With affordable housing as a crucial focus, Mah Sing Group Bhd is growing its landbank in view of its plan to launch RM1.9 billion worth of projects this year, reported The Edge.
“With our two recent land acquisitions in the Klang Valley, coupled with our existing landbanks, we are in a better position to meet the market’s demand for affordably-priced homes in strategic locations,” said Tan Sri Leong Hoy Kum, group managing director of Mah Sing, adding that the company targets 73 percent of residential sales to be comprised of units priced below RM700,000.
“We are also looking out for more landbanks. Of course, any new land acquisitions will need to be strategic and we will adhere to our prudent financial policy of maintaining a healthy net gearing ratio.”
Mah Sing saw its net profit for the first quarter ended 31 March 2017 drop to RM90.42 million from RM95.04 million in Q1 2016, while revenue climbed to RM723.54 million, from RM709.17 million previously.
In a filing with Bursa Malaysia, Mah Sing revealed that Q1 property sales stood at RM410.3 million, as marketing, administrative and selling expenses increased.
“The group’s emphasis on project execution, backed by a disciplined cash management approach, is demonstrated by the healthy pace of delivery of new homes with RM523 million vacant possession billings achieved in 2016 and RM637 million expected in 2017,” it said.
“The group’s prospects remain positive, anchored by 35 ongoing projects and [the] remaining prime land banks of 902ha (2,255 acres) in multiple strategic locations, which provides good profit visibility for the group.”
Among projects by Mah Sing are:
1. Meridin East
Image sourced from The Star
Radin Ghazali, Content Writer at PropertyGuru, edited this story. To contact her about this or other stories email radin@propertyguru.com.my
For more information on new top homes, check out PropertyGuru’s New Property Launches and Project Reviews.
