The RM2.1bil seafront Southbay City project in Batu Maung, Penang, is scheduled for completion in 2018.
It comprises a shopping mall of 1mil sq ft and a five-star hotel that will further boost the property value of the south-west district of the island.
The project has a 60% residential component and 40% of commercial properties, comprising six phases.
Mah Sing Group Bhd executive director Lim Kiu Hock said the second, third, and fourth phases of Southbay City would have residential and commercial towers.
“For the fifth phase, we are planning The Wharf project that will include a marina for yachts to berth, while the final phase will be either another hotel or a commercial tower.
“The group is now constructing the Southbay Plaza, the first phase of Southbay City, which comprises two residential towers erected on top of a 250,000sq ft retail podium,” Lim said.
Lim said there were also plans to develop a shopping mall for Southbay City once the second Penang bridge was completed.
“The second bridge is expected to be completed next year and upon its completion, we will start the development of the mall so that it will be in a position to attract shoppers from the northern region.
“We can then anticipate a strong flow of visitors from Seberang Prai to the island,” he said.
He spoke at the Mah Sing ‘Realising Dreams Property Showcase’ held on Saturday and Sunday at Hotel Equatorial in conjunction with the group’s 18th anniversary celebration.
The event attracted more than 3,000 people.
Lim said that Southbay City, sitting on a 33-acre high plateau land, was the only integrated seafront resort project on the island.
“Such integrated projects in the Asean region are difficult to find, especially with the pricing in Penang.
“This is the reason we have already locked in 75% or RM80mil of the sales for the launched portion of the RM329mil Southbay Plaza project.
“About 15% of the buyers for Southbay Plaza comes from Singapore.
”The project has easy access to the expressway, airport, the second bridge and the industrial park,” he said.
The value of the three-story linked property in the Residence@Southbay by Mah Sing in Batu Maung has appreciated about 15% per annum since 2009, influenced by the master plan of Southbay City as an integrated seafront resort project.
Priced at about RM800,000 per unit in 2009, a linked unit in the Residence@Southbay is now priced about RM1.2mil in the sub-sales market.
“When the second bridge is completed, the Southbay City project will definitely impact positively the property value of the south-west districts,” Lim said.
The Southbay Plaza is one of the projects at the two-day showcase.
The other project in Penang that received overwhelming enquiries, registrations and bookings at the event was the Legenda@Southbay.
“We have received about 3,000 registrations for Ferringhi Residence, which we expect to preview in July once approval is given.
The other projects displayed at the property showcase that received strong response from Penangites were the RM.14bil M City project in Jalan Ampang, about 4km from Kuala Lumpur City Centre, and the RM3.25bil Icon City project in Petaling Jaya which is an integrated development.
“For M City, we have sold all 401 units of the small home office units and 24 units of retail lots.
“It sold well because of the four acres of garden located on various floors all over the building to give the residents the feel of living in a landed property scheme,” Lim said. - By The Star
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