KUALA LUMPUR (Jan 7): Property developer Mah Sing Group Bhd said it has met its RM1.6 billion sales target for the financial year ended Dec 31, 2021 (FY21), underpinned by sales of its affordable properties in Kuala Lumpur, Penang and Johor.

In anticipation of a better year, the group is targeting to launch RM2.4 billion worth of properties in 2022, 71% more than the RM1.4 billion in new properties launched in 2021.

"The group believes that the pace of property market recovery would accelerate if global and domestic economic growth remains stable. Mah Sing will continue to create affordable range properties, recognising that the younger generation has a significant need for such residences," it said in a statement on Friday.

Mah Sing said the majority of its property sales in 2021 came from its affordable M Series, strategically located in the Klang Valley, Penang and Johor. Development projects contributing the most to the bottom line include M Vertica, M Centura, M Luna and Meridin East.

It also attributed the 2021 sales achievements to its core strategy in digital marketing.

At noon break, Mah Sing shares closed half a sen or 0.71% lower at 69.5 sen, bringing a market capitalisation of RM1.69 billion. Its share price has fallen 17.26% over the past 12 months.

Edited by Kang Siew Li

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