Penang venture boosts Mah Sing

By SUSAN TAM

PETALING JAYA: Mah Sing Group Bhd’s stock surged 19 sen, or 3.83%, to RM5.15 yesterday on positive sentiments that its Penang venture will further boost its earnings and enhance its growth prospects.

An Aseambankers analyst said although Mah Sing was making its debut in Penang, its good track record in the Klang Valley would allow it to perform well on the island.

“A good performance is ensured if it can come up with a concept that is refreshing to the buyers,” he told StarBiz yesterday.

On Wednesday, Mah Sing announced it would purchase freehold land totalling 35.1ha in Batu Maung, Penang, for RM115.7mil.

The estimated gross development value for its project, Southbay Penang, is RM1.28bil.

It was reported that Southbay would consist of commercial and residential components, and expected to be completed in five to seven years.

The analyst said assuming the Penang project would reap an average 30% pre-tax profit margin, Mah Sing’s net profit could be boosted by RM25mil yearly for the next eight years.

The research house, which has a “buy” call on this stock, has forecast Mah Sing’s net profit for 2008 and 2009 to be RM94.9mil and RM117.9mil respectively.

The analyst also said unlike its other developments, Mah Sing would work with a local partner in the Penang project, but maintain substantial control with a 70% stake.

He added that the property player would be able to attract more participants to the Malaysia My Second Home programme, as Penang was known to be a popular spot for the programme.

OSK Research was also optimistic on Mah Sing’s growth prospects in Penang, as the group was known for its quality landbank and efficiency in asset management, which were driving its strong earnings growth.

An analyst said Mah Sing would probably target the foreign market, particularly East Asia, for its project in Penang.

He said Penang was a hotspot, with land prices appreciating fairly quickly, resulting in many property companies targeting the high-end markets.

Interesting project.

Southbay Penang is situated approximately 18 kilometers to the southwest of Georgetown city center and approximately 1.75 km to Penang International Airport, 2.5 kilometers from Bayan Lepas town and 9.5 km from the existing Penang Bridge. It is strategically located in the vicinity of the established residential and commercial areas of Queensbay, Bayan Baru and Bukit Jambul. The development is near the Penang State New Administrative Centre which is anticipated to be the catalyst of growth for the entire district of Bayan Baru.

It is also close to the Penang International Sports Area (PISA), Bukit Jambul Complex and the Bayan Lepas Free Industrial Zone (FIZ) which is also known as Penang Silicon Valley. Hospitals in the vicinity include Pantai Mutiara Hospital and a Children Specialist Hospital. University Sains Malaysia, INTI International College and the Penang Skills Development Centre is also a short distance from the site.

The land measuring approximately 87 acres is strategically located in the vicinity of the established residential and commercial areas of Bayan Baru, Bukit Jambul, Sungai Ara, Sungai Nibong and Relau and served by comprehensive facilities and amenities. A network of major road arteries, bridges and expressways including The Jelutong and Bayan Lepas Expressway, Penang Bridge and the upcoming Second Bridge will provide fast and easy access to and from all corners of the Island and mainland.

Southbay Penang is envisaged to be well-balanced mixed development of commercial and residential components to be completed over a span of 5 to 7 years.

Due to the scarcity of prime land in Penang Island, Mah Sing Group plans to offer their high-end Legenda and medium-upper Residence series in Southbay Penang. Conceived as the most coveted residential address in Penang, Legenda@Southbay Penang and Residence@Southbay Penang will be the epitome of exclusive resort living, with generously landscaped lush tropical gardens and buffers to ensure privacy. Recreational and community facilities including a children's playground, reflexology paths, garden pathway and outdoor exercise corner will complete the package for healthy living. To promote a close and warm neighbourhood, there will also be a cosy clubhouse with various facilities for the whole community to enjoy.

Penang has always been one of Malaysia’s tourism hub, with more than 3 million domestic and international visitor arrival each year. One of the attractions of Batu Maung is the Sam Poh Footprint Temple, dedicated to Admiral Cheng Ho (also known as Sam Poh). Featured on the Discovery channel, it enshrines what appears to be a giant footprint - the footprint of Sam Poh, and has been very popular with local as well as international tourists. There is also a museum in the vicinity, and the Group plans to tap on these attractions to create a cultural trail in the development.

To cater to the strong tourist in-flow and, the Group plans to cooperate with institutional investors to develop hotels which optimize the breathtaking vista of the bay. The whole development will be integrated via a landscaped boulevard which will be perfect for retail outlets including alfresco dining, boutiques and services.

Penang has not seen major infrastructure activity since the first bridge was constructed back in 1985 and the last stretch of the North-South Expressway was completed in the early 90s. Penang has a RM6.6billion allocation for development expenditure under the 9MP and the amount of activity itself will see big spillover effects throughout the state.

