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Mah Sing plans 10 property launches, focus on affordable products

Mah Sing plans 10 property launches, focus on affordable products

KUALA LUMPUR: Mah Sing Group Bhd, with locked in unbilled sales of about RM1.79bil as of June 30, plans 10 property launches in this year with key focus on affordable products as the economy picks up.

It said on Tuesday the launches reflect the confidence returning to buyers amidst the opening of more economic sectors and relaxation of more activities.

Underpinning these are the positive progress in the National Recovery Plan (NRP) and strong vaccination rate of recorded nationwide.

Mah Sing’s group chief executive officer, Datuk Ho Hon Sang said close to 100% of Mah Sing’s employees have received the first dose of vaccination against Covid-19, and more than 95% have completed the 2nd dose.

“We can see the economy picking up momentum as more people are being vaccinated, including adolescents between the ages of 12 to 17. The rolling out of the NRP is key to directing Malaysia towards normalcy and sustainable economic development.

“We have reopened our sales galleries and resumed operations at all our project sites, while complying with all standard operating procedures (SOPs),” he said.

Ho said while Mah Sing has been able to close new property sales of approximately RM1.06bil for the first eight months of 2021 due to its strong online sales and marketing capabilities, buyers have been looking forward to visiting its sales gallery for a more personalised consultation.

“Purchasing power from households will gradually improve and we foresee affordably priced properties at strategic locations will still be well sought after. We intend to roll out more exciting marketing campaigns to tap on this pent-up demand,” he added.

Mah Sing has planned launches of eight new phases in various projects including Tower E of M Vertica, Cheras, remaining phases of M Arisa, Sentul, Phase two of Cerrado Suites and Tower B Sensory Residences at Southville City in Bangi, phase three of M Aruna and M Panora in Rawang, service apartments in Southbay City, Penang and Erica in Meridin East, Johor Bahru.

Mah Sing also plans to launch two new projects from its acquired lands earlier this year, namely M Astra in Setapak and M Senyum in Bandar Baru Salak Tinggi, Sepang, which are both indicatively priced from below RM500,000, targeting to meet the pent-up demand for affordable homes.

He said Mah Sing has healthy cashflow with cash and bank balances of approximately RM807.5mil, locked in unbilled sales of about RM1.79bil as at June 30 this year.

Mah Sing’s earnings visibility is backed by locked in unbilled sales of approximately RM1.79bil as at June 30. Its remaining gross development value and unbilled sales totalling RM24.45bil is expected to provide earnings visibility for at least eight years.

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