Mah Sing To Develop Houses Below RM500,000 At Klang Valley

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KUALA LUMPUR: Mah Sing Group Bhd is buying more lands in the Klang Valley to develop affordable, well-planned mass market housing projects priced below RM500,000 starting from this year.

Mah Sing managing director Tan Sri Leong Hoy Kum said in a statement yesterday, “We believe the demand for properties will continue to be strong in Klang Valley as the value and volume of property transactions in the area is by far the highest in the country in terms of economic dominance.”

Supported by a strong balance sheet with low net gearing of 0.02 times as at 31 March 2017, the group plans to continue its active land acquisitions and increase its Klang Valley land banks from the current 65% to 75% within the next two to three years.

Leong also added, “In line with our tagline ‘Reinvent Spaces. Enhance Life’, we believe that enhancing lives come from helping our buyers own their dream properties. As such, we want to focus on building homes at affordable pricing points. In fact, 33% of our 2017 residential sales target price points are below RM500,000, 73% below RM700,000 and 95% below RM1mil.”

During the company’s 25th annual general meeting, the shareholders approved a number of resolutions, with the key resolution of the first and final single-tier dividend of 6.5cent per ordinary share of RM0.50 each in respect of the financial year ended 31 December 2016, which translates to an attractive dividend yield of approximately 4.5%.

The group also updated shareholders on its strong financial track record where it saw 14% return on equity and 49% asset turnover over a five-year average, compared to peer average of 9% and 24% respectively.

The statement reported that Mah Sing has acquired two lands in the Klang Valley, which is an 8.5-acre land in Sentul and a 3.56-acre land at Titiwangsa Lake Garden with the combined potential gross development value (GDV) of approximately RM1.95bil.

The land in Sentul will be developed into M Centura residential suites, indicatively priced from RM326,000. The lakeside condominium at Titiwangsa will feature residential units with indicative starting price of RM485,000.

News Source: Star Property

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