Mega projects like the proposed Second Penang Bridge, Penang Outer Ring Road (PORR) and Monorail Project will boost the property sector because with an improved transportation system, we can now venture into areas of the island that did not use to be as accessible. This will also attract the population from the mainland to reside in Penang island as the improved accessibility will make travelling more convenient.

Batu Maung will be the first point of entry between Penang Island and Seberang Prai, once the second bridge is completed. The 24km bridge estimated to be completed in 2011 will also be the first point of entry towards the island for southerners traveling up north. Economic activity in the vicinity will automatically intensify; hence this location would an important new growth area with good long term investment potential.

Mah Sing eyes more en-bloc sales for Southbay, Southgate
By Adeline Paul Raja Published: 2008/09/02


MAH Sing Group Bhd, a medium- to high-end property developer, says it is looking at more en-bloc sales opportunities for its Southbay City and Southgate commercial projects in Penang and Kuala Lumpur, respectively.

"En-bloc sales provide good cashflow as well as good branding, so we do look forward to more en-bloc sales for our commercial projects," managing director Datuk Seri Leong Hoy Kum told Business Times in a recent interview.

Southbay City in Penang, which has a gross development value of RM911 million, is slated for launch next year.

The project is still under planning but is expected to be an integrated commercial hub comprising hotels, serviced residences, offices and restaurants.

"We can sell the offices en-bloc, even the serviced residences and hotel," Leong said.

The best of both worlds


Interested in purchasing a landed property that comes with condo facilities? There is one in Batu Maung, Penang.

The three-storey houses under the SouthBay project come with condo facilities – guardhouse, gymnasium and swimming pool.

Mah Sing Properties Sdn Bhd general manager Tan Hun Beng described it as a horizontally-placed condominium.

“Instead of building a vertical condominium building, we are putting it the other way.

“There are many property buyers who are interested in a landed pro-perty but favour the condominium concept. This project will satisfy both,” he said.

The land, which was acquired last year, was designed based on a city concept.

The SouthBay project is divided into three parcels, a 288-unit of three-storey houses, 76 units of hillside bungalows and a tourism development comprising of hotels, condominium,shopping complex, themed restaurant, food court, Cheng Hoe Memorial Hall and a sculpture garden.

Tan said: “Our company will be showcasing the SouthBay project at the fair to create awareness. Our Kuala Lumpur Hijauan Resident and South Gate projects will also be featured.”

There is a two-tier security with a built-in alarm system in each household and another layer of protection with a guardhouse.

Tan said each house would be fenced up by an internal garden.

“There are six bedrooms with five attaching bathrooms. There is also a cabana on the top storey where one can convert it into a private swimming pool or jacuzzi,” he said.

The units with a built-up area ranging from 3,000 sq ft to 3,300 sq ft are priced from RM775,000 each.

old news

Friday March 21, 2008
Mah Sing lines up RM1.4bil project
By DAVID TAN



PENANG: Mah Sing Group Bhd is launching its largest project, a whopping RM1.35bil mixed development called Southbay Penang on a 35ha freehold site in Batu Maung soon.

Group chief operating officer Ng Heng Phai said the plans for the first and second phases of the project had been submitted to the local authorities.

“We plan to launch the first phase in the first half of 2008, as soon as we get the green light. The second and third phases will be launched in late 2008,” he told StarBiz.

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


Ng Heng Pahi (right), Mah Sing general manager Tan Hun beng (left) abd marketing and sales manager Vevus Ho viewing a scale model for Southbay Penang.
The commercial component will make up 70% of the project. And of that, about 50% will be serviced condominiums and the rest retail and fine-dining outlets.
Ng said the group would unveil the first phase of Southbay Penang this weekend.

”So far, we have received over 2,000 registrations for the preview,” he said, adding that Southbay Penang was the group’s largest project to date.

Mah Sing’s RM858mil Aman Perdana in the Klang Valley and the RM530mil Austin Perdana in Johor Baru are the group’s two other projects with sizeable gross sales value. Both projects are currently under construction.

The two township projects have landed residential and commercial components.

The first phase of Southbay Penang comprises 288 units of three-storey link homes with built-up areas of over 3,000 sq ft.

“The salient features are the six bedrooms and six bathrooms in each unit, high ceiling and a garden located on the second floor. There will also be clubhouse and a recreational park,” Ng said.

He said the second phase would comprise 88 bungalows with built-up areas of 3,800 to 8,000 sq ft.

“High-level security will be provided for in the first and second phases. We will also have patrolling guards and intrusion devices installed in the individual properties,” he said, adding that the landed residential properties were also targeted at overseas buyers.

The three-storey link homes are tentatively priced from RM755,000 onwards, while the bungalows will cost at least RM2.5mil each.

On the integrated commercial hub, Ng said the group would model it after seaside resorts such as the Darling Harbour in Sydney, the Canary Wharf in London, and well-known Mediterranean resorts in Spain.

“We are also interested in incorporating certain features of Xin Tian Di, the popular entertainment precinct in Shanghai, into our commercial scheme.

