Property developer Masmeyer Holdings with gross development value (GDV) projects worth almost RM1bil is developing two residential projects in Tanjung Tokong, Penang.
One of the Penang-based firm’s two multimillion ringgit condominium projects along the coast is the Marinox Sky Villas that was recently launched.
The Marinox Sky Villas, a joint venture with UDA Holdings Bhd, consists of two blocks of seaview luxury condominium with each unit ranging from 1,260sq ft to 2,960sq ft in built-up.
The 301 units costing RM785 per sq ft are scheduled for completion in 2016.
An adjacent plot of land next to Marinox high-rise has been divided into 17 parcels with sizes ranging from 8,000sq ft to 12,000sq ft to house Milrow Villas.
Priced at RM400 per sq ft, 10 lots have been sold and buyers can build their very own dream villa.
Another project planned along Tanjung Tokong is a joint venture with Kwangtung and Tengchow Association to build 142 condominium units with an anticipated GDV of RM100mil.
The Tanjung Tokong coast has attracted a number of developers, with one major player — E&O — developing the multi-billion ringgit Seri Tanjung Pinang seafront project.
The project’s second phase recently received conditional approval from the Department of Environment.
“It is the right time to move in with the joint venture projects which we tied up some time ago as there is now rapid development along the coast of Tanjung Tokong,” said Masmeyer managing director B.K. Choo.
Choo insisted he was not in competition with the major players on the island.
“We regard ourselves as more of the B class developer,” Choo said when comparing his company with the five big boys of Penang — SP Setia, Mah Sing Bhd, IJM Land, Tropicana and E&O.
Masmeyer has been busy in other states before returning to build on its home ground.
It has two projects in Kelantan, a landed property with a GDV of RM500mil and the other, a joint venture with Koperasi Polis Kelantan with a GDV of RM100mil.
In Kedah, its Taman Pinang Merah project in Bukit Pinang with 192 landed units was completed in 2010.
The same year saw the completion of its Taman Tuanku Haminah project with 325 residential and commercial units, a joint venture with Perbadanan Kemajuan Negeri Kedah in Sungai Petani.
Another project in Kedah, T.H. Pelangi, a joint venture with Rakyat Hartanah Sdn Bhd, consists of 110 commercial units and was completed last year. All three projects in Kedah have a GDV of RM126mil.
In Batu Gajah, Masmeyer ventured with Tri Alliance Sdn Bhd to develop Maya Pengkalan which was recently launched. It consists of 400 units of bungalow and semi-detached houses with a GDV of RM90mil.
Its two condominium projects in Kuala Lumpur comprise 300 units in Sentul and 500 units in Jalan Sg Besi.
On the joint venture projects, Choo said: “We have no land bank. Our policy has always been to develop projects on a joint venture basis, thus freeing our cash from being tied up in land but this strategy could change in the future.”
The company, through its wholly owned subsidiary Masmeyer Engineering Sdn Bhd, has also been involved in construction and related consultancy works since 2002.
Winner of the Business of the Year Award 2007 and Golden Bull Award 2008 for being one of the most outstanding SMEs, Masmeyer has been lying low over the last two years.
“It was more of a consolidation exercise as we wanted to recoup and ‘ramp up’ again. The upcoming projects, particularly in Penang, will contribute to a turnover of RM100mil in the current year,” he said. - By R. Sekaran (The Star)
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