Mah Sing to focus on affordable homes

PETALING JAYA: Mah Sing Group Bhd will give priority to affordable homes in future development projects apart from highrise residential units and industrial properties.

In a statement issued after its annual general meeting today, Mah Sing founder and group managing director Leong Hoy Kum said the group remained committed to its strategy to focus on its M Series of affordable landed property.

“This customer-centric approach has struck a chord with homebuyers and we feel confident that we will achieve the RM2.2 billion sales target this year,” he said.

The group has already sold RM600.6 million worth of new properties in the first quarter of this year.

Mah Sing went on a shopping spree recently, acquiring three new tracts of land for which it plans to launch projects of about RM4.5 billion in gross development value (GDV) in the first half of its current financial year.

The group said the new acquisitions have raised its prime landbank to 978.53 hectares.

The group’s cash position now stands at RM900.6 million and its still has RM26.86 billion in unrealised GDV and unbilled sales. This, it said, would ensure sustained earnings visibility.

As of March 31, 2023, unbilled sales stood at RM2.26 billion.

New chairman

Mah Sing also announced the appointment of former navy chief Abu Bakar Abdul Jamal as its chairman.

In a filing with Bursa Malaysia today, the group said he would join the group on Aug 1.

Abu Bakar, who spent 40 years at both the staff and command levels in the navy, was the first four-star admiral and 10th chief of the navy.

He also once served as chairman of Affin Fund Management Bhd and chairman of several companies in diverse industries such as naval and marine, property development, construction and the automotive sectors after his retirement.

He also served as a board member of the armed forces pension fund Lembaga Tabung Angkatan Tentera.

Mah Sing shares closed at 62 sen today, unchanged from yesterday, valuing the group at RM1.48 billion.