Tan Sri Leong’s journey in transforming a modest plastic company into a billion-ringgit property enterprise

By Joseph Wong

Few property developers possess the foresight, adaptability and sheer execution power of Tan Sri Leong Hoy Kum. As the founder and group managing director of Mah Sing Group Bhd (Mah Sing), Leong has spent over three decades actively reshaping the nation's built environment. Nationally recognised as the pioneer who democratised high-quality, amenity-rich housing for the growing middle class (M40), his relentless drive and sharp market instincts have built Mah Sing into an industry powerhouse with a market capitalisation that breached the RM3bil mark earlier this year. Today, the group stands as a unique corporate entity, one that balances the high-volume, hyper-efficient delivery of accessible homes with bold expansions into ultra-prime luxury real estate, mega industrial parks and AI data centre hubs.

The story of Mah Sing is fundamentally a story of continuous positive self-disruption. The company’s origins as a modest plastics manufacturing enterprise in 1979 make its rise to top-tier property developer one of the most remarkable corporate transformations in Malaysian history. Driven by Leong's core belief that businesses must reinvent themselves at their peak rather than wait for market forces to compel change, Mah Sing navigated a decisive pivot into property development during the early 1990s.

When asked what drives his willingness to disrupt his own success, Leong’s philosophy is anchored in long-term relevance over short-term comfort. "For me, the ultimate vision is not about conquering one particular industry. It is about building a company that can continue to reinvent itself, stay relevant and create value for generations. When I look at Mah Sing today, our journey from plastics manufacturing into property development is really a continuation of the same philosophy: never become too comfortable with yesterday’s success," he said.

Rather than viewing the group's recent entry into digital infrastructure as an unfamiliar tangent, Leong sees it as a natural extension of Mah Sing's land development, engineering and master-planning capabilities. The launch of the Mah Sing DC Hub @ Southville City and the development of the MS Industrial Park @ Kulai build upon decades of industrial experience gained through the group's established i-Parc series.

"Property development will remain our core business but we also want to participate in areas shaped by long-term structural trends," Leong explained. "Digital infrastructure is one area where we see the potential to build a meaningful second growth engine for Mah Sing over time. We are also exploring opportunities in supporting infrastructure, including energy, water and other essential utilities, as demand for digital infrastructure continues to grow. The next decade and beyond is about making Mah Sing more diversified, resilient and future-ready while continuing to strengthen the business that has brought us here."

Guiding legacy without restricting innovation

Building a multi-generational corporate enterprise requires a delicate balance: preserving core foundational values while granting incoming leaders the creative freedom to adapt to new technological realities. Sitting across the boardroom table from his son, Deputy Group CEO Lionel Leong, alongside his daughters Jane and Rachel, Leong embodies the relationship between founder discipline and next-generation innovation.

Leong views this transition as an evolution of methods built upon an unchanging set of core principles. "I believe the equilibrium comes from knowing what should never change and what must change with the times," Leong stated. 

"There are certain values that I have held close since I started Mah Sing and I hope the next generation will carry them forward. However, that should not be confused with methods. The way I built the business may not be the way the next generation should build it. They are operating in a very different world where technology, digitalisation and AI are changing how businesses think and operate."

While maintaining high expectations, Leong emphasised that mentorship requires granting real decision-making space. He pointed out that freedom comes with responsibility and leadership must be earned by mastering operational complexities, building trust with stakeholders and taking full ownership of outcomes. Seeing his children take active, leading roles in major initiatives like the Johor Special Economic Zone (JS-SEZ) projects gives him great personal pride and confidence in Mah Sing’s long-term trajectory.

Riding the market fluctuations

While market fluctuations often cause property developers to retreat into conservative hold patterns, Mah Sing systematically leverages its strong balance sheet to execute counter-cyclical land acquisitions. Backed by a healthy cash buffer exceeding RM1bil and a prudent net gearing target, the group maintains the financial agility needed to secure prime development sites ahead of market competitors.

Leong stressed that financial reserves are not an excuse for reckless expansion but rather a strategic tool that requires disciplined execution: "Our approach to land acquisition has never been about buying land simply for the sake of growing our landbank. We are selective. We look at location, entry cost, development potential, demand and whether the acquisition fits our business model. Having healthy cash and bank balances gives us the flexibility to move quickly when the right opportunity comes along but speed must be supported by strong due diligence and financial discipline."

