KUALA LUMPUR: Mah Sing Group Bhd is optimistic about its prospects for 2020, as the developer expects demand for affordable homes to remain steady despite the sluggish property market.
Chief executive officer Datuk Ho Hon Sang said affordably priced homes would continue to be “most-welcomed” during trying times.
“We’re excited about 2020 as our trend has been proven. Our business model that focuses on properties that are affordably-priced has received good response from the public and we will continue with this strategy, ” he said at the launch of the group’s M Luna Sales Gallery here yesterday.
“It’s because we believe the majority of buyers, especially first time homebuyers and upgraders, are able to afford the properties that we’ve been providing to the market in the past two to three years. So we will continue with this trend and I believe that as far as Mah Sing is concerned, this product will be most-welcomed.”
Separately, Mah Sing chief operating officer Yeoh Chee Beng said the group has received 5,500 registrations for M Luna in just three weeks.
He said take-up is expected to be good by the time of the project’s launch next year.
The M Luna development sits on 5.47 acres of land next to the Kepong Metropolitan Park and has an estimated gross development value (GDV) of RM705mil.
The project consists of two towers of 860 units and 812 units respectively.
The units will have an indicative built up from 700 sq ft and indicatively priced from RM385,000, ranging from two to four bedrooms with one to two car parks per unit.
Mah Sing, which is targeting to achieve RM1.5bil in sales for 2019, posted a net profit of RM50.01mil for the third quarter ended Sept 30 on the back of RM415.47mil revenue.
The group’s property development segment recorded revenue of RM1.1bil for the nine-month period ended Sept 30, compared with RM1.4bil a year ago, while posting an operating profit of RM189.3mil compared with RM244.8mil in the corresponding period a year ago.
Sales within the nine-month period were from relatively new projects and existing stocks, namely M Vertica In Cheras, M Centura in Sentul, M Aruna in Rawang, Southville City in KL South, Lakeville Residence in Jalan Kuching, D’sara Sentral in Sungai Buloh, M Residence and M Residence 2 in Rawang and M City in Jalan Ampang in Greater KL and Klang Valley, Ferringhi Residence in Penang and The Meridin@Medini, Meridin East and Sierra Perdana in Johor.
The group’s remaining and bank stands at 2,064 acres, with the remaining GDV and unbilled sales totalling RM25.5bil as at Sept 30,2019.
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