11 January 2015

Mah Sing Group to preview land bank purchased in Seremban by last quarter year 2015.

  11 January 2015

KUALA LUMPUR: Property developer Mah Sing Group Bhd aims to post higher sales this year, propelled by launches in the pipeline worth RM5.96bil in gross development value (GDV).

Group managing director and chief executive Tan Sri Leong Hoy Kum said the group was targeting better sales this year compared with RM3.43bil achieved last year.

“We expect to perform better this year with the new releases of ongoing and upcoming projects, of which 67% would be from the Klang Valley, 11% from Penang, 20% from Johor and 2% Sabah,” Leong told reporters after the group’s EGM yesterday that saw the shareholders approve the group’s resolutions.

He said the ongoing projects included those in Southville@KL South, Lakeville, D’sara Sentral and MResidence 1 and 2, and Ferringhi Residence and Southbay City, while new projects in the pipepline for 2015 were Bandar Meridin East, MResidence 3, Icon Residence Georgetown and Star Residence. 

“These projects have been targetted for previews/launches in the first and second half of this year, while the new land in Puchong and Seremban are expected to be previewed in the last quarter,” he said.

At the EGM, Mah Sing shareholders unanimously approved its proposed renounceable rights issue with free warrants, followed by a one-for-every four share bonus issue to raise up to RM630mil, of which RM530mil has been earmarked for the acquisition of landbanks and property development activities in Puchong and Seremban.

Going forward, he said, the group’s strategy this year was to develop more affordable homes in line with the Government’s call for more affordable housing.

“We are very market-driven and want to cater to the needs of first-time buyers as well as those who are looking to upgrade.

“Which is why we have properties in diversified locations in the Klang Valley and now extending to Greater Seremban, Penang and Johor,” he said, adding that this year, 84% of the group’s residential launch would be priced below RM1mil.

Mah Sing currently has 48 projects, of which 38 were on-going, 10 nearing completion, while the remaining in the planning stages.

Leong said property investment was still the preferred asset for wealth escavation.

“We still see demand in niche landed residential properties like Southville and MResidence, hence the need to increase supply,” he said.

He added that as the group was focused on such niche developments, it expected to continously register healthy sales.

Additionally, Leong said it was targeting 15% growth in foreign investment this year, from 8.7% last year with properties in the Klang Valley, Johor, Kota Kinabalu and Penang.

Commenting on the falling crude oil price and its effects, Leong said construction costs were expected to be stable; however it was still too early to comment due to the volatile market.

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