“The commercial hub will also have at least two hotels. We hope to finalise and submit the plans for the commercial component for approval before the end of the year,” he said.

“The whole development will be integrated via a landscaped boulevard which will be perfect for retail outlets, including alfresco dining and boutiques.

“We are targeting the commercial properties at foreign, notably institutional, buyers,” he said, adding that the group spent about three months to obtain input from potential house buyers in Penang.

.......................

Meanwhile, the Southbay City project in Penang, which has a gross development value of RM911mil, is awaiting the final stage of approval and is expected to be launched by year’s end or early next year. — Bernama

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Mah Sing: New launches to proceed as planned
By Sharen Kaur Published: 2008/10/06




Mah Sing Properties chief operating officer believes the market will improve as oil and steel prices appear to be falling


DEVELOPER Mah Sing Group Bhd is taking a bold step in launching new medium to high-end houses and a commercial development worth over RM1.3 billion by 2010.

It currently has 10 ongoing projects in Kuala Lumpur, Penang and Johor on its plate, which will keep it busy for the next five years.

Mah Sing Properties Sdn Bhd chief operating officer Ng Heng Phai believes the market will improve as oil and steel prices appear to be falling.



The global oil price has fallen to about US$92 (RM320) per barrel from US$120 (RM418) more than a month ago while steel is doing RM3,600 per tonne from RM4,100 per tonne some four months earlier.



From now till the end of 2010, Mah Sing will launch four projects - three residential and one commercial. They are Legenda @ Southbay featuring three and four storey resort bungalows and Southbay City, a commercial development, both in Penang; One Residence in Cheras comprising triple-storey bungalows; and Sri Pulai Perdana 2 township in Johor.

"We will go with the launch as they were pre-planned earlier. It will be profitable as we have taken mitigating measures to overcome rising cost of construction," Ng told Business Times.

He said the gross development value (GDV) from the projects will be realised over five to seven years.

Southbay City, which will command a GDV of RM911 million and located in Batu Maung, will be an exciting project as it will feature two hotels, serviced apartments, shop offices and retails. We target to launch it at the end of 2009," Ng said.

He said Mah Sing will also continue to launch new phases within its 10 developments.

As at June 30 2008, it had a landbank of 232.5ha which will yield a GDV of RM2.9 billion, derived from the new and existing projects.

those bungalows look crazy

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Mix development at Penang Batu Maung.



nice huh!!

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thx ps5

^^ keep your fingers crossed for this one. That area has all the recipe for "public outcry". Hill slopes, green lung, heritage (the war muzeum and Chinese temple), school, fishing village etc.

OMG! BETTER THAN QUEENSBAY!!!
REMINDS ME OF PROJECTS IN DUBAI...

scanned from Mah Sing calendar my father got...
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Hmm... still got a long long journey to go... maybe after the light waterfront kot...

Mid-2009 launch for Southbay Penang
By DAVID TAN

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It will coincide with the completion of the showhouses

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.

Hmmm... I'm wondering if there are that many ppl in Penang who could afford million-dollar homes. There is just a limited market for rich retirees/expatriates who'd prefer the Batu Ferringghi/Tanjung Bungah area for close proximity to the beach & shopping centers.

Most of the middle income earners are just living in another condo-apt high rise.

Currently Southbay area is just a small fishing village. Also, without dual lane roads, most ppl who need to drive to work daily will find that a put-off.

Mid-2009 launch for Southbay Penang
Thursday March 5, 2009
By DAVID TAN

It will coincide with the completion of the showhouses

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.

RM2bil projects to be launched

Penang to see new development year-round

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An artist’s impression of the IJM’s Light Point project along the Jelutong Expressway.

KUALA LUMPUR-BASED developers will execute projects with an estimated gross sales value of RM2bil on Penang island this year despite a challenging economic climate and price the new products competitively.

IJM Land Bhd, for example, is launching projects with estimated gross sales value (GSV) of RM350mil in the second and third quarter of 2009.

These are high-end sea-fronting projects comprising the RM200mil Light Linear, RM102mil Light Point, and the RM48mil Lots 28 located near the Jelutong Expressway.

The Light Linear consists of two 17-storey block of 328 condominiums on a 7.6 acre land, while the Light Point is a 28-storey block of 88 condominiums on a 2.8 acre site, and Lots 28 comprises 28 units of two and three-storey commercial and shop offices on a 2.6 acre site.

Pricing new property launches competitively does not mean lowering the selling price.

IJM Land Bhd managing director Datuk Soam Heng Choon says the group’s new properties would be priced competitively to reflect current construction cost, which in reality was still above the pre-July 2008 level.

“In reality, prices of construction materials are still high, with the exception of steel bars.

“To reduce the price further means to go for lower specification and finishes. “However, the flexible loan packages and other incentives thrown in by the developer will make the properties more affordable,” he says.

Soam adds that the group recently launched the RM174mil Summer Place condominium project, located at the Jelutong Expressway.

