Mah Sing Group Bhd will focus on providing more housing in the affordable segment to cater to the growing young adult population.
MAH Sing Group Bhd is eyeing more landbank in the Klang Valley, says its founder and managing director Tan Sri Leong Hoy Kum.
As at end-March 31 this year, Mah Sing has a healthy balance sheet with cash and bank balances of RM1.3 billion, thereby providing an easy avenue for the company to expand.
The developer bought a few pieces of landbank this year and now has 849 hectares at hand, which
would yield a gross development value (GDV) and an unbilled sales of about RM25.1 billion.
“This will provide steady earnings visibility for the group. As we are in a comfortable cash position, we will continue to look for more strategic landbank in the Klang Valley as it resonates with our long-term strategy to expand to areas with large population growths,” said Leong.
He said Mah Sing will continue to focus on the affordable property range in the Klang Valley.
“We will focus on providing more housing in the affordable segment to cater to the growing young adult population who will need a roof to stay as they extend their households,” said Leong.
On the latest land acquisition in Happy Garden here, Leong said the project has been named M Oscar.
Based on preliminary plans, M Oscar will have an estimated GDV of RM500 million, he said.
“M Oscar will enjoy a large captive target market as the land straddles the highly populated and established neighbourhoods of Old Klang Road, Sri Petaling, Bukit Jalil and Salak South. 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 is launching RM2.2 billion worth of properties this year and will remain focused on building affordable homes, majority of which will be priced below RM700,000, he said.
Meanwhile, Leong said Mah Sing is in talks with potential partners from China to set up a permanent
Industrialised Building System (IBS) precast concrete plant in Kajang, Selangor.
He said if the talks go through, Mah Sing will market and install IBS components at its own projects and other developments, including government affordable homes and projects.
Housing and Local Government Minister Zuraida Kamaruddin said in March that all government affordable housing projects would be built using IBS technology by 2024.
Zuraida said the method was cheaper and faster and would reduce the government’s dependence on foreign workers.
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As at end-March 31 this year, Mah Sing has a healthy balance sheet with cash and bank balances of RM1.3 billion, thereby providing an easy avenue for the company to expand.
The developer bought a few pieces of landbank this year and now has 849 hectares at hand, which
would yield a gross development value (GDV) and an unbilled sales of about RM25.1 billion.
“This will provide steady earnings visibility for the group. As we are in a comfortable cash position, we will continue to look for more strategic landbank in the Klang Valley as it resonates with our long-term strategy to expand to areas with large population growths,” said Leong.
He said Mah Sing will continue to focus on the affordable property range in the Klang Valley.
“We will focus on providing more housing in the affordable segment to cater to the growing young adult population who will need a roof to stay as they extend their households,” said Leong.
On the latest land acquisition in Happy Garden here, Leong said the project has been named M Oscar.
M Oscar comprises 700 sq ft units which come with two bedrooms and indicatively priced from RM428,000.
Leong said the project is expected to start in the second half of this year and developed over four years.
“M Oscar will enjoy a large captive target market as the land straddles the highly populated and established neighbourhoods of Old Klang Road, Sri Petaling, Bukit Jalil and Salak South. 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 is launching RM2.2 billion worth of properties this year and will remain focused on building affordable homes, majority of which will be priced below RM700,000, he said.
Meanwhile, Leong said Mah Sing is in talks with potential partners from China to set up a permanent
Industrialised Building System (IBS) precast concrete plant in Kajang, Selangor.
He said if the talks go through, Mah Sing will market and install IBS components at its own projects and other developments, including government affordable homes and projects.
Housing and Local Government Minister Zuraida Kamaruddin said in March that all government affordable housing projects would be built using IBS technology by 2024.
Zuraida said the method was cheaper and faster and would reduce the government’s dependence on foreign workers.
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