KUALA LUMPUR (May 1): On the back of Malaysia’s recovering economy, Mah Sing Group Bhd is optimistic about its property market strategy that focuses on offering affordable high-rises in central business districts and landed houses in strategic, suburban locations with good catchment areas around the country.
In its financial year ended Dec 31, 2021 (FY2021), the group’s property sales returned to pre-pandemic levels at RM1.6 billion. “This is an increase of 45% compared with RM1.1 billion in sales in 2020, as well as an increase from pre-pandemic sales of RM1.5 billion in 2019. The growth was driven primarily by strong execution, the success of our M-Series projects and effective digital marketing initiatives," says Mah Sing founder and group managing director Tan Sri Leong Hoy Kum.
"We plan to launch RM2.4 billion worth of projects and target a 25% increase in new property sales to RM2 billion for 2022. Price points will be attractive, with 60% of properties below RM500,000 and 94% below RM700,000," he adds.
One of the key projects for the company this year is M Astra in Setapak, Kuala Lumpur, which is set to be launched in June or July. With a gross development value of RM618 million, the mixed-use development will comprise two 39-storey towers with a total of 1,426 residential units. The three-bedroom and four-bedroom units will have built-ups ranging from 850 to 1,044 sq ft and prices starting from RM399,000. It will also have 24 two-storey shops on the ground floor. These will measure 1,420 sq ft to 3,637 sq ft for the typical units and 5,338 sq ft to 6,468 sq ft for the drive-thru units. Their indicative prices start from RM1.69 million.
Another upcoming project is M Panora in Rawang, which will feature 396 two-storey super link homes with indicative prices starting from RM650,000. The 24ft by 65ft homes will come in four-bedroom, three-bathroom layouts with built-ups of 1,770 sq ft to 2,026 sq ft.
Read more about it in The Edge Malaysia weekly’s May 2, 2022 edition.
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