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.

Friday, July 1, 2011

Mah Sing continues expanding

KUALA LUMPUR: Mah Sing Group Bhd will continue to acquire prime land and enter into joint ventures in future, to further boost its expansion strategy.

Managing director Tan Sri Leong Hoy Kum said the group was keen on both privately held and government land that could be developed as it had the track record, experience, branding and financial capacity to unlock and enhance the value.

“This year should be another good year, particularly for developers with a knack for creative product development and market strategies, among others.

“The mid to high-end residential segment in well-established locations should continue to thrive together with the mass housing market, echoing the Government's call to provide affordable housing,” he told reporters after Mah Sing's AGM here yesterday.

To date, the group has a total of 34 projects, all in Greater KL (Kuala Lumpur and Klang Valley), Penang and Johor Bharu, which yield a combined remaining gross development value (GDV) and unbilled sales of approximately RM14bil to last for five to seven years.

Leong also expected the positive sentiment for the property market to continue, riding on the favourable employment conditions and stable economic growth.

“It is a good time to buy properties now in view of the rising construction cost environment as buyers can lock in current property prices and enjoy borrowing rates, which are still very reasonable.

“Buyers should consider the developer's track record in terms of product delivery, quality, service and potential upside of the property,” he said.

He added that the group would maintain its focus on the local property market for its expansion plan.

For the first quarter ended March 31, Mah Sing reported a net profit and revenue of RM41.2mil and RM311.8mil respectively.

“We surpassed our shareholders' expectations last year and are working hard on achieving another good year in 2011 with more launches coming up in the second half,” Leong said.

Macquarie Equities Research, the latest research firm to have initiated coverage of the group, had forecast Mah Sing' earnings to grow at a compound annual growth rate of 54% over financial years 2011-2013.

In order to provide continuous value enhancement to shareholders, the group was aiming for a RM5bil market capitalisation within five years, from its present RM2.2bil.

By Bernama

No comments: