KUALA LUMPUR: Mah Sing Group Bhd (Mah Sing) will continue concentrating on its existing property development as it remains a key focus of the group moving forward. This is despite Mah Sing’s proposed diversification into manufacturing and trading of gloves as well as related healthcare products via Mah Sing Healthcare Sdn Bhd.
Mah Sing founder and group managing director Tan Sri Leong Hoy Kum said: “Our property division has been resilient as positive take-up of our newly launched projects reflects that home buyers are still looking out for their ideal homes.
“We always believe that demand will persist for the right product, in the right location, and at the right pricing. Our rapid speed in planning and marketing the new developments are in line with our quick turnaround model and augurs well for our growth strategy.”
As at Sept 30 this year, Mah Sing achieved property sales of approximately RM847.1mil and is on track to achieve its RM1.1bil sales target, he revealed after the extraordinary general meeting (EGM) on Dec 21.
Present were Mah Sing executive director Datuk Steven Ng Poh Seng, Leong, independent non-executive director Abd Malik A Rahman, chief executive officer Datuk Ho Hon Sang and executive director Datuk Leong Yuet Mei.
The new landed projects recently launched by Mah Sing witnessed strong response, with Phase 2A of Carya @ M Aruna recording a 90% take-up during its weekend launch, and good sales showing improving sentiments and confidence in the market.
This is reflected as well for Acacia 2 in Meridin East, Johor which achieved over 80% take-up at its weekend launch in early December.
In addition, the group’s new high rise projects launched during the recovery movement control order, M Adora in Wangsa Melawati recorded over 90% take-up for its Tower A while M Luna in Kepong has over 80% take-up for its Tower A.
Mah Sing’s projects which are under construction have also shown significant progress, with M Vertica’s Tower A in Cheras and M Centura in Sentul scheduled to have their topping up ceremony in Q1 2021, which symbolises the completion of the structure of the development.
“The confidence towards the property market is recovering and is seeing an upswing in line with a better economic outlook in 2021, driven by various property friendly measures by the government.
“The mid to long term outlook remains positive, supported by strong fundamental demand for property due to our country’s young demography. Backed by our healthy balance sheet, we will continue to explore selective land banking suitable for affordably priced products, which will spur our future growth,” said Leong.