Mah Sing is confident of achieving its 2023 property sales target of RM2.2bil.
PETALING JAYA: Mah Sing Group Bhd
continues to maintain a strong liquidity and balance sheet position despite its recent land deals.
The property developer said it had a low net gearing of 0.2 times as at March 31, 2023 which has given it the room to buy three new land parcels with a combined estimated gross development value (GDV) of RM4.5bil in the first half of 2023.
With the new acquisitions, Mah Sing said its prime land bank had increased to 2,418 acres, with a total remaining GDV and unbilled sales of RM26.86bil.
This provides the group with sustained earning visibility moving forward, it said.
In the first half of this year, Mah Sing acquired three plots of land in Puchong (8.2 acres), Johor (75.7 acres) and Semenyih (500 acres).
The plots of land will house three projects slated for affordable landed and high-rise homes, it said in a statement.
Mah Sing is also confident of achieving its 2023 property sales target of RM2.2bil, after having locked in RM600.6mil sales in the first quarter of 2023 (1Q23).
“Our RM600.6mil sales in 1Q23 are a remarkable 33.5% increase compared to the same quarter last year.
“As we enter into the second half of the year, we remain committed to our strategic focus on the M Series,” Mah Sing’s founder and group managing director, Tan Sri Leong Hoy Kum, said in the statement.
“The M Series has distinguished itself through its appealing pricing, practical designs and strategic locations in well-established communities, providing convenient access to amenities and connectivity.
“This customer-centric approach has struck a chord with homebuyers and gives us confidence in achieving our RM2.2bil sales target,” he added.
Mah Singh’s unbilled sales stood at about RM2.26bil as at March 31, 2023.
Within the property division, Mah Sing has prioritised environmental goals by incorporating green building certification, accessibility for electric vehicles, energy-saving lighting, an automated waste collection system, and green provisions in design concepts and developments.
Moving forward, Mah Sing intends to adopt the Task Force on Climate-Related Financial Disclosures reporting framework to strengthen its process for evaluating, monitoring and measuring material environmental, social and governance-related issues and risks.
In April, the property developer successfully completed and delivered Tower C, D, and E for M Vertica in Cheras ahead of schedule.
Other projects which are expected to complete by the end of 2023 and 2024 are M Oscar in Sri Petaling, Erica link homes in Meridin East, Johor Baru, Delphy link homes in M Aruna, Rawang, Tower B of Sensory Residence in Southville City, M Adora in Wangsa Melawati, M Arisa in Sentul and M Luna in Kepong.
Meanwhile, the company’s AGM saw the retirement of Mah Sing’s former chairperson and senior independent non-executive director Tan Sri Siti Norma Yaakob as she did not offer herself for re-election.
The company has hence appointed Admiral (R) Tan Sri Panglima Abu Bakar Abdul Jamal as its new chairperson effective Aug 1.
