This article first appeared in The Edge Financial Daily
, on March 9, 2017.
KUALA LUMPUR: MB World Group Bhd will be unveiling its first integrated township development called Taman Sri Penawar in Bandar Penawar, Kota Tinggi, Johor on Saturday.
“The reason why we chose to develop a township here (Kota Tinggi) is because of the strategic location, scarcity of houses and the lack of mature townships in this area," executive director Ng Liang Khiang told media at the launch of the sales gallery yesterday.
The 470-acre (190.20ha) township consists of 3,300 residential units and 380 commercial units. It has a gross development value (GDV) of RM1.9 billion and it is expected to be completed in seven years.
The township is divided into three zones. Zone 1 consists of single-storey terraced houses and commercial development. Zone 2 consists of single and double-storey terraced houses and commercial developments. Plans for Zone 3 have yet to be unveiled.
This weekend, the property developer will be launching the second phase of its single-storey terraced houses consisting of 320 units, 161 units of double-storey shop offices named Desaru Avenue in Kota Tinggi and 272 units of double-storey terraced house named Harmonia.
The single-storey terraced houses are 20ft by 70ft, with a built-up area of 1,091 sq ft. All have been fully sold within two weeks prior to the official launch, with an asking price of RM350,000.
Desaru Avenue houses are 22ft by 70ft with an average built-up of 3,080 sq ft and are selling for RM788,000, while Harmonia homes are 22ft by 70ft with a built-up area of 1,996 sq ft and selling for RM588,000.
According to MB World, the area abounds with growth potential with spillover effects from nearby developments such as Desaru Coast, the Pengerang Integrated Petroleum Complex (PIPC) and the Refinery and Petrochemical Integrated Development (Rapid) in Pengerang.
The township is accessible via major roads and highways such as Tanjung Balau Road, Kota Tinggi-Pengerang Highway and Senai-Desaru Expressway, linking to Tanjung Balau, Bandar Penawar, Pengerang, Kota Tinggi, Johor Baru, Senai and Iskandar Puteri.
It is located 45 minutes away from Johor Baru, one hour from Senai Airport, 15 minutes from Desaru Coast and 15 minutes from PIPC and Rapid.
Founded in 1995, MB World's foundation is in geosynthetic engineering. It diversified its business into property development in 2015, spearheaded by its subsidiaries MB Max Sdn Bhd and Cocoa Valley Development Sdn Bhd.
MB Max is currently developing its maiden project, a 38-storey serviced apartment called Pinnacle Tower within Johor Baru City Centre that has an estimated GDV of RM374 million. It is expected to be completed by the fourth quarter of 2017. Cocoa Valley Development is developing Taman Sri Penawar.
MB World's net profit tripled to RM16.41 million in the financial year ended Dec 31, 2016 (FY16) from RM5.29 million in the previous year, with main contributions from its property development segment. Revenue also doubled to RM122.7 million in FY16 from RM60.26 million in FY15.