27 June 2014

Mah Sing to record RM3.6bil sales in 2014

  27 June 2014


KUALA LUMPUR: Mah Sing Group Bhd, aims to secure RM3.6bil in sales of properties this year, surpassing last year’s sales performance of RM3bil.

Group Chief Executive Tan Sri Leong Hoy Kum said in the first quarter ended March 31, 2014, the company achieved approximately RM770mil sales.

“We expect strong buying momentum in the second half of the year, with potential buyers purchasing ahead of the Goods and Services Tax (GST) implementation next April.

“Fundamentals that drives the property market are still strong and we are selectively optimistic of certain segments,” he told reporters after the company’s annual general meeting on Friday.

Mah Sing declared a first and final single-tier dividend of eight sen per ordinary share of RM0.50 each in respect of the financial year ended Dec 31, 2013.
The dividend payout was in line with the group’s dividend policy in place since 2006 for a minimum dividend payout of at least 40 per cent of net profits.

After doing well at home, Leong said the group may capitalise opportunities in Australia, United Kingdom and Indonesia.

Mah Sing has 46 projects located in strategic locations nationwide and was considering exploring mainland Penang, Ipoh, Seremban and Melaka, as long as there was demand.

“Further acquisition of land banks shall be reviewed and whether the land fits our business model,” Leong said.

Mah Sing has a total land bank of 1,097 hectares in Malaysia with a total gross development value of RM33.5bil.

He said 87% of the group’s planned residential product launches this year were priced below RM1mil.

“Our market research and consumer feedback tells us that the focus this year is to ensure affordability in strategic locations coupled with good concepts,” Leong added.

~ By BERNAMA

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