GEORGE TOWN: A RM528mil mixed development called M Cora will rise in Sungai Pinang after Mah Sing Group Berhad signed a sale and purchase agreement (SPA) with the Penang Development Corporation (PDC).
The project is designed for first-time buyers, young professionals and families drawn to the area’s access to Persiaran Karpal Singh and the Tun Dr Lim Chong Eu Expressway.
It is 450m from the upcoming Bandar Sri Pinang Light Rail Transit (LRT) station.
Mah Sing Group chief executive officer and executive director Datuk Voon Tin Yow said the development would give residents strong connectivity to George Town, Bayan Lepas and the mainland via Penang Sentral.
“M Cora is meant to reflect Mah Sing’s confidence in Penang’s growth potential and our goal to build well-connected and sustainable communities,” he said at the signing ceremony at Amari SPICE Hotel.
Mah Sing’s chief executive officer (property subsidiaries) Yeoh Chee Beng and PDC deputy chief executive officer Roslan Hassan signed the agreement on behalf of their organisations.
Chief Minister Chow Kon Yeow, who is PDC chairman, witnessed the event.
Mah Sing’s wholly-owned subsidiary Enchanting View Development Sdn Bhd bought the 1.14ha site from PDC for RM51.8mil or RM420 per sq ft.
The project is slated for completion within seven years.
Under the agreement, Mah Sing will build and fund all infrastructure and public amenities.
The residential tower is expected to offer two-bedroom units ranging from 904sq ft to 1,015sq ft, while the commercial suites will measure between 450sq ft and 750sq ft. Indicative pricing starts from RM426,000, with the launch targeted for the second half of 2026.
Voon said Mah Sing could take on projects like M Cora because of its strong balance sheet, financial discipline and track record in delivery.
He added that the development suited the group’s Northern region growth plan.
Mah Sing’s founder and group managing director Tan Sri Leong Hoy Kum said Penang remains a key market for the company.
“We have been part of its growth story since 2009 and will keep investing in projects that bring value to the community.
“With M Cora, we are introducing a modern, transit-linked address that will support Penang’s urban landscape,” he said.
Leong said the 29.5km Mutiara LRT line with 21 stations linking Silicon Island with Setia SPICE Arena, Universiti Sains Malaysia and Penang Sentral would strengthen the appeal of transit-oriented projects.
Chow congratulated Mah Sing and PDC on the partnership, saying developments like M Cora are in line with Penang’s aim to become a family-focused, green and smart state by 2030.
Also present at the event were state housing committee chairman Datuk Seri S. Sundarajoo, state local government committee chairman Jason H’ng and PDC senior deputy chief executive officer Datuk Mohammad Azhar Hamdan.
Mah Sing’s Penang portfolio includes Southbay Plaza, The Loft and M Vista in Bayan Lepas, and Ferringhi Residence and Ferringhi Residence 2 in Batu Ferringhi.
Its latest launch, M Zenni in Southbay, has a gross development value of RM309mil and offers 494 residential units at prices starting from RM480,000.
