KUALA LUMPUR (April 5): Property developer Mah Sing Group Bhd plans to launch RM2.4 billion worth of properties this year including several projects in Selangor, Penang and Johor.

Founder and managing director Tan Sri Leong Hoy Kum said in a statement Monday (April 4) that the company is set to launch M Senyum in Sepang, M Astra in Setapak, M Nova in Kepong, M Panora in Rawang, Selangor, the remaining phases for Ferringhi Residences in Penang and double-storey linked units in Meridin East, Johor Bahru.

He said Mah Sing is also focusing on acquiring land suitable for affordable products in Greater Kuala Lumpur, the Klang Valley, Penang and Johor. 

“Mah Sing is also scouting for attractively priced residential and industrial land outside the Klang Valley, such as Seremban, Malacca, and Perak for projects in the affordable range,” he said, adding that the company is a growth-minded developer backed by a healthy balance sheet.

Meanwhile, the company said that it had fully redeemed RM650 million nominal value of unrated senior perpetual securities (perpetuals) on its first call date of April 4, 2022.

The statement said proceeds from the issuance were primarily used to accelerate construction of projects with good take-up rate, land banking and working capital.

Leong added that the company's strong execution capabilities enabled it to set higher vacant possession targets for 2022 compared to a year ago.

“This will further enhance our cash flow. We also have a higher sales target of RM2 billion in 2022, a 25% growth from 2021. Price points will be attractive, with 60% of our properties below RM500,000, and 94% below RM700,000,” he said. 

Leong said the company is expected to perform better this year with stronger sales and a rebound in construction activities; its pursuit of earnings growth will not affect its focus on quality, service and acting responsibly.

“Mah Sing's inclusion in the FTSE4Good Bursa Malaysia Index and being one of only two from the property sector awarded a 4-star rating is testament that the Group remains committed to high standards of environmental, social and governance (ESG) and sustainability practices,” he added.

The FTSE4Good Bursa Malaysia Index was launched in 2014 to support investors in making ESG investment decisions and to raise the profile of companies with leading ESG practices.

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