In a statement yesterday, Mah Sing said the land will be developed into a resort-style project, named Ferringhi Residence@Penang, with an estimated gross development value of RM800 million.
The company has paid RM17.3 million, representing 11 per cent, of the total consideration upon signing of the sales and purchase agreement (SPA).
"The balance will be paid within five months from the SPA date subject to conditions precedent, with an automatic extension of a month subject to 4 per cent interest per annum," it said.
Mah Sing's group managing director-cum-group chief executive Tan Sri Leong Hoy Kum said the group is confident of the resort-style development plan as it already has four projects in Penang, including Icon Residence and Southbay Penang mixed development.
The company said the land has already been converted for residential development and development plan procured for landed development.
"The main access road is ready and external infrastructure substantially completed," it said.
By Bernama
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