Mah Sing Steps In to Revive Two Stalled Affordable Housing Projects in Penang

PENANG (Feb 4): Mah Sing Group Bhd has been appointed as the financing partner to facilitate the revival and completion of two long-delayed Rumah Mutiaraku (RMKU) affordable housing developments in Balik Pulau, Penang — Pangsapuri Sri Bayu and Pangsapuri Quinton.

Penang Chief Minister Chow Kon Yeow announced the appointment today, confirming that the two residential projects, comprising a combined 625 units, will resume construction after being left incomplete since their initial launch in 2017.

Mah Sing said its involvement reflects nearly 20 years of active development experience in Penang, supported by a consistent track record of project delivery and responsible development practices. The group will support the financing structure required to complete the remaining works and bring the projects to handover stage.

To ensure proper governance and execution, Baker Tilly Insolvency PLT has been appointed as the liquidator to oversee and manage the recovery process.

Supporting affordable housing objectives

The revival of Pangsapuri Sri Bayu and Pangsapuri Quinton aligns with the Penang state government’s broader affordable housing agenda under Vision Penang 2030, which focuses on improving home ownership access for B40 and M40 households.

Through the Penang State Housing Board (Lembaga Perumahan Negeri Pulau Pinang, LPNPP), the state aims to deliver 220,000 affordable housing units by 2030 as part of Strategic Initiative A1. The completion of these two projects represents a key step towards achieving that target.

Broader implications for property and development sectors

Mah Sing’s continued involvement in large-scale residential and mixed developments highlights the growing importance of financially resilient developers in reviving stalled projects — a trend increasingly relevant across Malaysia’s major urban centres. In Kuala Lumpur and Selangor, similar recovery initiatives could support surrounding demand for commercial property in KL, office space in Bukit Jalil, and ancillary developments such as industrial land in Selangor, factories in Puchong, and industrial property in the Subang area, particularly where housing growth drives population and economic activity.

Reinforcing its strong working relationship with the Penang government, Mah Sing also entered into a land acquisition agreement with Penang Development Corporation in December 2025 for M Cora, a high-rise residential project in Sungai Pinang, marking another milestone in the group’s expansion strategy in the northern region.