“About 40% of the 531 condominiums in Summer Place was taken up on the first two days of the recent soft launch,” he says.

C P Group is implementing its RM300mil BayVillas water project at the end of 2009 for its RM2bil Queensbay project in Bayan Lepas.

Its executive chairman Datuk Tan Chew Piau says the BayVillas comprises 76 waterfront bungalows, waterfront gardens, and garden villas, equipped with built-up areas ranging between 3,100 sq ft and 10,000 sq ft.

The entire project is guarded and has private swimming pool facilities and smart home features.

Tan says the group’s 335-room, Eastin Hotel located in Queensbay, will come on by the end of 2009.

“This will be the second hotel operating under the Eastin brand name,” he says.

Tan adds that the group is holding back the commercial project, BayCapital office suites, scheduled for launching in mid-2008, after the country succumbed to the global economic recession.

To date, CP Group has generated about RM600mil from the sales of its properties in Queensbay.

The largest project to take off the island this year comes from Mah Sing Group Bhd, which expects to launch its RM1.35bil Southbay Penang by mid-2009.

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

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

On the prices of Southbay Penang’s properties, Leong says the early registrants would still enjoy the old prices they signed up.

“We will not lower the prices but we will make it easier for buyers to own properties through our Easy Home Ownership scheme which has been very well received.

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

Mah Sing makes the move to ride out the soft demand for homes
By ANGIE NG


PETALING JAYA: Mah Sing Group Bhd will be building up its commercial property portfolio to ride out the soft demand for residential property that is expected to last until at least early next year.

President and group chief executive Datuk Sri Leong Hoy Kum expects commercial projects to contribute to about half of the company’s sales target of RM450mil and 40% of the company’s revenue for the financial year ending Dec 31.

Leong said Mah Sing intended to use its potential war chest of close to RM900mil to expand its landbank for more commercial and residential projects that fit its business model of quick project turnaround.


Leong ... 'We may go into real estate investment trust later on'.
It is looking to acquire one to two more pieces of land for integrated commercial developments next year.

“We see good demand for commercial properties, especially purpose-built buildings in prime locations and lifestyle commercial developments, including well-planned business parks, offices, shops, and retail space,” Leong told StarBiz.

He said most of the Grade A offices and shop offices in good locations were doing well and he expects prices to start climbing next year. Currently, office space is fetching between RM1,000 and RM2,000 per sq ft while shop offices are priced around RM500 to RM1,000 psf.

Although, all its commercial properties are for sale presently, “we may go into real estate investment trust later on.”

“At the moment, we see good demand for commercial properties, especially purpose-built buildings in prime locations and lifestyle commercial developments, including well-planned business parks, offices, shops, and retail space,” he said.

Mah Sing has five ongoing commercial projects in Kuala Lumpur and Penang worth a total gross development vaue of RM2.2bil. These projects will take between three and seven years to complete.

The Icon Jalan Tun Razak comprises two blocks of Grade A office space in the heart of Kuala Lumpur with a gross development value (GDV) of RM430mil.

With approximately 500,000 sq ft of net lettable area, it is slated for completion in the middle of this year. The office blocks have been sold to Kuwait Finance House and Kooperasi Felda.

The second in the Icon commercial series, Icon Mont’ Kiara worth RM305mil, will also be sold en bloc.

Southgate Commercial Centre in Kuala Lumpur comprises five blocks of office and retail space with 599,000 sq ft of net lettable area.

Three of the blocks are available for sale on strata basis, with retail lots ranging from 535 sq ft to 2,105 sq ft at average price of RM1,100 psf, and office suites from 587 sq ft to 1,712 sq ft at RM550 psf.

Close to 90% of the office and retail space in the three blocks has been sold for RM152mil and the RM458mil project is on track for completion by 2011.

Starparc Point in Setapak, Kuala Lumpur, on five acres, will comprise mainly 24 three-storey shoplots and 22 units of six-storey shop offices for a GDV of RM125mil.

It will be launched next month for completion in 2012.

In Penang, the commercial precinct of Southbay Penang is an integrated commercial hub within a resort-like setting.

Comprising fine-dining restaurants, retail outlets, service apartments and hotel suites, the project will have a GDV of RM911mil.

The project will be open for private preview around the year-end or the first half of next year.

It is expected to be completed within five and seven years from the project’s launch by the first half of next year.

Meanwhile, the residential precinct of Southbay Penang on 54 acres will have 284 super-link homes priced from RM795,000 and 76 bungalows priced from RM3.7mil.

The residences will be launched for sale next month and will have total GDV of RM518mil.

Mah Sing encouraged by good sales of Southbay property


GEORGE TOWN: Mah Sing Group Bhd is bringing forward to the next two to three months the launch of its bungalows for the RM1.35bil Southbay Penang mixed development project in Batu Maung.

The 76 bungalows, with an estimated gross sales value of RM200mil, were originally targeted for launch at year-end, chief operating officer Ng Heng Phai told StarBizWeek.

