Mah Sing sees property market revival

Mah Sing founder and group managing director Tan Sri Leong Hoy Kum

KUALA LUMPUR: Mah Sing Group Bhd is cautiously optimistic about the property prospects in the medium to long term, citing robust demand for properties due to the young demographic.

The developer noted that the impact of the epidemic has had an influence on the property market in Malaysia over the last two years. This has resulted in a change in consumer patterns and new challenges for property players.

“The group foresees that the pace of revival can quicken, provided global and domestic economic growth is stable,” it said.

According to Mah Sing, rental demand is likely to increase next year as a result of the opening of travel borders, with more foreign expats, business partners, tourists, and foreign students contributing to total growth.

“Rental demand in the Klang Valley has grown from -2.9% in 1H20 to +2.6% in 1H21, according to iProperty's 1H21 Portal Demand Analytics (Residential Rental Market).

“Many renters in Kuala Lumpur are looking for condominiums and serviced residences sized between 1,000-1,200 sqft and priced between RM1,500-RM2,000. Having said that, this can be beneficial for homebuyers who are wanting to buy a house as an investment,” it said.

“Ultimately, the property market looks to be experiencing a revival as we move into 2022. We will continue to ensure that our products are aligned with market sentiment and meet the pent-up demand for affordable housing.

“The group intends to continue leveraging the strengths of its existing digital market platforms to boost sales by streamlining processes from awareness to payments. Moving forward, the group will pursue to strive for excellence in its management and operations,” Mah Sing said.

As the economy has only just gradually recovered, Mah Sing intends to help the people by offering M Series, its affordable range development.

Mah Sing founder and group managing director Tan Sri Leong Hoy Kum said the group aspires to be Malaysia's leader in affordable housing, continuing to provide reasonably priced homes with premium features in strategic areas to meet the country's expanding demand.

“By creating the ‘reinvent affordability’ campaign, it encourages customers and homeowners to be prudent in their property purchase and not over stretch their finances,” he said.

Referring to the Bank Negara Malaysia’s Financial Stability Review first half 2021 report, the results indicated that properties priced below RM500,000 accounted for more than 80% of housing transactions.

“Our M Series segment offers generally from 700 sq ft onwards with an indicative selling price from RM318,000. Hence, we believe that our product range is in line with the market demand,” it said.