GEORGE TOWN, Nov 10 — Mah Sing Group Bhd plans to undertake a new mixed development project, M Cora, on its newly-acquired Penang land with a projected gross development value (GDV) of RM528 million.
The property developer said the 1.15-hectare site, which is strategically located just 450 metres from the upcoming Mutiara LRT Line’s Bandar Sri Pinang station, was acquired from the Penang Development Corporation (PDC) for RM51.8 million.
“The site near Karpal Singh Drive offers seamless connectivity across Penang Island and to the mainland via Penang Sentral, underscoring Mah Sing’s focus on developing well-connected urban communities,” it said in a statement today following the land acquisition signing ceremony between Mah Sing and PDC held here today.
During the signing ceremony, the sale and purchase agreement was signed between Mah Sing chief executive officer (CEO) of property subsidiaries Yeoh Chee Beng and PDC deputy CEO Roslan Hassan, and witnessed by Penang Chief Minister Chow Kon Yeow.
Mah Sing said M Cora represents its fourth land acquisition for 2025 and builds upon the group’s successful track record in Penang since 2009.
“Planned as a mixed development featuring condominiums and commercial suites, the project targets a diverse range of buyers, including first-time homeowners, working adults, families, and investors.
“M Cora is expected to be launched in the second half of 2026,” it said.
Meanwhile, in his speech, Chow said the M Cora project by Mah Sing’s unit Enchanting View Development Sdn Bhd is another real example of how synergy between the public and private sectors can boost state development.
He said the project is located in a strategic area of the rapidly developing city of George Town, and will enhance Penang’s image as a modern, sustainable city.
He said PDC had advertised the land sale tender for the project for two months, from Jan 24 to March 24, and after a transparent and thorough evaluation process, Enchanting View Development was selected as the buyer.
“The sale was made on an ‘as is where is basis’, with the entire development completion period within seven years from the date of the agreement, and the type of development approved was mixed development, excluding the worker dormitory scheme,” he said.
