Mah Sing plans aggressive expansion

By Naveen Sachdev

  Mah Sing Group Bhd is eyeing for more land in the Klang Valley, says its founder and managing director Tan Sri Leong Hoy Kum.
  As at end March 31, 2019, Mah Sing has a healthy balance sheet with cash and bank balances at RM1.3 billion, providing an easy avenue for the company to expand.

  The developer bought a few pieces of land this year and currently has 2,099 acres, which would yield a remaining gross development value (GDV) and unbilled sales of about RM25.1 billion.
  "This will provide steady earnings visibility for the group," said Leong in a statement.

Mah Sing Group Bhd founder and managing director Tan Sri Leong Hoy Kum said the company is eyeing more land. (PIX/Mah Sing)

   "We will continue to focus on replenishing our prime lands in the Klang Valley,
especially in the affordable property range so that buyers can look forward to more
exciting project launches from Mah Sing," he said.
  Leong said for the latest land acquisition in Happy Garden, Mah Sing is naming the project M Oscar.
  He said, the proposed smallest two-room, 700 sq ft unit (at M Oscar) is indicatively priced from RM428,000.
  The project is targeted to commence in the second half of 2019 and developed over
a span of 4-5 years. Based on preliminary plans, M Oscar will have an estimated
GDV of RM500 million.
  “We remain positive that our property projects will continue to gain traction with buyers as about 81 per cent of our property projects are catered for the affordable segment, which is below the RM700,000 mark," said Leong.
  Mah Sing announced a pre-tax profit of RM73.9 million on the back of revenue of RM450.3 million for the first quarter ended 31 March 2019.
  On the property development front, revenue was RM355.5 million while operating
profit was RM68.9 million for the quarter ended 31 March 2019.
  Leong said, this is mainly attributable to a higher proportion of new sales secured from new projects where contribution to revenue is expected to pick up once past the initial stages of construction.
  Mah Sing is launching RM2.2 billion worth of properties this year and it will remain focused on building affordable homes, majority of which will be priced below RM700,000.

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