Mah Sing Group Bhd has revised its gross development value (GDV) for its Southbay City project in Batu Maung, Penang, to approximately RM2bil from RM1.5bil previously.

Group chief operating officer Teh Heng Chong said in an interview that this was because new components such as a shopping mall, hotels and a wharf were being planned for Southbay City.

“The new components will be developed in stages over the next two to three years,” Teh said.

Currently, the Southbay Plaza commercial cum residential components and The Loft is being developed, Teh added.

“We are currently carrying out works on the basement cum car park and the substructure of the Southbay Plaza which comprises a podium of retail outlets and two blocks of condominiums.

“We have 48 months to complete the projects,” Teh said.

This year, Mah Sing expects the projects from Penang to generate about 13% of the group’s projected RM3bil revenue, according to Teh.

“The Klang Valley is expected to contribute 60% to 70% of the revenue, while Johor and Sabah will generate 20% and 5%, respectively,” he said.

On the RM280mil The Loft project, Teh said the project would be situated on an elevated land overlooking the sea and the second bridge.

“The Southbay Plaza condominium units facing the sea were mostly taken up by overseas buyers. The Loft condominium units, with built-up areas ranging from 1,300sq ft to 1,600sq ft, will face the sea and the second bridge.

“It is a low density scheme as there are only 156 units in two towers, with only three units per floor,” he said.

The Loft is priced competitively at about RM900 per sq ft, said Teh.

“Most properties facing the sea are priced from RM1,000 per sq ft in the present market,” he said.

The Loft is equipped with facilities such as a pool bar seating lounge, a multi-layer swimming pool, gymnasium and sky deck.

Teh said The Loft would be showcased in Hong Kong and Sabah tomorrow and Sunday and in Singapore on July 20 and 21.

“We will also launch our new sales office in Singapore on July 15 to promote our range of properties,” he said.

The Loft project will be officially launched next month. Southbay City is part of the Southbay@Penang project which sits on a 35.6ha site in Batu Maung.

About one-third of the site has been used for the development of Legenda@Southbay and Residence@Southbay, comprising bungalows and super-linked landed properties. The remaining two-thirds are being used for the development of Southbay City.

Source: StarProperty.my