Mah Sing unfazed by new policy changes

By IZZAT RATNA / Graphic By TMR

MAH Sing Group Bhd is not expecting any adverse impact from any policy changes that might take place following the formation of the new government after the conclusion of the 14th General Election (GE14).

CEO Datuk Ho Hon Sang said the company is expected to be part of the movement that aims to increase home ownership at the national level, with more product offerings within the affordable bracket.

He said Mah Sing is a nonpolitical entity and operates as a business in the property sector, with stronger presence in four major states, such as Penang, Selangor, Johor and Sabah, prior to GE14.

“So, basically for us, Mah Sing is a business concern and we are non-partisan. So, everything will be business as usual for us because our focus is on building homes that cater to the buyers’ demand,” he told reporters after the launch of the company’s “Desire” campaign in Sungai Buloh, Selangor, yesterday.

Ho said all the company’s processes and policies are in place, in accordance with the current regulations, and everything would augur well for its business.

He said big ticket purchasing decisions, which were largely on hold prior to the election, are now offering more clarity with the market having lesser uncertainties. Ho said products within the right price points in strategic locations would perform well in the current market conditions.

Ho said the country’s present macroeconomic situation — backed by the rallying of oil prices, which is now climbing up to US$79 (RM314.42) per barrel, along with the improved first quarter of 2018 gross domestic product — would be the catalysts that would boost the people’s purchasing power, particularly among the youth.

“The new minister of education announced that those earning below RM4,000 has some extension or leeway in their debt repayment regime too.

“So, all these will positively affect the youths’ purchasing power and will bode well with our strategy, since about 70% of our developments are focused at the youth and firsttime homebuyers.

“Of course, I also believe the new government would like to prove themselves with experiences from observing the previous administration,” he said.

Ho said property developers are also expected to launch more products this year, and would help stimulate the overall market activity.

“Developers have to consider many aspects such as cashflow, employees and various outflow commitment before rol l ing out new launches, and I believe many developers have held back their launches last year due to GE14.”

Ho said projects launched after June 1 would be launched with the 6% Goods and Services Tax (GST) taken off the price tags. He said earlier projects that were launched during the GST era will have to be further reviewed.

Ho also assured there would be no drastic change in prices before thorough market feasibility study is conducted to understand how to best serve the market.

“As a committee member of the Real Estate and Housing Developers’ Association Malaysia, we are also very keen to work with the government to help solve the ongoing issues in the property market,” he said.