20 November 2014

Mah Sing to focus on Klang Valley

  20 November 2014

MAH Sing Group Bhd has targeted more property projects in the Klang Valley next year with a strong focus on mass market properties, after achieving RM2.5 billion sales for nine-months ended September 30 this year.

“Our sales compounded annual growth rate of 50 per cent between 2008 and 2013 is one of the highest in Malaysia,” Mah Sing executive director Datuk Steven Ng Poh Seng said at a press conference, here, yesterday.

“As much as 77 per cent of the sales revenue are derived from our Klang Valley properties,” he added.

Ng said 87 per cent of the group’s residential units launched so far this year are priced below RM1 million.

For next year, 84 per cent of the new units will be priced below RM1 million each.

He also said that the land Mah Sing had bought in Puchong, Selangor, and Seremban, Negri Sembilan, has a collective potential gross development value (GDV) of RM19.3 billion. This has increased the group’s portfolio of ongoing and completed projects to 48.

To cater to the high-end market, Mah Sing had bought part of the Sultan Salahuddin Abdul Aziz Shah Golf course in Shah Alam, while its Pasir Gudang land’s Phase 1 is almost fully sold.

“Foreign buyers take up 10 per cent of our total GDV.

Therefore, the minimum property purchase of RM1 million has become easier for us to promote property overseas,” managing director and chief executive Tan Sri Leong Hoy Kum said.

The group’s unbilled sales of RM5.1 billion as at September 30 this year combined with the remaining GDV from their projects stand at RM66 billion.

Meanwhile, Mah Sing announced a cash call to help raise RM630 million to pay for land acquisitions and property activities.

~ By BUSINESS TIMES

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