MAH SING AIMS RM1.6 BLN PROPERTY SALES THIS YEAR

KUALA LUMPUR, April 30 -- Mah Sing Group Bhd aims to achieve RM1.6 billion property sales this year by focusing on the affordable landed housing segment in line with the expected growth in the economy and projected recovery of purchasing power.

The property developer said the target would be achieved through sound fundamentals, innovative marketing strategy and a responsive product range, of which 9.0 per cent of the houses were priced over RM700,000, 40 per cent (from RM500,001 to RM700,000), and 51 per cent (RM500,000 and below).

“In February 2021, we continue the momentum by announcing our plan to develop a new 40.46-hectare land in Sepang, comprising mainly affordable landed houses, M Senyum, that have an estimated gross domestic value (GDV) of about RM656 million,” Mah SIng said in its annual report 2020.

bootstrap slideshow

On glove manufacturing business, the firm said it expects demand for gloves to remain resilient post-pandemic as a result of more stringent regulations and higher awareness on the importance of hygienic practices, especially in emerging markets where the glove consumption per capita is still low.

“We will be exploring listing of our manufacturing or healthcare division separately to better unlock value for Mah Sing shareholders,” it said.

It said the company is optimistic of the potential long-term growth of the glove industry and seeks to fill up the current demand and supply gap through its production capabilities in both nitrile and latex gloves.

“Besides original brand manufacturer (OBM) gloves under our MS Glove brand, Mah Sing will also be producing original equipment manufacturer (OEM) gloves and the group will explore the possibility of manufacturing non-medical, industrial speciality and other gloves in the mid to long term,” it said.

Acknowledging the importance of developing new and innovative products in sustaining business growth, Mah Sing would also be looking at continually improving its products through investment in research and development (R&D).

It said the company remains committed to R&D to enhance its competitive strength in product and material development, sustainable technologies, engineering and automation.

“We are mindful of the risks inherent in our operations and will keep an eye on the known and anticipated factors, while leveraging our strong cash and bank balances and investment in short-term funds of approximately RM1.16 billion as of Dec 31, 2020.

”This is in addition to the remaining landbank of 840.12 hectares and remaining GDV and unbilled sales totalling about RM24.64 billion, including the new land, M Senyum in Bandar Baru Salak Tinggi, Sepang to capitalise on opportunities beyond the horizon,” it added.

M Senyum is Mah Sing’s first land deal in 2021 and other planned new launches for 2021 include Tower E of M Vertica, Cheras, remaining phases of M Arisa, Sentul, Phase 2 of Cerrado Suites and Tower B Sensory Residences at Southville City, Bangi, Phase 3 of M Aruna and M Panora in Rawang, service apartments in Southbay City, Penang, and double-storey link homes in Meridin East, Johor Bahru.

-- BERNAMA