Skyscraper City Forum banner
1 - 20 of 89 Posts

·
Registered
Joined
·
14 Posts
Discussion Starter · #1 ·
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.
 

·
Registered
Joined
·
14 Posts
Discussion Starter · #3 ·
Strategic Location

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.
 

·
Registered
Joined
·
14 Posts
Discussion Starter · #4 ·
A Well Thought Out Master Development

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, [email protected] Penang and [email protected] 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.
 

·
Registered
Joined
·
14 Posts
Discussion Starter · #5 ·
Southbay to benefit from infrastructure project

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.
 

·
PROUD 2 B MALAYSIAN
Joined
·
38,453 Posts
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.
 

·
PROUD 2 B MALAYSIAN
Joined
·
38,453 Posts
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.
 

·
PROUD 2 B MALAYSIAN
Joined
·
38,453 Posts
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.
 

·
PROUD 2 B MALAYSIAN
Joined
·
38,453 Posts
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
 

·
PROUD 2 B MALAYSIAN
Joined
·
38,453 Posts
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.
 

·
Registered
Joined
·
361 Posts
^^ 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.
 

·
PROUD 2 B MALAYSIAN
Joined
·
38,453 Posts
Mid-2009 launch for Southbay Penang
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 [email protected]’s superlink homes and the rest for [email protected]’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.
 
1 - 20 of 89 Posts
Top