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Property News

Mah Sing optimistic of achieving RM2.2 bil sales target

KUALA LUMPUR (June 22): Mah Sing Group Bhd is confident of achieving its 2023 sales target of RM2.2 billion property sales, having locked in RM600.6 million sales in the first quarter of 2023 (1QFY2023).
Founder and group managing director Tan Sri Leong Hoy Kum said the property developer remains committed to its strategic focus on the M Series and upcoming launches, including M Nova, M Minori, M Senyum, Meridin East, M Panora, and M Sinar.
“This customer-centric approach has struck a chord with homebuyers and gives us confidence in achieving our RM2.2 billion sales target,” he said in a statement on Thursday (June 22).
Mah Sing has cash and bank balances, and investment short-term funds totalling RM900.6 million to date.
The statement added that the total vacant possession funds from completion of properties for 2023 and 2024 amounted to RM500 million and RM440 million respectively, which should boost the group’s cash position.
Meanwhile, Mah Sing said its prime landbank increased to 978.53 hectares, after the acquisition of three new land parcels in the first half of 2023. Its total remaining gross development value (GDV) and unbilled sales amount to RM26.86 billion, providing the group with sustained earnings visibility.
As at March 31, 2023, unbilled sales stood at RM2.26 billion.
Supported by a strong balance sheet and good market outlook for the affordable range, Mah Sing continues to eye more good landbank, with priority given to land parcels suitable for the affordable M Series landed and high-rise residential and industrial developments, it said.

Source: EdgeProp.my

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