Property Hunter Magazine October Issue 2014 | Page 62

/// West Malaysia Property News

Mah Sing Plans RM3.4 Billion Worth of Projects in
KL and Penang
“The mall will take about three
to four years to complete.
“We are currently constructing
a 424,000 sq ft shopping
podium trends@southbay city
for Southbay Plaza, which is
expected to be completed in
2016,” he said.
Mah Sing Group Bhd will
develop RM3.4 billion worth of
residential projects in Penang
and Kuala Lumpur over the next
five years.
Group chief executive officer Ng
Chai Yong told StarBiz two of
the projects would be located
in Penang, while another two
would be in Kuala Lumpur.
In Penang, Mah Sing plans to
develop The Coastal for the
RM320 million Southbay City
in Batu Maung and the RM750
million Ferringhi Residence
Precinct 2 in Batu Ferringhi.

Despite the stringent bank loan
conditions which had caused
the property market to slow
down in the country, Ng said
the group’s sales had remained
buoyant.
“We don’t expect the pricing
of our projects to soften, as
they are all located in prime
and strategic locations like the
Southbay project, which is a
stone’s throw from the first
and second links in Penang
and the Tun Dr Lim Chong Eu
Expressway, leading to town,”
Ng said.

The projects, opened for
registration now, will be
launched in October and
November respectively.

From Penang, the sales
contribution for 2014 fiscal year
is expected to increased to
RM371mil compared to RM326
million last year.

In Kuala Lumpur, the group
will launch the RM1.5 billion
Lakeville Residence in Taman
Wahyu, Jalan Ipoh, and the
RM900 million D’sara Sentral in
Sungai Buloh soon.

“From Greater Kuala Lumpur,
the sales contribution is
projected to increase to
RM2.217 billion in 2014 from
RM1.563 billion in 2013.

“The projects in Penang are
competitively priced at around
RM800 per sq ft and RM900
per sq ft respectively for The
Coastal and Ferringhi Residence
Precinct 2, as they are located
near the sea, with accessibility
to the main trunk road and
expressway leading to George
Town.

“From Johor, the group is
targeting to achieve RM831
million in sales this year,
compared with RM959 million
last year.
“We set a lower sales target
for Johor this year as we have
already launched most of the
key projects in the state last
year,” Ng said.

“The Coastal comprises 156
professional suites and 100
residential suites, with built-up
areas ranging between 575 sq ft
and 1,300 sq ft.

According to Ng, the Southbay
project in Batu Maung has
achieved sales of about RM811
million as at March 31.

“The projects in Kuala Lumpur
are attractively priced at around
RM550 per sq ft for Lakeville
and RM660 per sq ft for D’sara
Sentral,” he said.

“To date, the take-up rate is over
90%. The value of Southbay
properties has risen by 100%
in terms of capital appreciation
since completion four years ago.

To add value to the Southbay
City project, Mah Sing plans
to develop a 750,000 sq ft
shopping mall in 2016.

“A terraced unit at Residence@
Southbay had risen from
RM780,000 to RM1.45 million in
the secondary market,” Ng said.

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Cyberjaya to Get MRT Connection

Mah Sing’s focus for this year is
to ensure that its products stay
affordable.
“Over 80% of our planned
residential product launches
will be priced below RM1mil,”
he said.
The group’s main focus is still
on the Klang Valley, where
the projects are expected to
contribute 60% to sales this
year, followed by Johor Baru
(23%), Penang (10%), and Kota
Kinabalu (7%).
“The prospects of the property
market in this country continue
to be positive in the middle to
long term as the population is
projected to grow, especially
in the Klang Valley, which is
expected to increase from
seven million now to 10 million
in 2020.
“The key infrastructure projects
such as the mass rail transit
lines and the proposed high
speed rail connecting Singapore
to Kuala Lumpur will continue
to spur interests in the Klang
Valley,” Ng added.
In Johor Baru, Mah Sing plans to
launch the RM5 billion Bandar
Meridin East project in the
second quarter of 2015.
The projects for Bandar Meridin
East will be previewed end of
2014.
“The design for the master
plan will take advantage of the
natural terrain of the site and
incorpo rate several lifestyle
communities comprising
terraced, semi-detached and
bungalow dwellings.
“Focus will be on creating a
living lifestyle with particular
emphasis on community
participation, and security and
sustainability in guarded and
gated environments.
“To enhance safety further,
traffic calming devices will be
incorporated to control speeds
and provide safe environments
for cyclists and children,” he
said.

In line with the
government’s goal of
transforming Cyberjaya
into Malaysia’s Silicon
Valley, the town
will get additional
infrastructure such a
mosque, hospital and
a transport hub that
will the link town with
Putrajaya.
“The Government is
finalising the study to
bring the MRT Line
2 to Putrajaya. We
are going to build an
overhead ‘walkalator’
about 400 metres long
to connect Cybercity
centre to Putrajaya
Sentral, to ease
people’s movement,
which makes it more
commercially and
financially viable,” said
Faris Yahaya, Managing
Director of Cyberview,
the landowner of
Cyberjaya.
However, Cyberview
will now prioritise the
technology component
of Cyberjaya instead
of its property
component.
“We have stop selling
land owned by
Cyberview and we want
to be more strategic,
we are rebranding to
be a global technology
hub…attracting
more multinational
companies, high-tech
companies,” he added.
Nevertheless,
Cyberjaya’s gross

development value
is expected to reach
RM20 billion by 2016
from just RM11.1
billion last year.
Meanwhile, the last
phase of the Cyberjaya
Global Tech Hub
Blueprint, which aims
to turn the town into a
global technology hub,
will soon be submitted
to Prime Minister Najib.
According to Tan
Sri Dr Irwan Serigar
Abdullah, SecretaryGeneral of the Ministry
of Finance: “After
we have tabled and
finalised the report,
then we will present it
to the Prime Minister,
hopefully very soon.
We are now getting
feedback and input
from stakeholders and
government entities,”
At present, Cyberjaya
houses about 800
ICT and non-ICT
companies, including
two colleges, four
universities, eight
banks, 40 MNCs,
486 MSC firms. And
by 2016, the town is
projected to have a
population of 100,000.
“The story was
originally published
by www.propertyguru.
com.my and is
reproduced as part of
an editorial partnership
between PropertyGuru
Group and Property
Hunter.

www.PropertyHunter.com.my

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