However, having sold 150 or about 75% of the first batch of 200 three-storey link houses in the first week of launch last month, Mah Sing decided to introduce the bungalows earlier, he said.

http://thestar.com.my/archives/2009/6/6/business/b_13bungalow.jpg
An artist’s impression of the bungalow unit to be launched by Mah Sing in Batu Maung.

The units are priced from RM795,000 and sales have since reached 85% for the phase which has an estimated gross sales value of RM200mil.

“We expect the value of the link houses to appreciate by 15% before year-end,” Ng said.

With built-up areas ranging between 5,000 and 8,000 sq ft, the bungalows will be priced around RM3mil each.

“The bungalow project, known as Legenda, is a guarded and gated scheme on a 27.8-acre site,” Ng said.

Ng said the group was preparing to launch the RM900mil commercial component, Southbay City, on a 34.5-acre site at year-end.

“We plan to develop sea-fronting retail outlets. The commercial component will increase the value of the residential properties in the project,” he said.
Ng said the group was working with agents to market Southbay Penang overseas.

To be developed over five to seven years, Southbay Penang is Mah Sing’s biggest project to date.

“Our projects in the country have a gross sales value of about RM3.8bil, of which RM1.35bil will come from the Southbay Penang project,” Ng said.

“The projects in the Klang Valley and Johor Baru will contribute about RM1.6bil and RM800mil respectively,” he added.

“The bulk of Southbay Penang’s contribution should come in when we launch Southbay City,” he said.

Legenda@Southbay

Mah Sing Group Bhd managing director and group chief executive Tan Sri Leong Hoy Kum says the company hopes to bring forward the soft launch of its Legenda@Southbay in Penang to the second half of this year.

“We have not held back any launches due to the strong take-up for our products. In fact, we may bring forward some launches,” he says.

The group plans a soft launch of the first 15 units of its Legenda@ Southbay bungalows with some GDV of RM30mil sometime in the second half. The whole project consists of 76 units with total GDV of RM284mil.

“We are looking to bring forward the launches of our Legenda@Southbay due to the overwhelming response for our three-storey super link project Residence@Southbay,” he says.

To date, Mah Sing has sold about 89% of its launched units in Residence@Southbay. Since its launch in May, it registered cumulative sales of 177 units valued at RM149.15mil.

“We have exceeded our 2009 sales target for this project by 60%, and this boosted our confidence that the market in Penang is receptive to our product concept and value proposition,” says Leong.

For the first half, Mah Sing launched seven property projects worth RM315mil, meeting 80% of the company’s full-year launch target of RM394mil.

Leong says the company has achieved approximately 70% of its full-year sales target of RM453mil within the first half of the year.

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Southbay's commercial part...hope it's gonna be realised.:eek:

Pls excuse the capital letters this is copy and paste only.

PERMOHONAN KEBENARAN MERANCANG UNTUK CADANGAN PEMBANGUNAN SKIM PELANCONGAN YANG MENGANDUNGI:
2 BLOK HOTEL (BLOK A: 27 TINGKAT 300 BILIK, BLOK B: 23 TINGKAT 400 BILIK),
1 BLOK PEJABAT 26 TINGKAT,
5 BLOK KEDAI (BLOK A&C: 3 TINGKAT, BLOK B:4 TINGKAT DAN BLOK D&E: 5 TINGKAT),
9 BLOK 487 UNIT SEVIS APARTMENT (BLOK A: 21 TINGKAT 54 UNIT, BLOK B: 21 TINGKAT 51 UNIT, BLOK C: 19 TINGKAT 144 UNIT, BLOK D: 10 TINGKAT 28 UNIT, BLOK E: 24 TINGKAT 42 UNIT, BLOK F: 24 TINGKAT 42 UNIT, BLOK G: 25 TINGKAT 48 UNIT, BLOK H: 27 TINGKAT 80 UNIT, BLOK J: 24 TINGKAT 42 UNIT),
1 BLOK DEWAN PERINGATAN CHEONG HO 3 TINGKAT DAN 1 TAPAK STESYEN MINYAK DIATAS LOT 690, 1046, 1348 DAN 5784, MUKIM 12, DBD, JALAN PERMATANG DAMAR LAUT, BATU MAUNG, PULAU PINANG.

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mahsing to launch its RM900mil commercial component, Southbay City, on a 34.5-acre site at year-end. The plan is to develop sea-fronting retail outlets.

http://www.southbay.com.my/

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The island's best secret
Southbay will be an elite billion dollar township project with a thriving community set in a prime location of Penang. It is a mere stone’s throw away from Penang’s latest lifestyle mall, healthcare & educational facilities and other amenities. The township is easily accessible via Penang Bridge, Coastal Highway, Penang International Airport, and the State’s latest ventures such as the 2nd Link Bridge.

