The project — Ferringhi [email protected] — will be developed on a 61.03-acre freehold tract to be acquired by the group's unit Uptrend Housing Development Sdn Bhd for RM157.3 million cash or about RM59.17 psf.
The subsidiary had entered into a sale and purchase agreement (SPA) on Tuesday.
Ferringhi [email protected]'s early plans indicate that the project will consist of semi-detached homes with a built-up of about 3,000 sq ft priced from RM1.4 million and bungalows with a built-up of 4,200 sq ft priced from RM2.2 million.
The project will also feature condominiums with units indicatively ranging from 850 sq ft to 1,800 sq ft, priced at RM480 psf.
The pricing of the abovementioned properties are indicative.
Mah Sing said the project will be located in the middle of tourism hub Batu Feringghi, which is close to the beach and 20km away from the centre of state capital Georgetown.
According to the group, the land has already been converted for residential use and the development plan has been obtained for landed development, while the main access road is ready and the external infrastructure substantially completed.
Earthworks for part of the land have also begun, allowing fast turnaround of the project, it added.
Group managing director Tan Sri Leong Hoy Kum said: "Batu Ferringhi is a renowned tourist belt in Penang island and is sought after by home owners and investors as it is the perfect getaway from the city's hustle and bustle."
He added that the group will ride on its strong branding in Penang, where it already has four other projects namely [email protected], [email protected], Southbay City and Icon [email protected]
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