An artist impression of The Coastal @ Southbay City

Mah Sing Group Bhd which will be launching a new project in Penang, namely The Coastal, on Oct 4 in conjunction with its 20th anniversary celebrations, is keen to expand its land bank in the northern state.

Mah Sing Properties Sdn Bhd chief operating officer (COO) Teh Heng Chong said the company is aggressively looking for land in Penang both on the island or the mainland.

He said the company needed to plan ahead but conceded getting what they wanted in the state was challenging.

“We are still looking for something sizable in Penang,” he said in a press conference yesterday.

Mah Sing reportedly has a land bank totaling 1,574.2ha with a potential gross development value (GDV) and unbilled sales of RM66billion.

Earlier, Teh had given a media preview of their latest project in Batu Maung here known as “The Coastal”.

He said the mixed development would have residential, commercial and retail components in two towers.

The RM275 million GDV project comprised a 31-storey residential tower with 100 units and the 25-storey professional tower having 156 units. The development is expected to be completed by 2018 while the professional units would be launched this Saturday (Oct 4).

He expressed his confidence the project would do well since their market research showed demand for smaller units with unit sizes starting at 53 sq metres.

“Prices begin from RM581,800 onward,” he said adding the professional units were suitable for small offices and entrepreneurs.

Source: The Sun Daily