Mah Sing plans high-end condos in Penang

Mah Sing Group Bhd has proposed to acquire 13,694.94 sq metres of prime freehold land in Pykett Avenue, Georgetown, Penang for RM38.65 million.

The property developer said on Wednesday, Dec 2 the proposed acquisition of the land, measuring 147,416 sq ft or 3.38 acres, was for about RM262.19 per sq ft.

The land will be developed into a high end condominium with an estimated gross development value of RM280 million. Mah Sing is acquiring the land from Khaw Bian Cheng Sdn Bhd.

Mah Sing said the proposed development was expected to start in the second half of year 2010 and to be developed over three years.

"The acquisition is strategic as it allows the Group to tap on the success and spillover demand of Mah Sing’s Residence@Southbay project in Batu Maung," it said. - By Joseph Chin (The Edge Property)

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