Malaysia Property News is a free resource website sharing Daily Property News & information about Property in Malaysia, which related to, Property Market, Property Investment, Commercial Property , Hot Properties Malaysia, Real Estate, Retail Shop, Business Park, Condominium Malaysia, Terraces & Apartment Malaysia, Houses, Residence, Resort and many more.

Saturday, June 27, 2009

Mah Sing expects to conclude talks with PNB soon

PROPERTY developer Mah Sing Group Bhd expects to conclude talks with the country's largest fund manager Permodalan Nasional Bhd (PNB) soon to jointly develop the latter's landbank in Kuala Lumpur and Johor.

Mah Sing group managing director Tan Sri Leong Hoy Kum said it has been discussing and exploring the possibility of working with PNB.

"PNB is a valued shareholder and if there is an opportunity, we would like to work with PNB be it to develop land in the Klang Valley, Johor Baru or any other land in its stable," he said after the group's annual general meeting in Kuala Lumpur yesterday.

"Of course, any joint venture would need to match PNB's investment criteria and fit Mah Sing's business model," Leong added.
PNB, which has some 20 per cent stake in Mah Sing, has parcels of land scattered in the city centres, such as those held by its unit Malaysian Industrial Development Fund Bhd, which wholly owns MIDF Property Bhd.

Mah Sing is projecting RM435 million sales this year, helped by its financial package offering that was launched in January.

Its Easy Home Ownership programme has reached RM317 million in sales so far, which represents 70 per cent of its full-year target.

As at March 31 2009, Mah Sing had gross development value and unbilled sales of RM3.8 billion, which will keep it busy for the next five to seven years.

Apart from Malaysia, the group is exploring potential property development projects in China and Vietnam for their lower priced land and high population growth.

By Business Times (by Zurinna Raja Adam)

No comments: