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Wednesday, March 24, 2010

Mah Sing plans to build homes in Sabah for MM2H buyers

Mah Sing Group Bhd, the country's fifth largest property developer, is looking for land in Sabah to build residential homes and villas for foreign buyers interested in the "Malaysia My Second Home" (MM2H) programme.

Group managing director Tan Sri Leong Hoy Kum said the company was seeking land in Kota Kinabalu to develop into a mixed range of properties, including villas and residential homes.

"We want to build more houses that can be sold under the MM2H programme and are looking at buying land near the beaches or anywhere in a prime area, or with potential to become a prime area in future," he told reporters after Mah Sing's extraordinary general meeting in Kuala Lumpur yesterday.

"We decided on Sabah because we find that many foreigners are interested to buy properties there."
The group is on track to meeting its RM1 billion sales target for the year through several property developments in the Klang Valley, Penang and Johor.

"We are on track to achieving our sales target, based on our performance in the first three months of this year during which we hit RM516 million. That is three times more than the RM170 million sales achieved in the same period in 2009," Leong said.

The group also plans to acquire at least 405ha in prime areas in Selangor and Johor Baru.

"We have bought two pieces of land since the beginning of the year and are looking for more land to buy, especially in prime locations in Selangor."

Mah Sing has a gross development value and unbilled sales of RM6 billion, which provides earnings visibility for about six to eight years.

Last year, Mah Sing posted RM94.3 million net profit on revenue of RM727 million, surpassing the year's initial target of RM453 million by 1.6 times.

Leong also said that the group's shareholders had voted and approved its proposed bonus issue of up to a maximum of 151,283,858 new ordinary shares of RM0.50 each on the basis of one bonus share for every five existing ordinary shares of RM0.50 apiece.

By Business Times

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