MAHSING (8583) - MAH Sing Group Bhd: All set to launch Ferringhi Residence 2

MAHSING (8583) - MAH Sing Group Bhd: All set to launch Ferringhi Residence 2

MAH Sing Group Bhd will launch the RM651mil Ferringhi Residence 2 project in Batu Ferringhi on Aug 13, taking advantage of the current low bank interest rates which would stir interest in new luxurious lifestyle projects in Penang.

“The decision to launch Ferringhi Residence 2 is timely, as Bank Negara’s recent move to cut overnight policy rate (OPR) by 25 basis points to 3% will pressure banks to adjust their interest rates downwards.

“Priced between RM719,816 and RM1,461,460, there is still room for the value of the units, which have built-up areas ranging between 1,208sq ft and 2,910sq ft, to appreciate,” group senior chief operating officer Seth Lim says.

According to Lim, there are a lot of similarities between Hong Kong and Penang in terms of geographical size.

“Just like Hong Kong, there is land shortage in Penang island, as about 67% of the area is covered by hills and forest reserves.

“Between 2002 and 2013, the price of properties per sq ft (psf) in Hong Kong rose 155% from RM1,124 psf in 2002 to RM2,870 psf in 2013.

“Given the similarities, it is not unreasonable to expect the value of properties in strategic and prime locations of Penang island to appreciate like in Hong Kong,” he added.

Lim said the value of Ferringhi Residence units in the sub-sales market had risen by 61% to RM1.3mil presently from RM800,000 in 2013.

“The value of Ferringhi Residence 2 is also expected to appreciate in a similar way as it is in the same location,” he said.

The Ferringhi Residence 2 is situated in the tourist belt of Batu Ferringhi and provides an unblocked sea view.

“It is situated in the vicinity of international standard beach hotels and five-star resort condominiums as neighbouring developments.

“The Uplands International School is just a stone’s throw away.

“Ferringhi Residence 2 is accessible through the newly built Jalan Sungai 1.

“Places such as Tanjung Bungah, Gurney Drive and the city centre are less than 10km away,” Lim said.

Located on a 4.03ha site, the project comprises three tower blocks with 632 condominium units.

There is an ultra-modern clubhouse for both indoor and outdoor activities.

MAHSING (8583) - MAH Sing Group Bhd: All set to launch Ferringhi Residence 2