Mah Sing Group Bhd has set a minimum sales target of RM1.5 billion for this year, with the focus on affordable housing at strategic locations.
This comes after the group registered RM1.5 billion sales last year, of which 83 percent of residential sales came from affordable products priced at less than RM700,000, reported New Straits Times.
To attract buyers, Mah Sing plans to launch campaigns where rewards and incentives will be offered, such as the “Spin and Win” wheel of fortune campaign as well as the “RM100,000 In Your Bank” campaign. The first is an ongoing campaign, while the latter is slated to start on 1 March.
The property developer’s planned launches for the year have a gross development value of RM2.2 billion.
It revealed that 81 percent of its new residential launches will be priced below RM700,000.
Among the new launches are Onyx Icon City in Petaling Jaya, M Vertica Tower 3 & 4 in Cheras, Basil @ M Aruna in Rawang, Sensory serviced residence in Southville City, Orchid in Meridin East and Hazel in Meridin East in Pasir Gudang.
Other new launches by the group are Ferringhi Residence 2, Pykett Project, Block B and Southbay City, Upcoming Phase in Penang.
Mah Sing saw potential to expand, on the back of a healthy balance sheet of RM1.22 billion cash and bank balances.
Mah Sing Founder and Managing Director Tan Sri Leong Hoy Kum noted that the group had been in a net cash position for four consecutive quarters.
Mah Sing saw its net profit for the full-year drop 24.9 percent from RM361.89 million to RM271.58 million, due to lower revenue from its property development unit.
In a Bursa Malaysia filing, the company attributed this mainly to the higher proportion of new sales from new projects.
It explained that contribution to revenue from such projects will be more significant after the initial stages of construction have passed.
Mah Sing’s revenue fell 24.8 percent from RM2.92 billion to RM2.19 billion.
Image source from NST