The company is optimistic its property projects will continue to gain traction from buyers due to their strategic locations and affordable price points
by S BIRRUNTHA / pic by MUHD AMIN NAHARUL
MAH Sing Group Bhd is confident of meeting its property sales target of RM1.6 billion for the financial year ended Dec 31, 2021 (FY21), having achieved 80% of the target in the nine months up to September.
The property group has secured property sales of RM1.28 billion for the nine-month period ended Sept 30, 2021 (9M21).
Mah Sing, in a release yesterday, stated that it is optimistic its property projects will continue to gain traction from buyers due to their strategic locations with large captive market, affordable price points and well-designed features that meet current market demand.
For its third quarter ended Sept 30, 2021 (3Q21), Mah Sing reported a net profit of RM40.17 million or earnings per share of 1.65 sen, which was up 54.72% from the RM25.96 million net profit it made in the same quarter last year.
Quarterly revenue, however, slipped 6.09% year-on-year (YoY) to RM364.57 million. For 9M21, Mah Sing’s net profit jumped 79% YoY to RM120.85 million while revenue rose 15% YoY to RM1.22 billion, supported by an overall improvement in its property division.
The group’s balance sheet remains healthy with cash and bank balances and investment in short-term funds of RM720 million as at Sept 30, 2021.
Mah Sing stated that it has observed an upward trend in its property sales, mainly from the M-Series of affordably priced high rises in the central business district and landed properties located in strategic locations with good catchment areas.
The group has proposed to buy 3.27ha of land in Batu, Kuala Lumpur (KL) for RM95 million and used the land for a mixed development called M Nova with an estimated gross development value of RM790 million.
It noted that the deal will solidify its footprint in Kepong, KL after the well-received Lakeville Residence and M Luna projects and leverage on the spillover demand from M Luna that has achieved take-up of 90% in a short time following its launch in June last year.
With an indicative selling price that starts from RM318,000 for the most affordable residential unit, M Nova will attract first-time homebuyers, upgraders and working professionals who enjoy city lifestyle and are looking to stay close to the city with good accessibility, amenities and infrastructures, Mah Sing noted.
“Given the healthy take-up and rapid turnaround of the M-Series projects and other ongoing projects, the group will continue to scout for and lock in similar lands to further strengthen its competitive positioning in the affordable segment targeting the first-home buyers-end users,” it added.
Riding on the steady sales momentum, the group added that the Mah Sing NOW sales campaign will be extended to Dec 31, 2021.
Including the three new lands acquired to-date, namely M Senyum in Sepang, Selangor, M Astra in Setapak, KL and M Nova in Kepong, KL, Mah Sing has a remaining landbank of 830ha with a remaining gross development value and unbilled sales of RM24.98 billion.