Founded by Tan Sri Leong Hoy Kum over 30 years ago, the property development division of Mah Sing Group Bhd (Mah Sing) has established itself as one of the leading fully integrated developers in the country. The group offers a broad range of real estate products across Malaysia, including high-rise residential buildings, master-planned townships, integrated developments, office spaces, retail properties, hospitality projects, small office/home office (SoHo) units and industrial developments.
Last year, Mah Sing recorded RM2.41 billion in property sales — its highest since 2015 — reflecting strong market acceptance of its projects. Buoyed by this performance, the group has set a higher sales target of at least RM2.6 billion for 2025. This is supported by over RM3.3 billion in gross development value (GDV) from new launches, RM2.7 billion in unbilled sales and its strategy of accelerated project completions aimed at faster revenue realisation.
Additionally, the group is preparing to launch more projects under its premium M Grand Series in the future, aimed at offering upscale lifestyle options for both upgraders and investors. This initiative is part of the company’s broader strategy to expand and diversify its portfolio beyond the highly successful M Series, which focuses on the affordable housing segment.
Mah Sing’s strategic business planning, strong balance sheet and established brand presence have positioned the group to capitalise on pent-up demand in the property industry, particularly in key growth regions. As of May 2025, the group has a total of 63 projects across various segments in major regions including Greater Kuala Lumpur, the Klang Valley, Johor, Sabah and notably, Penang, a property hotspot in the northern region with strong long-term growth potential.
Recognising this potential early on, Mah Sing identified Penang as a strategic growth area nearly two decades ago and has since established a solid presence in the state’s dynamic property market.
In 2009, the group launched its first integrated township development, Southbay City in Batu Maung. The initial phase of the 22.2 acres of landed strata is Residence @ Southbay, featuring a gated and guarded community with 284 three-storey superlink homes. Following its success, the group soon unveiled Legenda @ Southbay in 2010, the second launch of the master plan, offering low-density three- and four-storey bungalows with views of the Penang Bridge.
The group continued its expansion in 2012 with Southbay Plaza, its first mixed-use development in Penang. Designed with the aim of establishing a new lifestyle hub within the Southbay master plan, this project features serviced apartments with retail shopoffices.
In 2013, Mah Sing introduced The Loft, a seafront luxury serviced suite development comprising 156 units spread across two 30-storey towers in Southbay.
The latest launch in Southbay City was M Vista in 2017. The project features 237 serviced residences in a 23-storey tower, emphasising low-density living supported by modern and well-established amenities within and beyond the master plan.
All five launches of Southbay have been fully sold and completed.
Mah Sing’s expansion in Penang continued beyond Southbay City. In 2014, the group introduced a low-rise, resort-style upscale condominium in Batu Ferringhi, one of Penang’s most sought-after coastal property hotspots. All units in Ferringhi Residence sold out shortly after its launch. Spurred by the good response, Mah Sing rolled out Ferringhi Residence 2 two years later.
As at the time of writing, Tower B of Ferringhi Residence 2 is 85% sold, while the remaining Towers A and C are scheduled to be launched in the near future. All three towers are expected to benefit from the recently approved North Coastal Paired Road project, which is set to enhance connectivity and accessibility in the area.
Family-friendly M Zenni
“M Zenni takes its inspiration from the natural features of the mountain — its bedrock, slopes and varying elevations. The design embraces the landscape, harmonising with rather than imposing on it.”
– Yeoh Chee Beng,
Mah Sing CEO of property subsidiaries
While Mah Sing awaits the right time to launch the remaining two towers of Ferringhi Residence 2, the group is also preparing to bring in its signature M Series to Southbay City in the fourth quarter of this year.
Since its first launch 18 years ago, Southbay City has become a much sought-after address, offering upscale residences and lifestyle amenities in Batu Maung. The development has played a significant role in helping to drive the housing demand and contributing to the price appreciation of both residential and commercial properties in the area.
In response to the strong local market demand for more affordable residential options, Mah Sing is rolling out M Zenni, a freehold mixed-use development that offers scenic views of both the sea and mountains.
