PSB Mahsuri
PSB Mahsuri (Projek Pembaharuan Semula Bandar Mahsuri) (GPS: 5.32781, 100.29249) is an urban renewal redevelopment of the aging Mahsuri Flats in Bayan Baru, Penang. It covers a 2.6-hectare site in central Bayan Baru (approx. 5.3270°N, 100.2853°E)1,8. Originally built in 1976 as five 4-storey walk-up blocks, the flats are being replaced by modern high-rise residential towers. The project is notable as Penang's first community-centric urban renewal: new homes are built first so that existing residents do not have to move out during construction1.
Developer
The project is led by Nilai Arif Sdn Bhd (a subsidiary of Hunza Properties Berhad), appointed in partnership with the Penang state housing authorities. Hunza is a Penang-based developer with decades of experience in local residential and mixed-use projects1. This joint development agreement was made under the Penang Housing Board's urban renewal master plan.
Blocks and Layout
PSB Mahsuri will replace the original five low-rise blocks with three high-rise towers1,2. The three towers will stand 38, 46 and 33 storeys tall2. Tower 1 (38 storeys) houses 300 replacement “compensation” units for current Mahsuri Flat residents2. Tower 2 (46 storeys) contains 770 affordable housing units and three floors of shop/offices2. Tower 3 (33 storeys) is a serviced apartment block with 410 units of various sizes and four floors of retail space2. All towers will include multilevel parking and high-speed elevators.
Unit Types and Pricing
Unit sizes are significantly larger than the old flats. Existing residents currently in 1-bedroom units (250–500 sq ft) will receive new 3-bedroom homes of about 850–900 sq ft at no extra cost4,2. The 770 affordable units in Tower 2 are roughly 881 sq ft each (likely 3-bed/2-bath)2. The serviced apartment units in Tower 3 come in mixed layouts: 133 units ~500 sq ft (1-bedroom), 137 units ~900 sq ft (2-bedroom), and 140 units ~1,055 sq ft (3-bedroom)2. Modern layouts include full bathrooms for each bedroom. Pricing for non-compensation units has not been released. After a 18-month subsidy period, maintenance fees will be set according to state guidelines (estimated ~RM0.20–0.25 per sq ft)2.
Facilities
The redevelopment will include comprehensive amenities. Planned facilities include secured entry, landscaped gardens and sky terraces, gymnasiums, swimming pools, children's playgrounds and multipurpose halls, plus retail shops at podium levels. These shared facilities will serve both the new residents and the surrounding Bayan Baru community.
Maintenance and Tenure
Residents will pay a nominal maintenance fee for the new condos, with the state subsidizing fees for the first 18 months2. Tenure details have not been publicly announced. Most state-built housing in Penang is on 99-year leasehold land; it is expected PSB Mahsuri will follow a similar leasehold arrangement, with titles held under strata. Strata titles will be issued to all unit owners.
Timeline
A groundbreaking ceremony was held in June 2023. Construction of Phase 1 (38-storey Tower 1) was slated to begin in mid-20243. That first tower is expected to be ready by 20283. Subsequent phases (Tower 2 and Tower 3) are planned to start around 2027 and complete by 20323. This phased approach ensures that once Tower 1 is finished, the 300 existing families can move into their new homes before any old buildings are demolished4.
Nearby Amenities
PSB Mahsuri sits in central Bayan Baru, a mature township. Within a short walk are the Bayan Baru Market Complex (Pasar Awam Bayan Baru), the Giant Hypermarket Bayan Baru, Sunshine Square and other shops. Several petrol stations (Shell, Caltex) line nearby roads. Local schools include SJK(C) Keong Hoe (Chinese primary) and SK Bayan Baru. The Straits International School (Bayan Lepas campus) and Fairview International School are a short drive away. Healthcare is nearby: the private Pantai Hospital Penang in Bayan Baru is just minutes away5,6, and the Penang General Hospital (public) is a few kilometers north.
Public Transport
The nearest Rapid Penang bus stop is at Jalan Mahsuri, a few hundred metres from the site. Routes serving this stop include 102, 303, 304 and 401E7, connecting Bayan Baru to Komtar, Queensbay Mall, Batu Maung and other hubs. In future, the Mutiara LRT Line will run nearby as part of Penang's transit expansion.
Fun Fact
PSB Mahsuri is Malaysia's first urban renewal project of its kind. Uniquely, no resident has to vacate their flat during redevelopment: a new tower was built first as a “compensation block”, and families only move once their new larger flat is ready1. This build-first strategy maximizes convenience for residents and is a model for future high-density renewal projects.
Quick Facts
- Location: Bayan Baru, Penang (approx. 5.3270°N, 100.2853°E)1,8
- Land Area: 2.6 hectares1
- Developer: Nilai Arif Sdn Bhd (Hunza Properties)1
- Units: ~1,480 total (300 compensation flats + 770 affordable flats + 410 serviced apartments)2
- Blocks: 3 new towers (38, 46, 33 storeys) replacing the 5 original low-rise blocks1,2
- Tenure: Likely leasehold (state-housing scheme); maintenance fees subsidised first 18 months2
- Completion: Phase 1 (38-storey) by ~2028; full project by ~20323
PSB Mahsuri is 
on the Map of Bayan Baru, Penang
References
- Penang Property Talk – “Hunza leads Penang's first urban renewal project…” (May 2025)
- The Star (Malaysia) – “New homes, with no need to move” (22 May 2025)
- Penang Property Talk – “Urban Regeneration Project planned for Mahsuri Flats” (Nov 2023)
- Penang Property Talk – “Urban renewal project for Mahsuri… broke ground” (Jun 2023)
- The Star (Malaysia) – “Bayan Baru market gets major upgrade” (25 Sept 2024)
- Pantai Hospital Penang – Official site (location info)
- Moovit – “Mahsuri Apartment, Penang” (bus routes/stops info)
- FindLatitudeandLongitude.com – Map coordinates for Jalan Mahsuri (Bayan Baru)
Page Details
This page was created on 4 September 2025. Hi, my name is Timothy and created it from my research, for my own entertainment, knowledge and to satisfy my curiosity. I am providing the information to you in good faith and hope it is useful. I try to get the details as accurate as possible. I also try to update the page whenever I stumble on new details. So this and all my other pages are perpetual work in progress. If you discover any error, please politely inform me, pointing out where the error lies, and I will correct it as soon as possible. Your helpfulness will keep this page accurate, relevant and helpful to those who need the information.List of Condominiums in Penang and Condominiums in Malaysia
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