Mah Sing lines up RM1.4bil project

PENANG: Mah Sing Group Bhd is launching its largest project, a whopping RM1.35bil mixed development called Southbay Penang on a 35ha freehold site in Batu Maung soon. Group chief operating officer Ng Heng Phai said the plans for the first and second phases of the project had been submitted to the local authorities. “We plan to launch the first phase in the first half of 2008, as soon as we get the green light. The second and third phases will be launched in late 2008,” he told StarBiz. Southbay Penang, comprising 376 units of landed residential properties and an integrated commercial hub, is scheduled for completion within seven years. Read more

(The Star 21-3-2008)

Mah Sing net profit rose 24.1% to RM81m

KUALA LUMPUR: Mah Sing Bhd’s net profit for the year ended Dec 31, 2007 (FY07) rose 24.1% to RM81.13 million, underpinned by contribution from more projects it had launched over the year. Revenue rose 15.7% to RM573.37 million from RM495.63 million, while earnings per share fell to 14.82 sen from 17.03 sen. It proposed a first and final dividend of eight sen per share less tax. Mah Sing said yesterday its 15 projects, which are located in prime locations in the country, had contributed to earnings. It also has impending projects, including the Southbay Penang and Southgate Commercial Centre. Read more

(The Edge 29-2-2008)

Mah Sing's en bloc buyer obtains FIC approval

KUALA LUMPUR: Mah Sing Group Bhd has been notified that the buyer of its proposed en bloc sales, Prompt Symphony Sdn Bhd, had obtained approval from the Foreign Investment Committee (FIC). In a statement yesterday, it said that the sales would be for the East Wing of The Icon at Tun Razak for RM237.09 million cash and The Icon at Mont Kiara for another RM285.38 million cash.

(31-1-2008 The Edge)

Mah Sing to build properties in Johor

DEVELOPER Mah Sing Group Bhd plans to build properties worth some RM157.8 million on a piece of land that it is buying in Johor. Mah Sing is buying 24 hectares of land in Skudai, Johor, for RM21 million, it said in a statement.The land is located near the Iskandar Development Region and is less than two kilometres away from its township, Sri Pulai Perdana. Mah Sing will call the new township Sri Pulai Perdana 2. With this new project, the group currently has 15 projects with a total gross development value of RM3.2 billion.

(4-1-2008 New Straits Times)

Mah Sing buys IDR land for RM21m

KUALA LUMPUR: Mah Sing Group Bhd will undertake a mixed development project with a gross development value of RM157.8 million on 24.1ha of land at the southern tip of Iskandar Development Region (IDR) in Johor as it bets on rising real estate demand spurred by increased economic activity in the state. The company, with projects in the Klang Valley, Johor and Penang, paid RM21.1 million to several vendors for the land, intended for its upcoming Sri Pulai Perdana 2 development, which would replicate its Sri Pulai Perdana project comprising link homes and shop offices, the developer said in an announcement.

(4-1-2008 The Edge)