With a GDV of RM309 million, the single-tower, 33-storey M Zenni will have a total 494 residential units in a variety of layouts comprising studio and 1+1 bedroom (688 sq ft), three-bedroom (958 sq ft) and four-bedroom (1,184 sq ft). These have been thoughtfully designed to cater to first-time homebuyers, working professionals and young families. The indicative selling price starts from RM480,000.
“M Zenni aims to redefine harmonious living by blending nature, architecture and community into a seamless ecosystem — where the mountain meets the sea,” says Mah Sing CEO of property subsidiaries Yeoh Chee Beng. “The project takes its inspiration from the natural features of the mountain — its bedrock, slopes and varying elevations. The design embraces the landscape, harmonising with rather than imposing on it.”
This approach is reflected in the topographical integration of the project’s design, featuring split levels and stepped platforms that preserve the natural landscape. Additionally, earth-toned materials and textures are used throughout to evoke the surrounding mountain vegetation, creating a cohesive and nature-inspired living environment.
M Zenni is also a family-friendly development, featuring inclusive elements such as barrier-free access and facilities tailored for community living. These include wellness areas, landscaped gardens, co-living lounges, and work pods, promoting both connection and convenience for residents. Notably, the project has targeted provisional GreenRE Gold certification, underscoring the group’s commitment to environmental, social and governance (ESG) principles.
Commitment to long-term business development in Penang
As at May 2025, Mah Sing still holds undeveloped land bank of approximately 18.4 acres in Southbay City. This parcel carries an estimated GDV of RM1.7 billion, offering a substantial runway for future launches. The group plans to leverage this to introduce more thoughtfully designed developments that align with modern living trends and buyer expectations, with M Zenni serving as a good example.
“Penang continues to be one of the most dynamic growth regions in Malaysia. With its strategic importance and strong fundamentals, we see tremendous potential for innovative, lifestyle-focused projects that cater to evolving market needs,” says Yeoh.
To better serve the local market, Mah Sing is relocating its Penang office and sales gallery, with the new space slated to open in July.
“The new sales gallery spans approximately 7,000 sq ft and is located within one of the commercial lots in our Southbay Plaza development — a project we are particularly proud of,” says Yeoh. “By relocating our office and sales gallery to this strategic, high-traffic location with convenient parking, we are making it easier for visitors to explore our offerings.”
Ferringhi Residence 2 was completed in November 2020
He adds that the new gallery was designed to be easily accessible, modern and customer-centric, with the goal of enhancing the overall visitor experience while effectively showcasing Mah Sing’s latest developments. It also reflects the group’s long-term commitment to business expansion in the state.
“We are confident in the state’s long-term prospects, driven by its strategic location, robust infrastructure and consistent demand for well-conceived developments,” Yeoh shares.
Aligned with the bright market prospects and the group’s growth strategy, Mah Sing is actively exploring strategic land acquisition opportunities across Penang and the broader northern region. This initiative supports the group’s ambition to strengthen its footprint while contributing meaningfully to the region’s urban development.
In fact, Mah Sing’s positive outlook extends beyond the northern corridor. Yeoh continues to see healthy demand for new launches across its three core regions: central, southern and northern.
The Loft was completed in November 2017
M Vista was completed in December 2021
“We are well-positioned to capture market opportunities with a diverse product portfolio, ranging from the affordable M Series to the aspirational M Grand Series. These are offered in strategic locations and feature innovative designs to meet the lifestyle and affordability needs of different buyer segments,” Yeoh adds.
Mah Sing also attributes its continued buyer trust to a strong brand presence, which remains a critical driver of investor confidence. The group is optimistic that ongoing macroeconomic trends, including resilient employment, wage growth and national initiatives such as flexible withdrawals under the Employees Provident Fund, the Johor-Singapore Special Economic Zone and major infrastructure projects, look poised to sustain property demand in the long term.
As the market evolves, Mah Sing is committed to delivering quality developments that not only meet buyer expectations but can help shape the future of urban living across Malaysia.
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