Kuala lumpur: Mah Sing Group Bhd is set to embark on a new mixed development project, M Cora, on its recently acquired land in Penang. The project boasts a projected gross development value (GDV) of RM528 million.

According to BERNAMA News Agency, the property developer acquired the 1.15-hectare site from the Penang Development Corporation (PDC) for RM51.8 million. The land is strategically located just 450 metres from the upcoming Mutiara LRT Line’s Bandar Sri Pinang station, emphasizing Mah Sing’s commitment to developing well-connected urban communities.

The signing ceremony for the land acquisition was held today, with Mah Sing’s CEO of property subsidiaries, Yeoh Chee Beng, and PDC Deputy CEO Roslan Hassan formalizing the agreement. Penang Chief Minister Chow Kon Yeow witnessed the event.

Mah Sing highlighted that M Cora is its fourth land acquisition for 2025, marking continued investment in Penang since 2009. The mixed development will feature condominiums and commercial suites, catering to first-time homeowners, working adults, families, and investors. The project is slated for launch in the second half of 2026.

In his address, Chief Minister Chow noted that the M Cora project, undertaken by Mah Sing’s unit Enchanting View Development Sdn Bhd, exemplifies the synergy between public and private sectors in advancing state development. He emphasized the project’s strategic location in the rapidly developing city of George Town, which will bolster Penang’s image as a modern, sustainable city.

Chow further explained that the land sale tender was advertised by PDC for two months, from January 24 to March 24. Following a transparent evaluation process, Enchanting View Development was selected as the buyer. The sale was conducted on an ‘as is where is’ basis, with a development completion period set within seven years from the agreement date. The approved type of development excludes worker dormitory schemes.