Mah Sing Acquires 2.83-Acre Prime Land in George Town for RM51.8 Million

KUALA LUMPUR (Nov 10, 2025) — Mah Sing Group Bhd (KL:MAHSING) has announced that its subsidiary, Enchanting View Development Sdn Bhd, is acquiring a 2.83-acre parcel of land in George Town, Penang from the Penang Development Corporation (PDC) for RM51.8 million, marking another strategic expansion in the northern region.

The freehold site, situated just 450 metres from the upcoming Mutiara LRT Line Bandar Sri Pinang Station, will be developed into a RM528 million mixed-use project comprising condominiums and commercial suites targeted at young professionals, first-time homebuyers, upgraders, and investors.

Mah Sing said the purchase price is reasonable given the site’s prime waterfront location, strong market potential, and contribution toward expanding the group’s portfolio in Penang’s high-growth corridor.

“This acquisition reflects our continued confidence in Penang’s market fundamentals and its alignment with Mah Sing’s strategy of acquiring well-located, high-value urban land for quick-turnaround developments,” the group stated.

Strengthening Mah Sing’s Northern Expansion

This latest deal marks Mah Sing’s fourth land acquisition in Penang, reinforcing its presence in the state since it first entered the market in 2009 with the Southbay township in Bayan Lepas. The fully sold projects under that development include Residence@Southbay, Legenda@Southbay, Southbay Plaza, The Loft, and M Vista.

The group later ventured into Batu Ferringhi with Ferringhi Residence (2014) and Ferringhi Residence 2 (2016), both of which continue to benefit from upcoming infrastructure upgrades such as the North Coastal Paired Road (NCPR) and the Mutiara LRT Line.

Prime Connectivity and Location Advantage

Fronting the Tun Dr Lim Chong Eu Expressway, the newly acquired land enjoys excellent visibility and access to George Town’s established residential and commercial precincts, as well as upcoming transit-oriented developments.

The area’s improved connectivity, coupled with ongoing infrastructure projects, is expected to drive demand for both residential and commercial property in Penang, mirroring trends seen across Selangor’s industrial and commercial corridors, where projects near key expressways and logistics hubs — such as industrial land in Selangor, factories in Puchong, and industrial properties in the Subang area — continue to attract strong investor interest.

Mah Sing plans to fund the development through a combination of internal resources and bank borrowings, with details to be finalised later.

Market Context and Outlook

This acquisition underscores Mah Sing’s land banking strategy focused on highly accessible, urban-infill locations with strong growth potential. The developer continues to maintain a balanced portfolio spanning residential, industrial, and commercial properties, both within Kuala Lumpur and throughout growth regions like Penang and Selangor.

As of midday Monday, Mah Sing’s share price rose one sen, or 0.97%, to RM1.04, valuing the company at RM2.66 billion. Despite a 42.22% decline year-to-date, analysts note that the group’s ongoing land acquisitions and project launches could reinforce earnings visibility heading into 2026.