Mah Sing Group shares encouraging property outlook based on Bank Negara Annual Report 2015

Mah Sing Group shares encouraging property outlook based on Bank Negara Annual Report 2015

Kuala Lumpur, 24th March 2016 – With the release of the Bank Negara Malaysia Annual Report 2015, Mah Sing’s Group Managing Director Tan Sri Dato’ Sri Leong Hoy Kum shared how the Group is in a good position to address the property concerns highlighted in the report.

“With the projects we have in the pipeline, we are in good position to support the need for nearly 203,000 new houses annually from now till 2020. With encouraging responses from our registration of the Meridin East township in Pasir Gudang, Johor Bahru and Cerrado serviced apartments in Southville @ KL South, the demand for affordable homes is strong in the market. We are ready to meet the needs with 89% of our planned residential launches below the one million ringgit range, especially with our upcoming launches of new blocks in D’sara Sentral, Sungai Buloh, Lakeville Residence, Taman Wahyu, our new Laman Ayu township in Rawang as well as our Ferringhi Residence 2 in Penang island,” said Tan Sri Dato’ Sri Leong.

Tan Sri Dato’ Sri Leong also noted that even though the household debt-to-gross domestic products ratio (GDP) was at 89.1%, the fact that buyers are able to service their debt is good for first-time real estate owners as well as the property industry. “Property remains a sound investment as it has long term value for buyers. Together with household liquid assets-to-debt ratio that is currently in excess of 1.4 times, consumers have ready access to funds for households to meet their debt obligations,” noted Tan Sri Dato’ Sri Leong.

Mah Sing supports the Real Estate Housing Development Association of Malaysia’s (Rehda) proposal to help first-time buyers purchase their first homes now. Tan Sri Dato’ Sri Leong commented that “Rehda is engaging the Government to bring back a hybrid developers interest bearing scheme (DIBS) for first-time house buyers.  We hope discussions progress into something positive as this will assist more Malaysians in owning their own homes, as property is still the best hedge against inflation.”

 

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