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Thursday, August 13, 2009

Mah Sing unit to sell retail and office space for RM226m

KUALA LUMPUR: Mah Sing Group Bhd subsidiary, Jastamax Sdn Bhd, has proposed an en bloc sale of an eight-storey retail and office space with two basement levels of car park within its Southgate commercial centre for RM226mil cash to Koperasi Permodalan Felda Bhd (KPF).

Mah Sing told Bursa Malaysia yesterday that it was extending its 5/95 marketing programme to KPF.

Under the programme, 5% of the total price will be paid upon the execution of the sales and purchase agreement and the balance 95% will be released to Jastamax based upon the architect’s certification of each stage of completion.

The eight-storey building, with gross area of 257,943 sq ft (excluding car park) is to be leased back for a period of two years by Jastamax from KPF.

With the proposed en bloc sale, Mah Sing’s sales so far this year have exceeded its full year sales target of RM453mil by 1.2 times to hit RM543mil. Its unbilled sales to date is recorded at RM800mil.

Mah Sing group managing director cum group chief executive Tan Sri Leong Hoy Kum attributed its success to pre-emptive measures in terms of project planning, pre-construction, cost management, cash management and the 5/95 marketing programme.

“Both the residential and commercial divisions have done well under the 5/95 programme, contributing 40% and 60% respectively to sales year-to-date,” he said, adding that it would continue this programme as demand was resilient.

However, it is considering a new sales target for the full year and is unable to reveal any projected figures. Last year, Mah Sing reported revenue of RM651.6mil, of which RM502.1mil came from the property and RM145.7mil from the plastic divisions.

“For the second half, we shall continue launching the projects we had planned last year,” Leong said in a separate statement to Bursa.

By The Star

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