Mah Sing to buy more Klang Valley land for affordable housing projects

  • Business
  • Friday, 16 Jun 2017

Financial reporting time: (from left) Mah Sing executive director Datuk Steven Ng, Leong and CEO Datuk Ho Hon Sang at the company AGM.

KUALA LUMPUR: Property developer MAH SING GROUP BHD is focused on buying more land in Klang Valley with plans to develop affordable, well planned mass market housing projects priced below RM500,000 from this year onward.

“We believe the demand for properties will continue to be strong in Klang Valley (Kuala Lumpur and Selangor) as the value and volume of property transactions in the area are by far the highest in the country in terms of economic dominance,” said its group managing director Tan Sri Leong Hoy Kum after the company’s annual general meeting

To date, the group has acquired two plots of land in Klang Valley, an 8.5-acre land in Sentul and a 3.56-acre land which fronts Titiwangsa Lake Garden.

“The newly acquired freehold land has a combined potential gross development value (GDV) of approximately RM1.95bil.

“Mah Sing’s remaining prime landbank currently stands at 2,255 acres, with a total remaining GDV and unbilled sales of RM31.5bil.

“Supported by a strong balance sheet with low net gearing of 0.02 times as at 31 March 2017, the group plans to continue its active land acquisitions and increase its Klang Valley landbank from the current 65% to 75% within the next two to three years,” said Leong.

In line with the tagline “Reinvent Spaces. Enhance Life”, Leong believes that enhancing lives comes from helping buyers own their dream properties.

“As such, we want to focus on building homes at affordable pricing points. In fact, 33% of our 2017 residential sales target price points are below RM500,000, 73% below RM700,000 and 95% below RM1mil,” he said.

Mah Sing’s plan for affordably priced developments is also very relevant to its customers as 70% of the group’s buyers are below the age of 40. A large portion of the group are first-time home buyers or upgraders who are also looking to buy affordably priced homes.

Focusing its development in Klang Valley, the 8.5 acres of land in Sentul will be developed into M Centura, with its residential suites indicatively priced from RM326,000.

The freehold development with an estimated GDV of RM1.3bil is slated to have indicative built-ups of 650 sq ft, 850 sq ft and 1,000 sq ft.

For the newly acquired Titiwangsa land, the group plans to develop a transit-oriented development with an estimated GDV of up to RM650mil.

The lakeside condominium will feature residential units from an indicative built-up of 850 sq ft with indicative starting price of RM485,000.

In 2017, total project launches by Mah Sing have an estimated GDV of RM1.9bil.

For houses in the range of RM500,000 and below, Mah Sing has in the pipeline 237 units of serviced apartments in M Horizon@Southbay City, tentatively scheduled for launch in September this year.

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