A prime example of this disciplined capital allocation is the recent Southville City land transaction where Mah Sing monetised 78.8 acres of development-ready land for RM617.9mil. By realising value from its long-term landbank, the group unlocked capital that can be redeployed into higher-yielding opportunities, including the direct development and ownership of AI-ready digital infrastructure.

Testing the Fast Turnaround Model 

In an era defined by fluctuating construction material costs, shifting interest rate policies and evolving consumer sentiment, traditional multi-year development lead times carry significant financial holding risks. Mah Sing’s market-tested Fast Turnaround Model serves as a core operational advantage, enabling the group to navigate macroeconomic volatility with agility.

For Leong, operational speed is fundamentally about decision-making efficiency and capital velocity rather than rushed construction. "Speed is not simply about building faster in property development. It is about making decisions faster, responding to the market faster and turning our investments into value faster. By keeping our development cycles on schedule, we can respond to market changes rather than being locked into decisions made several years earlier," he told StarProperty.

By maintaining deep market insight and designing products tailored to real demand, Mah Sing shortens sales cycles, launches projects in agile phases and recycles capital back into its growth pipeline. As project scales expand, this agility is preserved through empowered teams, standardised design templates and clear operational KPIs.

Evolving the M Series 

Mah Sing’s flagship M Series has defined affordable luxury in Malaysia, delivering well-located, efficiently designed homes at accessible price points for first-time buyers and young families. However, as Gen-Z and Millennial buyers place greater emphasis on sustainability, health and smart tech, Mah Sing is actively updating the M Series blueprint.

"We are evolving the M Series with our customers," Leong explained. "Home buyers' needs are changing. For younger buyers especially, a home is no longer just a place to live—it must support their work, wellness and social life. This is why we integrate co-working spaces, functional fitness facilities and green building features like Lifecycle Assessments. But technology and sustainability must remain practical; they should enhance daily living without adding unnecessary cost."

Simultaneously, Mah Sing is demonstrating its capabilities in the luxury urban segment. The acquisition of the historic Corus Hotel site along Jalan Ampang, a 1.485-acre prime freehold parcel transacted for RM260mil, sets the stage for an ultra-prime serviced apartment development.

This urban project showcases the evolution of the Mah Sing brand. While the M Series continues to serve the broad Malaysian housing market, prime city-centre developments highlight the group's ability to execute complex, high-end architectural projects in landmark locations.

Capitalising on the JS-SEZ catalyst

The creation of the Johor-Singapore Special Economic Zone (JS-SEZ) has positioned Southern Malaysia as a key hub for foreign direct investment, cross-border trade and industrial expansion. Having established a presence in Johor years ago through integrated townships and i-Parc industrial developments, Mah Sing is well prepared to capitalise on this regional momentum.

A major highlight of this strategy is Mah Sing's joint venture with KLK Land to develop the MS Industrial Park @ Kulai. Spanning 419.17 acres of freehold land with an estimated Gross Development Value (GDV) of RM2.26bil, the park is designed to host anchor multinational corporations, advanced manufacturing plants and supporting supply chain networks.

"Johor has a unique advantage because of its proximity to Singapore, its connectivity to major ports and its availability of industrial land," Leong highlighted. "The JS-SEZ adds another dimension by strengthening cross-border economic cooperation. We are seeing strong interest from sectors such as electronics, semiconductors, renewable energy, advanced manufacturing and data centres. Johor has the potential to become one of Asean's primary economic engines and Mah Sing will be an active participant in that growth."

Ranked on the Fortune Southeast Asia 500 list for three consecutive years, Mah Sing has established a recognised corporate presence across the regional market. For Leong, this achievement is a reflection of sustained teamwork, stakeholder trust and disciplined execution over many years.

Looking back on his career, Leong remains as driven as when he first started the company. His advice to young entrepreneurs reflects the core principles that have guided his own path:

"The drive, hunger and determination in me back then are still the same today. I have always believed that we should learn from others' successes and challenges, inspired by leaders who built diversified businesses from humble beginnings. Although I am the same age as Malaysia, I am still young at heart and excited about what lies ahead. I would tell my younger self: stay humble, work hard, don't be afraid to dream, take calculated risks and enjoy the journey because it goes by faster than you think," he added.

It is this deep personal conviction and relentless drive to push boundaries that define his legacy, and ultimately, guide Leong as he steers Mah Sing Group toward an increasingly dynamic, future-ready horizon.

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