Mah Sing targets Klang Valley population growth

by **Cals** Thu 13 Jun 2013, 22:21

Business & Markets 2013

Written by Afiq Isa of theedmalaysia.com

Thursday, 13 June 2013 19:19

KUALA LUMPUR: MAH SING GROUP BHD [] will continue to focus on property development in the greater Klang Valley area as its population is expected to grow to 10 million by the year 2020.

“Out of a total of 44 projects, we have 30 concentrated in the Klang Valley. We are banking on the population growth and the strategic locations of our PROPERTIES [],” he said.

Speaking to reporters during the Invest Malaysia 2013 capital market conference, Mah Sing CEO Tan Sri Leong Hoy Kum said that the group’s properties are affordably priced, in comparison to the booming real estate market in Kuala Lumpur.

“The indicative price for a three-bedroom suite starts at only RM280,000. You’ll be hard-pressed to find a similar price range for this type of property in the Klang Valley,” said Leong, referring to the Savanna Executive Suites in Bangi.

On Mah Sing’s aggressive landbank acquisitions activities, Leong said the company will focus in key areas where they already have a presence, most notable in the Klang Valley and Iskandar Malaysia.

“We have concrete plans for the landbanks that we acquire as we prefer to develop as soon as possible,” he said.

The group had recently acquired parcels of land in Senibong in Iskandar Malaysia and Taman Wahyu in Kepong for RM366 million and RM 73 million respectively.

The group highlighted that its unbilled sales as at 31 March stood at RM3.55 billion or approximately 2.3 times the revenue recognized from the property development division in 2012.

Moving forward, Mah Sing say it is lining up landbanking activities with an estimated gross development value (GDV) of RM7.7 billion this year.

The group is set to launch new projects in Klang Valley, Iskandar Malaysia and Sabah in 2013.