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Mah Sing achieves property sales of over Rm1bil
 
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Mah Sing achieves property sales of over Rm1bil
May 28, 2012
KUALA LUMPUR: Mah Sing Group Berhad achieved property sales of slightly above RM1billion as at 15 May 2012, marking 40% of its 2012 full year sales target of RM2.5billion.

The Group also had strong earnings visibility, with unbilled sales of approximately RM2.48billion as at 31 March 2012, which makes it 1.8 times the revenue recognized from the property development division in 2011.

Mah Sing Group Berhad recorded strong revenue and net profit of approximately RM457.8 million and RM59.9 million respectively for the 1st quarter of 2012.

Property development projects that contributed to revenue and profit during the year included township developments in the Klang Valley like Garden Residence, Clover @ Garden Residence, and Garden Plaza in Cyberjaya, Kinrara Residence in Puchong, Aman Perdana in Meru - Shah Alam.

Niche developments such as Perdana Residence 2 in Selayang, One Legenda, Hijauan Residence, and Bayu Sekamat in Cheras, and small units of serviced residences in M-City and M-Suites in Jalan Ampang, as well as Icon Residence in Mont' Kiara also played a role in revenue and profit.

Also contributing were integrated developments such as Icon City in Petaling Jaya, Southgate in Sungai Besi, StarParc Point in Setapak, Star Avenue @ D’sara and industrial projects, i-Parc 1 and i-Parc 3 in Bukit Jelutong as well as i-Parc 2 in Shah Alam.

Projects in Penang Island; Legenda @ Southbay and in Johor Bahru; Sierra Perdana, Sri Pulai Perdana 2 and Austin Perdana also contributed to revenue and profit.

Greater KL once again made up the bulk of sales achieved at 82%, with Johor Bahru at 10% and the balance contributed by Penang island.

“We have planned our product mix in line with the market demand, as evidenced by the strong take up, for example, our township development of Kinrara Residence did very well when we launched our semi-detached homes and bungalows. This shows that there is continued demand for landed residential properties in good location, especially in gated and guarded schemes coupled with the established infrastructure and amenities," said Group MD cum CEO, Tan Sri Datuk Sri Leong Hoy Kum.

"The same can be said of Clover@Garden Residence which comprises mostly semi-detached homes, with limited units of superlinks and bungalows. Buyers will be able to get a better picture of the 2 storey and 3 storey semi-detached homes when our show units are completed in June 2012," he added.

As at May 2012, the Group has struck 3 new land deals namely a mass market township M Residence 2@Rawang to tap on the spillover demand from M Residence @Rawang, an integrated development Sutera Avenue, Kota Kinabalu marking the Group’s expansion to Sabah, and Southville City, a 412 acre township in Bandar Baru Bangi which was recently announced.

The combined gross development value of these new projects is approximately RM3.63billion, or 73% of the Group’s land banking target of acquiring prime lands that can potentially yield RM5billion in gross development value (GDV) potential.

“We are keen to explore further land acquisitions in the prime property hotspots where we have established our presence. Currently we have approximately RM18.2 billion GDV and unbilled sales which can last us up to 8 years, and we are very selective of the lands that we acquire," Leong said.

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