Mah Sing to start first overseas project

Mah Sing Group Bhd expects its first overseas property project to start in the next year or two, group managing director Datuk Sri Leong Hoy Kum said.

Noting that the current tough economic period was an opportunity for the group, Leong said it was a good time for Mah Sing to do proper planning and explore countries like Vietnam, China, India and Indonesia.

With Vietnam’s market expected to recover in a year or two, Leong said Mah Sing was looking at both residential and commercial project development there.

“We are exploring. So once we decide on the right project, we may start in one or two years’ time,” he said on Saturday at the groundbreaking for Southgate Commercial Centre.

Southgate, Mah Sing’s third commercial development in Kuala Lumpur, is expected to be completed in 2011.

Leong said the company was in talks with several foreign parties on an en bloc sale of two of the five building blocks at Southgate. The interested parties include those from the Middle East, Singapore and South Korea. The group hopes to finalise negotiations by the year’s end.

Leong said the Southgate project was in a prime location with good accessibility and provided long-term investment opportunity for investors.

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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