Seeing bright prospects in Penang

Despite the property market slowing down in Penang, Mah Sing Group Bhd is still looking to the state to contribute about 10% to 12% to its 2015 fiscal year ending December 31.

Last year’s contribution from Penang was around 10%.

Mah Sing (North) senior general manager Law Wei Keong said that the group would launch RM1.235bil worth of projects on the island next year.

“The projects are the RM735mil Ferringhi Residence 2, the RM350mil Icon Residence and an unnamed RM150mil project in Southbay City, Batu Maung.

“We are planning the Ferringhi Residence 2 launch in the first quarter of 2016,” Law said at a press conference following an exclusive preview of the project.

Ferringhi Residence 2 consists of three blocks offering 632 units with built-up areas from 1,208sq ft to 2,910sq ft and priced from RM775,265.

Law said the pricing for the unnamed project would be below RM680 per sq ft.

“The units have a built-up area of 750sq ft to 1,000sq ft,” he said.

Law said the group’s RM150mil shopping mall in Southbay City would be ready by the middle of next year.

“It will have the space to accommodate 84 retail lots which are all sold out.

“The selling price was between RM1mil to RM2mil, depending on the size,” he said.

Law added that the group had recently completed a poll on the preference of housing products in the country.

“The study revealed that the majority of the 6,000 people in the survey favoured houses priced in the RM500,000 to RM700,000 range,” he said.

Mah Sing still has RM2.8bil worth of property to launch in Penang on 82 acres of landbank over the next five years, according to Law.

Meanwhile, Mah Sing Group managing director Tan Sri Leong Hoy Kum said that the group was pleased with the success of Ferringhi Residence.

“Ferringhi Residence 2 is our commitment to offering resort-style living in Batu Ferringhi.

“The project is located near international standard beach hotels and five-star condominium resorts,” he said.

On the design, Leong said the ultra-contemporary resort-style villas of Ferringhi Residence 2 were predominantly designed with a north-south orientation to optimise natural lighting and minimise direct sunlight into the units.

Ferringhi Residence 2 villas are also equipped with glazed windows to enhance the seam-less integration of garden and living areas, providing a resort mood. - BY DAVID TAN (StarProperty)

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