The company is gearing up for more affordable housing projects in the Klang Valley, Penang and Johor
By IZZAT RATNA /Pic By ISMAIL CHE RUS
Property developer Mah Sing Group Bhd will continue to be committed in developing more affordable homes in key areas in the Klang Valley, Penang and Johor, as it is part of the government’s mandatory requirement.
Its CEO Datuk Ho Hon Sang said that the management is always constantly on the lookout for sizeable landbank in centralised locations to meet customers’ expectations and demand.
“At the moment, we are gearing up for more affordable housing projects in the Klang Valley, Penang and Johor as it is part and parcel of our planning development.
“All of them are still in the planning stages and are expected to be launched very soon,” he told The Malaysian Reserve on the sidelines of the M Centura residence unveiling ceremony in Kuala Lumpur last Thursday.
Currently, Mah Sing’s total landbank stands at approximately 883ha, with a potential gross development value (GDV) of RM29.1 billion, which is expected to sustain the company for the next eight to 10 years.
Commenting on the upcoming Budget 2018, Ho said most private developers are expecting the government to address the end-financing issue by looking at provisions that can help boost and aid the recovery of the property market.
“Our customers are still facing challenges in end-financing with an average 60% success rate, based on our previous launches,” he added.
Meanwhile, Mah Sing is targeting a 100% take-up rate, representing a RM650 million in total sales, for the recently unveiled M Centura high- rise affordable residence within the first month of its launch.
The project is expected to be rolled out in the fourth quarter of 2017 (4Q17). Its group MD Tan Sri Leong Hoy Kum said the company is bullish to achieve the projected sales in view of the development being located in a strategic area, coupled with lifestyle amenities within the affordable housing bracket.
He added that M Centura is aimed at addressing the market’s needs for more affordable, but highly quality properties.
M Centura is an affordable housing project with an estimated GDV of RM1.4 billion. It is slated for completion over the next four to five years.
The second phase of the development is expected to be launched according to the market’s reaction towards the initial phase.
The freehold project spans a total of 3.6ha. The units are priced as low as RM328,000, or approximately RM505 per 0.09 sq m, with built-ups of between 60.39 sq m and 92.9 sq m.
Phase one of the development sits on a 1.89ha parcel of land comprising two blocks of 2,413 units, which is targeted to be launched in 4Q17.
Leong said Mah Sing has built a reputation as the leading developer in the country and the management intends to leverage the firm’s brand, combined with substantial and enviable landholdings in key locations.
“To address customers’ satisfaction, we will prioritise on building high quality properties,” he said.
Ho added that M Centura, targeted at first-time homebuyers and upgrades, is also well-connected with infrastructure and transportation hubs.
“The Sentul Timur LRT (light rail transit) station is 2.4km away and the Sentul LRT station is 3.5km away. It is also within 2.5km to 3.5km radius of three KTM Komuter stations — Sentul, Kampung Batu and Batu Kentonmen.
“Good accessibility will definitely enhance the lives of our buyers,” he said, adding that M Centura also integrates modern luxury living and facilities within a prime location.
“We want Mah Sing to be known as the household brand for high quality property development,” he said.
The unveiling ceremony was also witnessed and officiated by Minister of Federal Territories Datuk Seri Tengku Adnan Tengku Mansor.
In his keynote address, Tengku Adnan said Mah Sing’s effort to provide affordable homes for the public is commendable.
“We hope there will be more developments like this from other developers. They must demonstrate their benefit to the communities they serve,” he added.