Mah Sing Group Berhad (Mah Sing) successfully achieved its sales target of RM1.1billion for the financial year ended 31 December 2020, driven by its strategy in digital marketing and affordable properties offered at strategic location, namely in Klang Valley, Penang and Johor, notwithstanding the challenging market environment throughout most of the period following the impact of COVID-19 pandemic.
Continuing the momentum, Mah Sing also saw strong uptake in sales figures at the start of 2021 where the Group achieved approximately RM250million sales within the first two months.
With the achievement of RM1.35billion sales in the past 14 months and in line with better property outlook this year, the Group is now setting a higher sales target of RM1.6billion for the entire 2021, with 91% of products priced below RM700,000, and 51% below RM500,000.
Mah Sing will focus on affordable landed homes in the outskirts/suburban areas and affordable high rises in the central business district areas as the Group believes this is where the demand remains resilient.
In addition, Mah Sing will also continue with its quick turnaround business model to acquire more prime lands at strategic locations, whilst being nimble and flexible to change to match the market demand. With its strong cash and bank balances of approximately RM1.16billion as at 31 December 2020, the Group will continue selectively scouting for strategic land bank for continuous growth.
Mah Sing has recently announced that the Group will be developing a new 100 acres land in Bandar Baru Salak Tinggi – M Senyum, which have an estimated gross development value (GDV) of approximately RM656million.
Based on preliminary plans, the development is planned to be a landed residential project comprising mainly affordable double story terrace houses with indicative land size of 18’X65’ and 20’X70’. The project is indicatively priced from RM399,000, with the registration of interest and launching targeted to be in the second half of 2021. This marks the first land deal of Mah Sing in 2021.
With the new land, the Group has remaining landbank of 2,076 acres with remaining gross development value and unbilled sales totalling of approximately RM24.64billion which can provide earnings visibility for at least 8 years.