KUALA LUMPUR: Property developer Mah Sing Group Bhd is sanguine about delivering a slightly higher property sales value this year, amid the challenging domestic property environment.
Chief executive officer Datuk Ho Hon Sang (pic) said the company is projecting to record total sales of RM1.8bil in 2017, slightly higher than what was achieved a year earlier.
“We plan to achieve a minimum sales value of RM1.8bil this year and are currently well on track to realise this target.
“As of our first quarter ended March 31 this year, we had sucessfully locked in a total property sales value of approximately RM410mil,” he said.
Mah Sing had posted cumulative property sales of approximately RM1.78bil for the financial year ended Dec 31, 2016.
Ho was speaking to reporters after Mah Sing’s topping-up ceremony of its Lakeville Residence’s four residential towers and 3.11-acre facilities podium.
With regard to the group’s landbanking initiatives, Ho added that Mah Sing was open to acquiring new land parcels moving forward if promising opportunities arose.
“Currently, our total landbank size stands at about 2,183 acres. Moving forward, we would like to acquire more landbank as much as possible, depending on our financial position and the feasibility of the acquistions.
“We are open to acquiring new land parcels if the deals are good and viable because Mah Sing is in a very good position financially to acquire more landbank,” he said.
Lakeville Residence, which has a gross development value of approximately RM1.5bil, comprises six towers that offer residential suites with built-ups ranging from 977 square feet to 1,365 sq ft.
Launched in 2014, the current take-up rate of the entire development stands at approximately 90%, with Towers A and B being completely sold out. The units are priced from RM598,000 onwards.
The 12.38-acre Lakeville Residence is strategically located in proximity to amenities and access to major roads such as Jalan Ipoh, Jalan Kepong, the Duta-Ulu Kelang Expressway and the Middle Ring Road 2.
“One of the key factors of a successful development is its strategic location. In planning a project, we always ensure our buyers get the best, not only in terms of quality, but connectivity as well.
“Lakeville has proven that its convenient placement right in the heart of Jalan Kuching has been a strong driving force, as Towers A and B are completely sold out,” noted Ho.
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