KUALA LUMPUR, June 15 — Mah Sing Group Bhd plans to increase its landbank in the Klang Valley from the current 65 per cent to 75 per cent within the next two to three years.
In a statement today, the group said, it planned to develop affordable, well-planned mass market housing projects with each house to be priced below RM500,000.
Group Managing Director, Tan Sri Leong Hoy Kum, citing a 2016 report by the National Property Information Centre, said property transactions in the Klang Valley were valued at RM30.81 billion, accounting for nearly half of the total RM65.6 billion achieved in the country.
“We believe the demand for properties will continue to be strong in the Klang Valley, as the value and volume of property transactions in the area were by far the highest in the country in terms of economic dominance,” he said.
He said this year, the group had acquired 3.44 hectares (ha) in Sentul and 1.42 ha fronting the Titiwangsa Lake Garden, with a combined potential gross development value of approximately RM1.95 billion.
The group currently has 912.56 ha, with total remaining gross development value and unbilled sales of RM31.5 billion.
Mah Sing said 70 per cent of the group’s buyers were below 40 years old, with most being first-time house buyers or upgraders looking to buy affordably priced houses.