By Sharen Kaur
KUALA LUMPUR: Mah Sing Group Bhd is set to expand its Penang footprint with the launch of M Cora, a RM528 million mixed-use development featuring condominiums and commercial suites.
The project, slated for launch in the second half of 2026, will offer units starting from RM426,000.
M Cora will include two-bedroom condominiums with built-ups ranging from 904 sq ft to 1,015 sq ft, and commercial suites in three layout options sized 450 sq ft, 660 sq ft, and 750 sq ft, subject to authorities' approval. The development targets a broad spectrum of buyers, including first-time homeowners, working adults, families, and investors seeking long-term value.
The project will be developed on a 2.83-acre land parcel in George Town, acquired by Mah Sing's subsidiary Enchanting View Development Sdn Bhd from the Penang Development Corporation for RM51.8 million.
The site is strategically located 450 metres from the upcoming Mutiara LRT Line Bandar Sri Pinang station and fronts the Tun Dr Lim Chong Eu Expressway, surrounded by established residential and commercial areas.
Mah Sing noted that the land price is reasonable given its prime location, projected gross development value, and contribution to expanding the group's presence in Penang. Funding for the project will come from a mix of internal funds and bank financing, with the final structure to be determined based on the group's financial position.
This marks Mah Sing's fourth development in Penang, following its entry in 2009 with the Southbay township in Bayan Lepas, which included fully sold projects like Residence@Southbay, Legenda@Southbay, Southbay Plaza, The Loft, and M Vista.
The group later expanded to Batu Ferringhi with Ferringhi Residence (2014) and Ferringhi Residence 2 (2016). These northern projects are expected to benefit from the North Coastal Paired Road (NCPR) and the upcoming Mutiara LRT Line.
Tan Sri Leong Hoy Kum, Mah Sing's founder and group managing director, said the group has been part of Penang's growth story for nearly two decades.
"With M Cora, we are not only introducing a future-forward lifestyle address in one of Penang's most exciting growth corridors but also reaffirming our long-term commitment to the State. This development aligns with our growth strategy as we continue to launch projects across the Central, Southern, and Northern regions.
"Our focus remains clear - to invest in key property hot spots where connectivity, infrastructure, and lifestyle amenities converge. With its prime location and upcoming LRT access, M Cora is poised to become a new benchmark for mixed-use urban living on Penang Island."
Leong said Mah Sing continue to actively seek strategic landbanks across Malaysia to future-proof its growth.
"Backed by our financial strength and expansion momentum, we are well-positioned to move swiftly on viable opportunities that align with market demand. Our financial discipline and proven execution prowess allow us to act decisively in securing land with high development potential that attracts both owner occupiers and investors, just like M Cora."
Source: https://www.nst.com.my/property/2025/11/1311973/mah-sing-plans-rm528mil-m-cora-mixed-development-penang
No comments:
Post a Comment