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(projek ni boleh ganti disappointment of Penang Global City Centre)

Penang 2nd link

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http://www.southbay.com.my/

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hebat betul......hanya dalam gambar ajelah hehe

Just abstract design kot! The real perspective tak kan macam tu! macam rumah Alien :lol:

^^^^True true:lol:

mcm bru kna hit by earthquake.. but i remember such project in Dubai.. very cool!!

tempat tu perlu banyak keubahan like relocation of kampongs with fishing village , pelebaran jalanraya , and infrastuctures like flyovers and pedest. bridges...

new from Mahsing
Secret Garden - Legenda @ Southbay

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Open for Registration. Please call +604-627 1888 or log in www.southbay.com.my for further information.
Location: Batu Maung, Penang

http://www.southgate.com.my/icon-residence/penang/img/developer/img1.jpg

bungalows look crazy.......

mah sing is quite fast in Penang... not bad.. really like their icon residences@ pykett in Pulau tikus....

mah sing is quite fast in Penang... not bad.. really like their icon residences@ pykett in Pulau tikus....

too bad its a copycat from their MK project....infact its actualy a same project

MAH SING GROUP - Icon Residence Penang

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^^ pamukkale on a skyscraper!!! :eek2:

the masterplan really cool
cek dis out
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The Icon Residence when completed will look NOTHING like any of the other condos around the island. I really like the concept of having flowing water, trees & vertical gardens being elevated throughout all the floors.

Though I wonder how on earth will the property management keep the roots of those all those trees from cracking out of confines of the concrete? I can't really imagine, living under those trees, worrying about overgrown roots? Feel kinda like a hobbit :)

http://farm5.static.flickr.com/4035/4583510850_6c6f01c5e7_o.jpg

http://www.southbay.com.my/

http://www.southgate.com.my/southbay/southplaza/index.php

Southbay Plaza

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woow... cool project... when start construction???

By Racheal Lee of theedgeproperty.com

Wednesday, 19 May 2010 18:51

SINGAPORE: Malaysian developers Sime Darby Property Bhd, Mah Sing Group Bhd, Iskandar Investment Bhd and Pjcc Development Sdn Bhd made the country proud at the 2010 Cityscape Asia Real Estate Awards on May 18, Cityscape Intelligence reported.

Sime Darby Property took home the Best Green Development (Future) with its carbon-neutral residence Sime Darby Idea House, while Mah Sing Group was recognised as the Best Waterfront Development (Future) with its Southbay project in Penang.

Iskandar Investment won Best Developer – Commercial/Office/Retail (Future) with its Lifestyle Mall at Medini, Johor. Meanwhile, Petaling Jaya Commercial City Development by Pjcc Development Sdn Bhd bagged the Best Developer – Mixed Use (Future) award.

The 2010 Cityscape Asia Real Estate Awards pay tribute to developers in a dozen categories spanning Corporate Social Responsibility, Green Development, Urban Design and Master Planning through to the best developments in Waterfront, Retail, Commercial, Residential, and Mixed Use Project (with a built and future award in each category). The event was attended by over 200 property developers and was held at Singapore’s Pan Pacific Hotel.

In the environmentally friendly category, Citi @ 3 by Ascendas Pte Ltd won the Best Green Development (Built). Thailand’s luxury waterfront residential development Aquaminium by Royal Phuket Marina, meanwhile, was honoured for being the Best Waterfront Development (Built).

Dalian Ascendas IT Park by DLSP (Dalian Soft Park) Ascendas Co Ltd walked away with the Best Urban Design & Master Planning award.

Developments from India had a strong presence at the event. Shubh Griha by Tata Housing Development Co Ltd took the Best Corporate Social Responsibility Development award and Raheja Developers Ltd’s Raheja Mall grabbed the honours for Best Developer – Commercial/Office/Retail (Built).

Shanghai World Expo Culture Center Expo Site by Shanghai World Expo Performing Arts Center Co Ltd came up tops in the Best Developer -- Mixed Use (Built) segment, while Singapore’s Beaumonde by Sheth Developers Pte Ltd and Cube 8 by City Developments Ltd were winners for Best Developer -- Residential (Built) and Best Developer -- Residential (Future) respectively.

2010 Cityscape Asia Real Estate Awards’ website added that a panel of international judges rated each project on its contribution to world architecture, culture, invention and imagination, respect for the people and environmental awareness and appropriateness in the emerging and recently developing countries in Asia.

Cityscape Asia is an annual exhibition and conference focusing on all aspects of the real estate development cycle. The event started on May 18 and will end on May 20 at the Singapore International Convention and Exhibition Centre (Suntec Singapore).

and the secrete of a modern lifestyle in southbay is that residents will hav to put up wit the noise of god knows how many passenger jets flying past and landing at the airport near by..

not really bising la...easy access to airport is more important, plus with the completion of the second penang bridge just a stone's throw away from there, man....ROI from this project is gonna be huge...trust me.

http://www.southbay.com.my/

http://i237.photobucket.com/albums/ff227/jeff1983/img0.jpg

another shopin mal

not really bising la...easy access to airport is more important, plus with the completion of the second penang bridge just a stone's throw away from there, man....ROI from this project is gonna be huge...trust me.

aha! since u siad it~ forgot to mention the traffic and pollution in the future~ lol! :lol:

http://www.southgate.com.my/southbay/registerform/header1.jpg

http://www.southgate.com.my/southbay/southplaza/img/residence/img1.jpg

^^ Holy......,now thats what i call a true development :eek:

x sabar nak tungu projek ni siap!!!!

