Mah Sing to speed up its projects

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

PETALING JAYA: Mah Sing Group Bhd has fully redeemed RM650mil of its unrated senior perpetual securities on its first call date yesterday.

In a statement, the property developer said it has earmarked the proceeds from the issuance to accelerate the construction of projects with a good take-up rate, landbanking and working capital.

Mah Sing founder and group managing director Tan Sri Leong Hoy Kum has targeted a higher sales growth of 25% this year to RM2bil from last year. The units will see attractive price points of 60% below RM500,000 and 94% below RM700,000.

“Mah Sing is a growth-minded developer and backed by a healthy balance sheet, we will continue to scout for good land in strategic locations.

“With strong execution prowess, our vacant possession targets for 2022 are much higher than 2021, coming from projects like M Vertica in Cheras, Carya landed homes in M Aruna, Rawang, Sensory Tower A high rise units in Southvillle City, Bangi, M Vista high rise units in Penang and Meridin East shops and Acacia double-storey homes in Johor.

“This will further enhance our cashflow,” he said.

Mah Sing planned to launch RM2.4bil worth of properties this year and among its new launches are M Senyum in Sepang, M Astra in Setapak, M Nova in Kepong, M Panora in Rawang as well as the remaining phases for Ferringhi Residences in Penang and double-storey link homes in Meridin East, Johor Baru.

In terms of landbank acquisition, Mah Sing will be focusing on strategic landbanks in Greater KL, the Klang Valley, Penang and Johor.

Aside from these locations, Mah Sing is also scouting for attractively priced residential and industrial land outside of the Klang Valley, such as Seremban, Melaka, and Perak, for projects in the affordable range.

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