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GEORGE TOWN: Mah Sing Group Bhd is targetting to launch more affordable properties in the Klang Valley and Johor with over RM3.6bil in gross development value (GDV) by the second half of this year.

According to group chief executive officer Datuk Ho Hon Sang, (pic) the property group will focus on building affordable housing at strategic locations in its effort to support the government’s initiatives to boost home ownership as well as to meet with the current market demand.

He told StarBiz that “this (affordable housing) has been our strategy for the past couple of years.

“Given our focus in the central region, there will be no new launches in Penang for this year.”

Due to the Covid-19 pandemic and phase one of the National Recovery Plan, he noted that some of Mah Sing’s property launches would be delayed.

“We are also reviewing our marketing strategy and the overall development plans for Penang, ” explained Ho, who is also Mah Sing Group’s executive director.

Having said that, the group is happy to announce that Ferringhi Residence 2 in Batu Ferringhi has obtained the certificate of compliance and completion (CCC) last December, and the units are ready for the buyers to move in.

Mah Sing Group is also targetting for its M Vista freehold condominium project in Bayan Lepas to obtain the CCC by the end of this year, added Ho.

As for the central region, he pointed out that the group had over 5, 000 high-rise properties with an RM2.37bil value strategically located in Bangi, Cheras, Sentul, Rawang, and Johor Baru.

“These are affordable properties priced below RM1mil per unit. Some are priced from RM299, 000 onwards, while others from RM641, 000 to RM704, 000 per unit, ” he said.

The group also planned to launch over RM1.27bil worth of properties comprising landed houses, serviced suites and retail units from its recently acquired land bank in Sepang and Setapak.

In Bandar Baru Salak Tinggi in Sepang, Ho said, “We have a 100-acre land bank on which we plan to launch double-storey terraced houses with a GDV of RM656mil.

“We will register and launch the project in the final quarter of 2021.”

The development is surrounded by townships such as Kota Warisan, Bandar Baru Nilai, Dengkil, Putrajaya and Cyberjaya.

The project is also connected to Kuala Lumpur City Centre, Putrajaya and Cyberjaya via major highways such as the Elite Highway, North-South Expressway, Putrajaya Cyberjaya Expressway, Jalan Banting-KLIA and KLIA Extension Highway.

In Setapak, Mah Sing Group is poised to launch a mixed-development project comprising serviced suites and retail units with a GDV of RM618mil.

“We are targetting first-time home buyers and upgraders from matured neighbourhood areas such as Danau Kota, Desa Setapak, Setapak Jaya, Wangsa Maju, Taman Melati, Titiwangsa and Setiawangsa, ” he added.

Ho also noted that Mah Sing Group aimed to achieve a revenue of RM1.6bil for 2021, attributed by about 91% of properties priced below RM700, 000 per unit and 51% below RM500, 000 per unit.

“We have extended our sales momentum and achieved new property sales of approximately RM650mil in the first five months.

“This is after locking in property sales worth about RM400mil for the first quarter ended March 31, 2021.

“We are confident that our projects will continue attracting interest, primarily because of their strategic locations, affordable pricing, attractive packages and innovative designs, ” Ho added.

He also said Mah Sing would continue to maintain its healthy balance sheet with cash and bank balances and investment in short-term funds of about RM901.2mil as of March 31, 2021.

“With disciplined financial management and a healthy balance sheet, the group will continue with its selective land banking strategy for continuous growth, with Greater Kuala Lumpur and the Klang Valley being the focus areas, ” he said.

Meanwhile, on the group’s new glove manufacturing business, Mah Sing Healthcare Sdn Bhd recently received its business licence and other permits to start operations for its glove manufacturing factory in Kapar, Klang.

Ho said that “this new milestone achievement places Mah Sing among the first few new glove manufacturers in Malaysia to have commenced glove production to meet up with the immediate market demand”.

The group recently installed six production lines in the second quarter of this year.

“We will add another six production lines in the third quarter of 2021.

“By then, our automated Kapar factory will have a maximum production capacity to produce 3.68 billion pieces of gloves per annum.

“These 12 high-speed glove dipping machines can produce 38, 000 pieces of gloves per production line per hour.

“We also expect the glove manufacturing business to contribute positively to our earnings this year, ” he said.

Mah Sing Healthcare has also received an export licence from the Malaysian Rubber Board to facilitate the group’s glove manufacturing operations.

“It has obtained two United States Food and Drug Administration (FDA) Establishment Licences for Polymer Nitrile Patient Examination Glove and Latex Patient Examination Glove that allow the group to sell gloves in the US.

“It is also in the process of obtaining the FDA 510(k) Premarket Notification and the Conformitè Europëenne Marking for export to the respective US and European markets, ” Ho added.

Source : DAVID TAN/TheStar, Monday 28 Jun 2021.

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