Mah Sing receives shareholders nod to acquire Kinrara land

KUALA LUMPUR: Mah Sing Group Bhd today received the approval of its shareholders to acquire a piece of land in Kinrara, Puchong here.

A new residential property project, Kinrara Residence, will be developed on the land under the the group's medium high-end residence series. Kinrara Residence, a mixed residential development, will consist over 800 units comprising superlink homes, semi-detached and bungalows.

The company which acquired 51.38 acres for the projet will launch the project by the year-end," Mah Sing Group's managing director, Tan Sri Leong Hoy Kum told reporters here after an extraordinary general meeting here on Friday, Oct 8.

The project, with an estimated gross development value of RM830 million, is expected to see faster execution by 12 to 15 months with a major infrastructure already substantially completed and 70 per cent of the land cleared and ready for immediate building work.

Meanwhile on Mah Sing's performance, Leong said it has recorded RM1.02 billion in sales for the first seven months this year, resulting from its approach to match the target market with the right product, design and concept.

"We are targeting to achieve more than RM1.5 billion sales for the full year and our confidence is boosted from the continued good response from our
previews," he said.

"We have unbilled sales of RM1.17 billion as at June 30, 2010 which is approximately two times the revenue recognised from our property division in
2009," he added.

Mah Sing has total gross development value and unbilled sales of RM7.4 billion which is expected to provide sustainable earnings and growth for another
five to seven years.

To date, the group has 30 projects in its wings, comprising five that have been completed, 10 in the pipeline and 15 ongoing projects. — Bernama