KUALA LUMPUR, May 30 — Mah Sing Group Bhd aims to buy up more prime land in the Klang Valley area, backed by its healthy balance sheet of cash and bank balances at RM1.3 billion for the first quarter ended March 31, 2019.
In a statement today, founder and managing director Tan Sri Leong Hoy Kum said the focus in replenishing prime land is especially for the affordable property range.
“Our new acquisition is in Happy Garden here and we have named it ‘M Oscar’. The proposed smallest two-room, 700 sq ft unit is priced from RM428,000 and registration of interest will start in June 2019,” he added.
Until March this year, Mah Sing’s total land bank stood at 849.43 hectares (2,099 acres), which would yield a remaining gross development value (GDV) and unbilled sales of RM25.1 billion, while providing steady earnings visibility for the company.
Leong also remained positive that the company’s property projects would continue to gain traction as 81 per cent of it catered to the below RM700,000 mark, deemed as the affordable segment.
“We believe the volatile market environment will lead more people and investors to fall back on property.
“In addition, we are also in talks with potential partners from China to set up a permanent Industrialised Building System (IBS) precast concrete plant in Kajang.
“If this collaboration is successful, we will be able to market and install IBS components at our own projects and other developments, including the government’s affordable homes and government projects,” he said. — Bernama