Mah Sing looks to increase landbank in Klang Valley in 2018

KUALA LUMPUR (Dec 20): Mah Sing Group Bhd is targeting to increase its landbank in Klang Valley to 75% of its total landbank, from the current level of 66%.

In a statement today, Mah Sing group managing director Tan Sri Leong Hoy Kum (pictured) said that to date in 2017, the property developer has acquired two parcels of land in Klang Valley and a piece of land in Bukit Mertajam, Penang.

"Mah Sing currently has remaining landbank of 2,131 acres with remaining gross development value and unbilled sales of RM28.3 billion as of Nov 30, 2017.

"We will continue to be disciplined in financial management to ensure strong balance sheets and liquidity while launching new developments and actively pursue sales from existing projects.

"Supported by our healthy balance sheet, we are open to good joint ventures and investment opportunities," he said.

Leong added that the group will continue to reinvent affordability by developing quality homes in strategic locations with prices that the rakyat can afford, in line with the market's demand and the government's broad objective to enable everyone to own a home.

"We carefully plan for our launches to ensure that every project has its own appeal with an affordable price below RM500,000. For example, M Vertica in Cheras features over 40 luxurious facilities in its 4.5 acre of facility deck, one of the largest in a residential development.

"Another project in Klang Valley, our M Centura in Sentul is a freehold residential address located only 5km to the KL City Centre. In Penang, M Vista @ Southbay is strategically situated in the island with easy accessibility to town and mainland while offering an affordable price.

"Our 1,313-acre Meridin East township provides lake garden homes with spacious layouts and living areas, suitable for families in the heart of Iskandar Malaysia," he explained.

On the outlook for the property sector in 2018, Leong said he concurs with Real Estate and Housing Developers' Association's (REHDA) view, in which REHDA had said it is optimistic of Malaysia's property sector outlook in the first half of 2018 in tandem with the improvements in the country's economic conditions.

"Average household median income is set to improve in tandem with gross domestic product growth and the slew of measures and incentives proposed in the recent Budget 2018.

"Historically, the improvement of median income has led to an increase in transaction volume. Therefore, affordable homes with good connectivity especially Transit Oriented Development and Transit Adjacent Development will continue to be in demand as it is the healthiest sub-segment in the overall property market," said Leong.

He added that long-term demand will continue to be strong for property buyers who are buying to own or buying for long-term investment.

"Mid and near term of the property industry is expected to be healthy, supported by the young demographic, growing population and low unemployment rate.

"Property as an investment asset remains one of the safest form of investment and a good hedge against inflation," he said.

At the midday break, Mah Sing was flat at RM1.52 with 87,100 shares traded. — theedgemarkets.com

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