GEORGE TOWN: Mah Sing Group Bhd’s remaining land bank of about 817ha with remaining gross development value (GDV) and unbilled sales totalling RM24.86bil as at March 31,2020 is projected to provide earnings visibility for at least eight years.
“The remaining GDV and unbilled sales comprise 61% of the residential component, while the commercial segment a further 33%.
“About 6% of the remaining GDV and unbilled sales is expected to come from the industrial component, ” chief executive officer Datuk Ho Hon Sang said.
In tandem with the recent measures to stimulate the property market, the group plans to launch projects with RM2.1bil GDV in 2020.“The focus will be affordable homes at strategic locations.
“In the first quarter, we have launched M Arisa, our second project in Sentul.
“For the second half, we are planning to launch M Vertica Tower 5 in Cheras, M Adora in Wangsa Melawati, Carya@M Aruna in Rawang, Sensory 2 & Cerrado 2 at Southville City, KL South and Acacia & Jasmine @ Meridin East, Johor.”
“The indicative starting price range of the projects is between RM385,000 and RM550,000. We will also maintain our RM1.6bil target sales in 2020 with 84% of our residential products priced below RM700,000, ” Ho added.
In Penang, the group’s remaining land bank as of March 31,2020, stands at 71 acres, with a remaining GDV and unbilled sales of RM2.57bil.
“In Southbay City, we have already launched 10 acres of our total development of 30 acres.
“As at March 31, Southbay City has remaining land bank of 20 acres with remaining gross development value and unbilled sales of RM1.56bil, which can last us more than five years. “As Southbay City is one of our largest land bank in Penang, which is precious to us, we are finding the right equilibrium between the timing of our launches and market interest.
“We are now designing the Southbay City Redevelopment Masterplan to accommodate the needs and demands of customers and the new norms.
“The new demands are now revolving around health, cleanliness, and protection.
“People’s sense of personal space and hygiene has changed and the design will cater to these new social demands.
“Under the new norms, Mah Sing’s future developments including Southbay City will incorporate spacious common facilities as well as information technologies and enhanced design features for the safety and welfare of the residing community, which will enable the practice of social distancing, various levels of monitoring and ensure a high standard of hygiene and maintenance, ” he said.
According to Ho, the new home features will take into account the needs for additional versatile rooms or dual-key units that can double up as a workspace or as a quarantine area.“The other new advanced features include automatic, touchless systems of communication, accessibilities, and services, ” he said.
He said there are still many investors in Penang who are seasoned property buyers with strong financial capabilities to purchase properties.
“With the reintroduction of the Home Ownership Campaign, the abolishment of Real Property Gain Tax, and also the removal of the 70% margin financing limit for the third housing loan, we hope to see genuine property buyers coming back to the market.
“Our M Vista in Southbay City catering to the local market has recorded a take-up rate of 90% previously and we anticipate M Vista will be among the suitable projects for home buyers, ” he said.
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