PENANG: Mah Sing Group Bhd (Mah Sing) has been appointed as the financier to facilitate the revival and completion of two Rumah Mutiaraku (RMKU) affordable housing projects in Balik Pulau, Penang, marking a significant step forward for affected homebuyers.

The two projects namely Pangsapuri Sri Bayu and RMKU Pangsapuri Quinton comprise a total of 625 units and were originally launched in 2017 but left incomplete. Baker Tilly Insolvency PLT has been appointed as the liquidator to oversee the recovery and completion process.

The appointment was announced by Penang Chief Minister Chow Kon Yeow, reflecting the state government’s confidence in Mah Sing’s financial strength, delivery track record and long-standing presence in Penang. The move underscores the trust built through the group’s consistent alignment with Penang’s development priorities and its reputation for responsible project execution.

Mah Sing’s involvement ensures that remaining construction works can proceed, with a clear focus on safeguarding the interests of homebuyers who have been affected by the stalled developments.

Mah Sing’s role in the RMKU recovery builds on nearly 20 years of active development in Penang. The group first entered the Penang market in 2007 with the acquisition of land in Southbay, Batu Maung. Since then, it has successfully delivered a series of developments in the area, including Residence@Southbay, Legenda@Southbay, Southbay Plaza, The Loft and M Vista. All five projects were fully sold and completed.

The group later expanded beyond Southbay with the launch of Ferringhi Residence in 2014 and Ferringhi Residence 2 in 2016, both of which were well received by the market.

In 2025, Mah Sing marked another milestone with the relocation of its Penang office and the opening of the M Zenni Sales Gallery in Batu Maung. With an estimated gross development value of RM528mil, the high-rise residential development is strategically located near Penang International Airport and the Bayan Lepas industrial corridor, catering to urban professionals and upgraders.

Further strengthening its footprint in the state, Mah Sing signed an agreement with Penang Development Corporation (PDC) in December 2025 for the land acquisition of M Cora, a high-rise residential project in Sungai Pinang.

The revival of Pangsapuri Sri Bayu and Pangsapuri Quinton aligns with the Penang State Government’s affordable housing agenda for the B40 and M40 communities under Vision Penang 2030. Through Lembaga Perumahan Negeri Pulau Pinang (LPNPP), the state has set a target to deliver 220,000 units of affordable housing by 2030 under Strategic Initiative A1.

The state government has reiterated its firm stance against incomplete and abandoned housing projects, implementing corrective measures such as special financing packages and the appointment of financially credible corporates to bring stalled developments back on track.

The progress of the two RMKU projects will continue to be closely monitored to ensure timely completion and to protect the rights of affected purchasers, reinforcing confidence in Penang’s affordable housing ecosystem.

The event was witnessed by Penang state housing and environment committee chairman Datuk Seri Sundarajoo Somu, Mah Sing group chief executive officer and executive director Datuk Voon Tin Yow and property subsidiaries chief executive officer Yeoh Chee Beng as well as Baker Tilly (Malaysia) corporate recovery and restructuring managing partner Kumar Jai and group managing partner Andrew Heng.