Mah Sing: Southbay Penang

According to The Edge Daily website, the proposed acquisition of lands by Mah Sing Group is in Batu Maung area. It will be a mixed developement, comprising commercial and residential components. It is expected to be completed in five to seven years.
Managing Director Datuk Leong said it is just 10 minutes from Penang Bridge via the highway and only five minutes from the proposed second Penang Bridge. Mah Sing plans to introduce up-market Lagenda@Southbay and Residence@Southbay. The other major point is the group plans to cooperate with institutional investors to develop hotels which optimise its location.


Personally, I think the proposed second Penang Bridge plays an important role to ensure the first development at Penang by Mah Sing will be successful. I would say Batu Maung area is not that really 'prime' at the moment as there is nothing much major development. There is not major hotspots as compared to E&O's STP (Gurney area) or IJM's condominium projects along Jelutong Express Way and Tesco area.

However, it should be a good move for Mah Sing into Penang market where the land is a scarce resource. The next phase of developments in Penang should be at south area since the town area, Gurney area and Batu Feringghi area are almost developed. SP Setia and IOI Properties have projects at south area as well.

Lastly, Aseambanker is considering to upgrade the target price for Mah Sing ..