KUALA LUMPUR: This week, Mah Sing Group Bhd (Mah Sing) launched its “Eazy to Own” sales campaign, covering the group’s new and completed residential projects nationwide.
Commencing on Feb 19, the campaign offers easy entry with low upfront costs and affordability with incentives and savings for homebuyers. Mah Sing group managing director, Tan Sri Leong Hoy Kum said, “Our internal survey finds that buyers’ key concerns are mainly on pricing and affordability, location and creative or practical layouts.”
According to the press release, Real Estate & Housing Developers Association (REHDA) had noted that the key problem the local property market is facing is a mismatch of the type of property that people need, as well as the mismatch of affordability and financing availability.
The “Eazy to Own” campaign has been crafted to address the needs of four key demographics:
People with the intention of buying, but are unable to afford a high downpayment
This younger cohort is within the 25 to 40 year age group, which makes up approximately three million of the population across Malaysia. They work in urban centres but reside in the suburbs due to affordability issues.
People who are currently renting
This is a varied demographic straddling lower-income workers and highly mobile professionals, and trends towards the younger cohort between 25 to 35 years old.
People who face difficulties in getting their loans approved.
They are composed of the B40 to lower M40 segment, mainly aged between 30 to 45 years old, with household incomes up to RM6,000.
First time home buyers
Millennial-centric, urbane and educated with individual incomes of RM8,000 and below. Leong said, “In line with our growth strategy to continue to roll-out affordably priced products of good quality in view of the appetite for mass-market housing, Mah Sing has set a minimum sales target of minimum RM1.6bil for 2020 with a key focus in the affordable segment.
“Approximately 84% of our target sales for this year is for residential properties below RM700,000, which augurs well for the needs and wants of buyers today.” He is hopeful that the stimulus package to be announced by the prime minister on Feb 27 will provide a boost in actual spending and consumer sentiment.
“Besides Malaysians which makes up the majority of our buyers, we are also seeing heightened interest from overseas buyers. These group of people are mainly those who have excess funds, and are turning to Malaysia for property investments in view of our many attractive qualities, such as the tropical weather, cleaner air, good education system, attractive properties and mix of Asian values and Western infrastructure,” he explained.
“Properties in the affordable segments located at strategic locations remains highly sought after amid the growing interest from young families who are looking to own their first homes, which makes up the majority of Malaysia’s population,” Leong said, adding that the group is confident in hitting their 2020 sales target.