Mah Sing targets RM2.3 billion sales this year

Property developer, Mah Sing Group Bhd announced a sales target of RM2.3 billion this year, which it aims to achieve by focusing on the starter homes segment.

“With a focus on high growth corridors within Kuala Lumpur, 89% of our new launches are priced below RM1 million and we are well positioned with ready products to capture the demand,” said the group, which currently has RM4.75 billion of unbilled sales and gross development value (GDV) worth of RM32.87 billion.

Some of the upcoming projects for sale include the Cerrado serviced apartments (pictured) in Southville City @ KL South, tentatively priced from RM388,000; the new township in of Laman Ayu in Rawang; new blocks of properties in D’Sara Sentral and Lakeville Residences in Kuala Lumpur; Feringghi Residences 2 in Penang and affordable landed homes tentatively priced from RM350,000 in the Meridin East township of Pasir Gudang.

Meanwhile, the group also saw the GDV of its Southville City @ KL South rise to RM11.1 billion due to the new master plan to improve connectivity to the township.

The upcoming High Speed Rail (HSR) project, which directly connects Southville City to KL-Seremban, is set for completion ahead of schedule in 2017 instead of 2018.

The 428-acre freehold township is located 19km from Kuala Lumpur via the Sungai Besi toll.

The group announced a net profit of approximately RM386.7 million and revenue of RM3.1 billion for the year ended Dec 31, 2015.

According to the group, the property development sector contributed revenue of RM2.8 billion, a 7.9% improvement as compared to RM2.6 billion achieved last year.

The improvement was attributed mainly to the higher work progress and sales from the group’s on-going development projects such as M City in Jalan Ampang, Southville City @ KL South, Icon City in Petaling Jaya, M Residence and M Residence 2 in Rawang and Kinrara Residence in Puchong, the group noted.

The group also recognised a fair value gain on the completion of investment properties from Star Avenue Lifestyle Mall - The Edge Property