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notbad....saingan tok IJM projects

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awesome designs..... crazy.... i really feel it's got potential... lots of people travel from exclusive residential locations in the north of penang al the way to the south industrial zone or to the mainland and also to the airport... mah sing is quite intelligent and brilliant to scan deep and see that building a self-contained township here would be successful as it will be in the centre of important hubs like industrial , airport and bridges (accessibility)... something that many other developer didn't see.. many people never thought that this place could hv potential...

are they going to build this for real??demm cool project

dats ziqzaq condo reminds me of 12Kiapeng
the shopping mall really nice

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Product Brief

Lifestyle Retail
Southbay Plaza’s lifestyle retail shops combine a rich business & retail experience with one of the most diversified, colourful & vibrant lifestyles in Penang.

•Glass façade offers a dazzling array of reflections
•Building’s transparent skin allows a soulful play between interior and exterior spaces
•Pleasant overall façade transformation from day to night
•Interior spaces without interrupting columns
•Variety of layouts affording flexibility of self-expression
1-storey retail shop : Indicative 1,200sf to 1,500sf
2-storey retail shop : Indicative 2,800sf to 3,200sf
3-storey retail shop : Indicative 4,500sf to 14,000sf

Residential Suites
The residences at Southbay Plaza set a new standard for sustainable luxury real estate in Batu Maung by blending luxury amenities and life-enchancing benefits.

•Elegant suites blend luxury amenities and life-enhancing benefits
•Rising 30 storeys with a modern glass facade
•Breathtaking views of the sea, Penang Bridge and the new Second Link, the city and the Penang International Airport
•Large balconies for stunning panoramic vistas
•Green features to promote a healthy lifestyle
•High ceilings add architectural grace notes to these homes
Type A (2 bedroom) : Indicative 1,030sf
Type B (1+1 bedrooms) : Indicative 1,030sf
Type C (2 bedrooms) : Indicative 1,145sf
Type D (3 bedrooms) : Indicative 1,610sf (Duplex)
Type E (3+1 bedrooms) : Indicative 1,620sf (Duplex)
Type F (2 bedrooms) : Indicative 1,325sf
Type G (3+1 bedrooms) : Indicative 1,625sf
Type H (3+1 bedrooms) : Indicative 1,635sf

Mah Sing changing the face of southern Penang
By Siti Sakinah Abdul Latif of The Edge Malaysia
Sunday, 15 August 2010 00:00

The buzz at the moment in Penang is about Mah Sing Group Bhd’s plans to develop a modern township in Batu Maung that will change the face of the southern area of the island.

Named Southbay, it is strategically located just two minutes away from the Second Penang Bridge which is due for completion in 2013. Penang International Airport is just 10 minutes away.

Mah Sing Properties Sdn Bhd COO Teh Heng Chong believes the Southbay township could become the place of choice to live on the island, even more popular than George Town, due to its accessibility and innovative new concepts, which include the first gated and guarded residential area on Penang Island.


“Southbay is the beginning of a new city. It may even become more prominent than George Town in time to come as George Town is an old town,” Teh says.

The southern region of the island is often perceived as the less developed and more remote part of the island. But in fact, Southbay is located near many facilities such as shopping malls like Tesco and Giant hypermarket, healthcare facilities like the Pantai Mutiara Hospital, education institutions such as University Sains Malaysia, and hotels as well as recreational facilities.

Teh describes Penang as a “unique market, an island city that has enormous growth potential”. As the company already has a foothold in the growth centres of the Klang Valley and Johor, Tan says Penang is a natural choice as Mah Sing’s next growth target. The company is seeking to build up its landbank there.

“There has been a good response to our project in Penang ... If the response is good, why stop?” he quips.

Penang has the third largest property market in Malaysia after the Klang Valley and Johor Baru.
“Contributing to the robust demand for real estate on the island is the fact that it is second only to Selangor in its rate of urbanisation and level of monthly household income,” Teh explains.

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Left: Aerial view of Southbay City; Right: An artist's impression of Legenda@South Bay's resident club house; Bottom: An artist impression of Legenda@Southbay's entrance

The completion of the second Penang Bridge will be a major boost to the 88.11-acre township that comprises three main components: Residence@Southbay, Legenda@Southbay and Southbay City.

The freehold project has attracted many local buyers, especially upgraders, as well as foreigners — mostly Singaporeans who are attracted by the geographical and demographic similarities the two islands share.

“There is also a growing number of direct flights between the two islands,” Teh says.

