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PETALING JAYA (Sept 21): Mah Sing Group will be launching ten more property launches for the year focusing on affordable products as more economic sectors open up.
In a press statement released today, its CEO Datuk Ho Hon Sang (pictured) said that the group has closed property sales of approximately RM1.06 billion for the first 8 months of 2021 and is on track to achieve its sales target of RM1.6 billion for the year.
“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 National Recovery Plan is key to directing Malaysia towards normalcy and sustainable economic development,” noted Ho, adding that 95% of Mah Sing's staff are fully inoculated.
He said the company’s sales galleries and all project sites have resumed operation, with strict compliance of all standard operating procedures (SOPs).
The new launches including eight new phases in various projects including Tower E of M Vertica, Cheras, remaining phases of M Arisa, Sentul, Phase 2 of Cerrado Suites and Tower B Sensory Residences at Southville City in Bangi, Phase 3 of M Aruna and M Panora in Rawang, service apartments in Southbay City, Penang and Erica in Meridin East, Johor Bahru.
It also plans to launch two brand new projects on its newly acquired land 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.
On the Budget 2022 wish list, Ho urged the government to introduce additional incentives during Budget 2022, especially to help first-time home buyers and expedite the recovery of the property industry.
“Some of the measures which can ease homeownership for first time home buyers include reinstating maximum loan tenure to 40 years; referring to gross income rather than net income for loan applications; higher debt service ratio; and setting higher margin of financing up to 100% for first property to help the M40 and B40 groups who are affected during the pandemic.
We also hope the government can consider the possibility of implementing the Developer Interest Bearing Scheme (DIBS) for first-time home buyers, as this allows them to have the option to not service their loan interest and rentals at the same time during the construction period. We also hope that the Home Ownership Campaign (HOC) can be extended for another year,” said Ho.
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