remedies for breach of the agreement.

It added that Nature Legend has also suspended the payment of the balance purchase consideration to the other vendors — Hong Lee Realty Sdn Bhd, Bor Guan Chye, Bor Chye Teik, Bor Mui Teik, Bor Chai Heng, and Tan Sook Hua — as the agreements are inter-conditional.

Currently the majority of the land is planted with oil palm trees, with parts used as a poultry farm and the remaining land under secondary jungle regeneration.

Mah Sing had in December last year announced that it plans to develop Southbay East, a gated and guarded lifestyle township, which includes link homes, linked semi-detached homes, semi-detached homes, town houses, and shops as well as a clubhouse, on the land. The group had expected to commence the project in the first half of 2015, which was to be developed over a span of three to four years, with a gross development value of some RM400 million.

This article first appeared in The Edge Financial Daily, on June 11, 2014.

Ferringhi Residence

A Project by Mah Sing

Batu Ferringhi, Penang

The Star

Southbay

A Project by Mah Sing

Batu Maung, Penang

The Star

The Loft - Grand Launch

A Project by Mah Sing Group

Batu Maung, Penang

Property Details

Type: Condo

Tenure: Freehold
No. of Blocks: 2

No. of Units: 156 

Built-up: 1,378 - 1,680 sq.ft

Expected Date of Completion: Dec 2017