Gated and guarded
Mah Sing is the first to introduce the gated and guarded concept of development on Penang Island. Both its landed residential areas — the Residence@Southbay and Legenda@Southbay are gated. The projects also feature green street concepts, lush landscaping and community parks offering the owners a resort-like sanctuary in a secure environment.

Teh says there has been a tremendous response. Of the 284 three-storey superlink homes in the 25.80-acre Residence@Southbay, 70% was taken up within two weeks of the launch in mid-2009. The project is scheduled for completion by the end of this year.

“To date, the take-up rate is over 90%,” Teh says, adding that The Residence@Southbay is also the first residential development in Penang to incorporate a private clubhouse.

“The Southbay township is a high quality residential enclave ... providing more security ... and complemented by hotels, shopping complexes and SoHo offices,” he says.

Another residential project, to be launched in the Southbay township this month, is the 27.81-acre gated and guarded Legenda@Southbay that consists of 3- and 4-storey bungalows with land areas from 7,500 sq ft and built-ups from 6,400 sq ft. Prices start from RM3.6 million. The gross development value is RM355 million.

Teh says the 76 bungalow units to be built on elevated land are ideal for three-generation families and offer breathtaking views of southern Penang. Legenda@Southbay won the Asia Pacific Residential Property Awards this year for Best Architecture (Multiple Units) Malaysia Category.

The three-unit-per-acre development is to begin construction in 2H2010 and is due for completion in three years. The low-density neighborhood will boast its own residents-only clubhouse.

The bungalows come in five designs, each with a private lift, swimming pool, security system and spacious car porch for at least four cars. Besides the clubhouse with a gym and a community hall, there is also a two-acre rejuvenating park with a jungle track.

The main commercial centre in Southbay will be the 34.50-acre Southbay City comprising serviced residential suites, retail lots, Grade A offices, office suites as well as hotels and resorts. The entire Southbay City has seven phases. The first, Southbay Plaza, takes up about 4.19 acres.

Southbay Plaza will have two towers connected by a retail podium. There will be 21 units of retail shops on levels 1 to 4 and the residential suites will occupy Level 9 upwards of both towers. There will be approximately 700 parking bays. The shops will have a net floor area of 74,475 sq ft with unit sizes ranging from 1,270 sq ft onwards. Indicative selling price starts from RM420 psf. The serviced residences range from 1,028 sq ft to 1,645 sq ft and are priced from RM400 psf.

“The suites come in 1-bedroom, 1+1, 2-bedroom and 3-bedroom variants,” Teh says.

Southbay Plaza is expected to be previewed in 3Q2010 and completion is due three years later.
“We anticipate that Southbay City will come alive once the second bridge is completed. This is when new opportunities will be opened up and we will be ready for them,” he says.

Mah Sing still has approximately 35 acres of undeveloped land in Penang, including Southbay City and a tract in north George Town.

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whats the progress.....

I like Southbay. But the price is ridiculous. Just like all the Sime Darby houses.

Mah Sing encouraged by good sales of Southbay property


GEORGE TOWN: Mah Sing Group Bhd is bringing forward to the next two to three months the launch of its bungalows for the RM1.35bil Southbay Penang mixed development project in Batu Maung.

The 76 bungalows, with an estimated gross sales value of RM200mil, were originally targeted for launch at year-end, chief operating officer Ng Heng Phai told StarBizWeek.

However, having sold 150 or about 75% of the first batch of 200 three-storey link houses in the first week of launch last month, Mah Sing decided to introduce the bungalows earlier, he said.

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An artist’s impression of the bungalow unit to be launched by Mah Sing in Batu Maung.

The units are priced from RM795,000 and sales have since reached 85% for the phase which has an estimated gross sales value of RM200mil.

“We expect the value of the link houses to appreciate by 15% before year-end,” Ng said.

With built-up areas ranging between 5,000 and 8,000 sq ft, the bungalows will be priced around RM3mil each.

“The bungalow project, known as Legenda, is a guarded and gated scheme on a 27.8-acre site,” Ng said.

Ng said the group was preparing to launch the RM900mil commercial component, Southbay City, on a 34.5-acre site at year-end.

“We plan to develop sea-fronting retail outlets. The commercial component will increase the value of the residential properties in the project,” he said.
Ng said the group was working with agents to market Southbay Penang overseas.

To be developed over five to seven years, Southbay Penang is Mah Sing’s biggest project to date.

“Our projects in the country have a gross sales value of about RM3.8bil, of which RM1.35bil will come from the Southbay Penang project,” Ng said.

“The projects in the Klang Valley and Johor Baru will contribute about RM1.6bil and RM800mil respectively,” he added.

“The bulk of Southbay Penang’s contribution should come in when we launch Southbay City,” he said.

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Update on Southbay Plaza
Block A-80% sold
Block B-60% sold
Another block open for registration soon....

Update on Southbay Plaza
Block A-80% sold
Block B-60% sold
Another block open for registration soon....

how many % are real future residence?