Friday, June 25, 2010

Mah Sing confident of achieving RM1b sales this year

KUALA LUMPUR: Property developer MAH SING GROUP BHD [] is confident of achieving its sales target of RM1 billion this year due to strong demand and new project launches, said its group managing director and group chief executive Tan Sri Leong Hoy Kum.

He said the group had already achieved 60% of the sales target or RM601 million in the first-quarter of the year.

The prospects for the property market in Malaysia is good, given the better employment market, strong liquidity and conducive interest rates levels, he told reporters after the company's annual general meeting here on Friday, June 25.

Leong said Mah Sing also enjoyed strong earnings sustainability from the combined RM6.3 billion in remaining gross development value (GDV) and unbilled sales.

He said low net gearing of 0.05 times, as at March 31, 2010, provides the group with the capacity to gear up.

Leong said Mah Sing was also actively scouting for more land to meet market demand.

For this year, he said the group acquired three parcels of land with a GDV of RM712 million.

Leong also said the group was keen to participate in government tenders for land to be developed by the private sector.

On overseas expansion, Leong said Mah Sing was looking to venture into Vietnam, Singapore, Indonesia and Australia.

He said the group had signed a letter of intent, on a joint venture basis, to develop a mixed development project in Wujin District, Changzhou, China.

The company was also optimistic overseas projects would contribute 30% to group revenue in the next five years.

Mah Sing has wide ranging product offerings in the residential, commercial and industrial segments which enables the group to identify and roll out different products to suit different economic and property cycles.

Domestically, the group has developments in the main economic corridors of Klang Valley, Kuala Lumpur, Penang and Johor. ' Bernama

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