Mah Sing registers RM1.13 bln sales in Jan-Sept 2019

Last update: 27/11/2019

KUALA LUMPUR, Nov 27 -- Mah Sing Group Bhd  is on track to achieve its RM1.5 billion sales target for this year, having achieved RM1.13 billion in sales in the nine-month period ended Sept 30, 2019.

In a statement today, the property developer said its balance sheet remains healthy, with cash and bank balances of approximately RM1 billion which allows the group to replenish its prime lands with key focus on affordable property projects, especially in the Klang Valley, Johor and Penang.

In 2019, the group acquired three prime lands in the Klang Valley, namely Kuchai Lama (M Oscar), Kepong (M Luna, KL North) and Wangsa Melawati (M Adora, Wangsa Melawati).

“M Oscar was acquired in March and was successfully launched in October. Its first phase, comprising 200 units, recorded a 100 per cent take-up during its initial launch,” it said.

Mah Sing said all the new lands are equipped with approved development order, allowing the group to leverage its fast turnaround business model to launch the new projects swiftly.

On a quarterly basis, the group recorded a pre-tax profit of RM69.9 million in the third quarter of 2019 (Q3 2019) compared with RM81.3 million in the same period last year, while revenue was at RM415.5 million from RM504.26 million in Q3 2018.

Mah Sing said it has a remaining landbank of 835.27 hectares and unbilled sales of approximately RM25.5 billion as of Sept 30, 2019, providing steady earnings visibility for the group which could sustain its growth for the next eight to nine years.

Moving forward, it said there is a growing interest in the affordable properties segment on the back of the government’s proactive measures which include the introduction of the Home Ownership Campaign (HOC) early this year.

The HOC, which has been extended until Dec 31, 2019, offers various incentives and stamp duty exemptions, thus encouraging more potential house buyers to secure their ideal home within the campaign period.

Mah Sing said participating projects for the campaign include M Oscar located off Kuchai Lama (high-rise residential), M Vertica in Cheras (high-rise residential), M Centura in Sentul (high-rise residential), M Aruna in Rawang (2-storey link homes), Sensory@Southville City (high-rise residential) and Cerrado@Southville City (high-rise residential) in KL South and Lakeville Residence in Jalan Kuching (residential suites).