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Tuesday, February 24, 2009

New project to be launched soon

KUALA LUMPUR: Mah Sing Properties Sdn Bhd is set to launch its latest commercial project, StarParc Point, in three months following good response from a project preview last week, said deputy chief operating officer Andy Chua.

Andy Chua with a model of StarParc Point in KL

“Whatever factors a good commercial development should have, we have it here at StarParc Point. What’s more, most of the land around that area is leasehold except for our land.

“We expect to sell off the project this year,” he told StarBiz in an interview yesterday.

The RM118mil StarParc Point is an integrated business hub in Setapak consisting of three-storey shop offices and six-storey retail-cum-office suites on five acres of freehold land. Besides fronting Jalan Genting Klang where there is heavy foot traffic, the project offers over 8% rental yield potential, interesting architectural design and a weather-controlled outdoor yard.

The office suites are priced from RM295,000 or about RM200 per sq ft, while the three-storey shop offices are selling for about RM2.3mil or RM400 per sq ft. The retail unit costs about RM1.3mil each.

Chua said the pricing for the development was “reasonable” in view of the similar prices fetched by surrounding leasehold properties.

He added that the group was working with banks to provide buyers up to 85% financing.

By The Star

Mah Sing eyes Klang Valley land for quick development

KUALA LUMPUR: With a healthy balance sheet, Mah Sing Group Bhd hopes to acquire more land this year, according to managing director and group chief executive Datuk Seri Leong Hoy Kum.

He said the group was eyeing mature land in the Klang Valley that could be developed quickly.

“We will receive RM200mil payment upon the completion of The Icon Jalan Tun Razak (20-storey commercial building) by June. Coupled with our ability to borrow up to RM300mil, we will have RM500mil worth of cash,” he said yesterday.

As at end-2008, the company had a cash pile of RM172mil, and its net gearing ratio (total debt over total equity) stood at 0.07 times. Even if the company borrows up to RM300mil, the gearing will not reach more than 0.5 times.

“The potential cash flow is more than enough to fund our operations and I think we are one of the few companies that are still looking for land acquisitions at the moment. At times when everyone was very cautious, we saw the potential of StarParc Point (which Mah Sing acquired in November) simply because it was such a good buy – freehold in a place that is normally leasehold. There’s high traffic flow and not much land left in the area,” he said.

Going forward, the company is planning self-generating and less risky projects.

“This is not easy because it requires a lot of commitment and coordination from all departments.

“We believe medium and medium high-end properties will still be resilient to a certain extent this year,” Leong said.

Although Mah Sing’s sales in the fourth quarter last year were slow, the company’s innovative financing packages, such as the Easy Home Ownership programme last month, have boosted revenue.

The company is maintaining its sales target of RM400mil to RM450mil this year. Leong projected the domestic property market would recover by mid-2010.

Currently, Mah Sing has 16 ongoing projects in the Klang Valley, Johor Baru and Penang. As at Dec 31, it had unbilled sales and remaining gross development value totalling RM3.8bil. The company’s total sales in 2008 hit RM395mil.

By The Star (by K.C.Law)

Mah Sing net profit rises to RM93.2m

Mah Sing Group Bhd's net profit for the financial year ended Dec 31, 2008, rose to RM93.2 million from RM81.1 million in the same period of 2007 on revenue of RM651.6 million.

For the fourth quarter ended Dec 31, 2008 it posted a net profit of RM17.08 million on revenue of RM152 million.

In a statement here today, Mah Sing said the contributors for the financial year were the group's commercial and housing projects and the plastic division.

Mah Sing said it was conducive for home buyers to invest now due to the current lower interest rate regime, reduction in monthly Employees Provident Fund (EPF) contributions, increased purchasing power afforded by EPF withdrawalsto service housing loans and various mortgage packages by banks and developers.
Group managing director/chief executive, Datuk Seri Leong Hoy Kum, said the company raked up sales of RM395 million in 2008 due to its focus on the niche, medium- to high-end landed properties segment.

"As we have pre-constructed RM256 million worth of properties in certain key projects, we were able to continue launching these projects," he said.

He said the company would be able to sustain its momentum this year by offering medium- to high-end residential- and investment-grade commercial projects.
"We expect the medium- to high-end property segment to continue to yield decent long-term positive capital appreciation going forward," he said.

By Bernama

SP Setia show gallery in Vietnam

PROPERTY developer SP Setia Bhd unveiled the EcoLakes Show Gallery in Ho Chi Minh City last Friday to give people a taste of what living in EcoLakes at MyPhuoc would be like.

EcoLakes at MyPhuoc is being developed by SetiaBecamex JSC, a joint-venture company between SP Setia and Becamex IDC Corp, Vietnam’s top state-owned conglomerate.

The township is a master-planned community that will see the crea- tion of an eco sanctuary with a keen respect for the environment to preserve nature’s ecological balance.

SP Setia’s chief executive officer Tan Sri Liew Kee Sin said the opening of the show gallery showcases the developer's commitment to the Vietnamese development despite the current challenging economic climate.

By Business Times