KUALA LUMPUR, 30 JUNE: Mah Sing Group Bhd achieved RM650.5 million in property sales in the first five months of this year (5M21), accounting for 40% of its RM1.6 billion sales target for 2021. The property developer said in a statement today that it plans to fulfill its sales objective through various launches in the second half of this year (2H21).
The remaining phases of M Arisa in Sentul, Phase 2 of Cerrado Suites and Tower B Sensory Residences at Southville City in Bangi, Phase 3 of M Aruna and M Panora in Rawang, M Senyum at Bandar Baru Salak Tinggi in Sepang, and two-storey link homes at Meridin East in Johor Baru are among Mah Sing’s upcoming launches.
Tan Sri Leong Hoy Kum, founder and group managing director of Mah Sing, said the company has noticed a progressive improvement in mood towards the property market in the first five months of this year, as evidenced by favorable sales data.
“We gain from the proper pricing points and locations, as well as our successful marketing campaigns.” “We hope that homebuyers would take advantage of the current low-interest rate environment and the government’s extended Home Ownership Campaign to lock in their dream homes,” he said.
Furthermore, Mah Sing maintained a robust balance sheet as of March 31, 2021, with cash and bank balances of approximately RM901.2 million and investments in short-term funds of roughly RM901.2 million.
The group will continue with its selected landbanking strategy for continued growth, focusing on affordable high-rises in core business districts and affordable landed houses on the outskirts/suburban areas, with rigorous financial management and a stable balance sheet.
It has also announced two new acquisitions for 2021: M Astra in Setapak, which would be a mixed development, and M Senyum in Bandar Baru Salak Tinggi, Sepang, which will be a landed residential project.
Mah Sing has a total land bank of 2,050 acres (about 829.61 hectares), with a remaining gross development value (GDV) of roughly RM24.95 billion and unbilled sales of approximately RM24.95 billion, which can give profits certainty for the next eight years.
Long-term glove orders are secured by a healthcare facility.
Meanwhile, Mah Sing Healthcare Sdn Bhd, the company’s healthcare division, has successfully secured long-term glove orders, which will fill four glove dipping lines.
Meanwhile, two more manufacturing lines at Mah Sing’s highly automated plant in Kapar, Klang, have been built and are ready to accept new orders.
Aside from these six production lines, Mah Sing noted that another six are set to start up in the third quarter of this year (3Q21).
Phase 1 of Mah Sing’s glove manufacturing operation, which is expected to contribute favorably to the group’s earnings for the financial year ending December 31, 2021, consists of 12 lines (FY21).
The large orders, according to Mah Sing CEO Datuk Ho Hon Sang, demonstrate market confidence in Mah Sing as a competent new glove manufacturer capable of producing high-quality gloves.
“We’ll focus on expanding our glove factory’s capacity to match these secured orders, and we’re on track so far.”
We’ve also been receiving inquiries from distributors and clients all around the world, and we’re now in talks with a few more to secure their orders. If demand continues to surpass supply, we will look into expanding further,” he said.
Mah Sing has slipped 1.5 sen, or 1.74 percent, to 84.5 sen at the time of writing, with 3.35 million shares traded. This resulted in a market capitalization of RM2.05 billion for the company. Continue reading
