Mah Sing Confident To Achieve Rm1.5billion Sales In 2019 With Key Focus In Affordable Homes; Balance Sheet Remains Healthy With Cash And Bank Balances At Rm1.3 Billion For More Landbanking
By Roubeeni Mohan
Mah Sing Group Berhad (Mah Sing) is confident to achieve its RM1.5billion sales target for the current financial year with key focus in the affordable segment on the back of approximately RM761.4 million sales accumulated for the period ended 30 June 2019. 81 per cent of full-year target sales are from residential properties below RM700,000.
Backed by a healthy balance sheet with cash and bank balances of RM1.3billion, Mah Sing will continue its focus in acquiring more prime land bank in the Klang Valley area.
“Property an asset which remains as one of the safest forms of investment and a good hedge against inflation. We believe properties in the affordable range and at good locations are still seeing good demand. We are positive that our property projects will continue to gain traction with buyers driven by our strong track record and established a brand presence in the market,” said Tan Sri Dato’ Sri Leong Hoy Kum Mah Sing’s Founder and Group Managing Director.
For the six-month period ended 30 June 2019, the Group posted profit before tax of RM142million on the back of revenue of RM931.6million. On a quarterly basis, the Group recorded profit before tax of RM68million and revenue of RM481.2 million.
Mah Sing’s Group Managing Director – Tan Sri Dato’ Sri Leong Hoy Kum
In 2019, thus far, Mah Sing acquired 3 prime lands in Kuala Lumpur namely M Oscar (Off Kuchai Lama, next to Happy Gardens), M Luna (Kepong), and M Adora (Wangsa Melawati), which all came with approved development order (DO) which allows rapid speed to market.
M Oscar is currently open for registration of interest, while M Luna and M Adora will both be open for registration of interest by 4Q 2019. All three projects, which opens for registration this year are indicatively priced from below RM500,000 – further reinforcing Mah Sing’s commitment in expanding its landbank for affordably priced projects in strategic locations in Klang Valley that are ready for immediate development.
This has brought Mah Sing’s remaining landbank to 2,086 acres, which would yield a remaining gross development value (GDV), and unbilled sales of approximately RM25.8billion, providing steady earnings visibility for the Group.
In line with its tagline, ‘Reinvent Spaces. Enhance Life,’ the Group is constantly on the lookout for lands with strategic locations and favourable payment terms to increase its land bank in the next 2 to 3 years. The Group is constantly exploring promising parcels of lands in Greater Kuala Lumpur, which could fit its business model.
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