27 November, KUALA LUMPUR – Mah Sing Group Berhad (Mah Sing) registered RM1.136billion sales in the nine-month period ended 30 September 2019, sustaining its momentum to achieve the RM1.5billion sales target for 2019. Mah Sing’s balance sheet continues to remain healthy with cash and bank balances of approximately RM1billion. This will prepare the Group to continue replenishing its prime lands with key focus on affordable property projects especially in Klang Valley, and Johor as well as Penang should the opportunities arise, whilst exploring joint venture prospects.
In 2019, the Group has acquired three prime lands, with the second acquisition (M Luna, KL North) announced in July 2019 and third acquisition (M Adora, Wangsa Melawati) in August 2019. The first project from Mah Sing’s 2019 land acquisition trail, M Oscar (Off Kuchai Lama) was acquired in March 2019 and within 7 months, it was successfully launched in October 2019, with its first phase comprising 200 units recorded 100% take-up during its initial launch.
All the new lands are equipped with approved development order, which allow the Group to leverage on its fast turnaround business model to launch the new projects swiftly. The registration of interest for M Luna and M Adora has commenced concurrently as well and are expected to receive promising responses with the growing interest towards the projects after the land acquisition announcements. Both M Luna and M Adora are targeted to be launched in Q1 2020.
Apart from the new projects from this year’s land acquisitions, Mah Sing also recently launched M Arisa’s new sales gallery, featuring its second affordable residential development in Sentul. M Arisa’s sales gallery opening continues to expand Mah Sing’s footprint in Sentul, following its first successful project, M Centura, which garnered overwhelming response with over 90% take-up rate, within two years of its launch.
“As a market driven developer, we understand the market needs and is constantly adapting our strategies to suit the demand. We have always believed that properties in the affordable range and at good locations are still seeing good demand. The projects that we have recently launched or currently in the pipeline are all affordably priced with good accessibility and connectivity. This showcases our commitment in continuously providing quality affordable homes to the home owners as 81% of our full year target sales for 2019 is from residential properties below RM700,000. Supported by our strong track record of tailoring our products to fit the needs of the home buyers, we are positive that our projects will continue to gain positive responses.” said Mah Sing’s Founder and Group Managing Director Tan Sri Dato’ Sri Leong Hoy Kum.