Mah Sing Group Bhd has fully redeemed RM650million nominal value of unrated senior perpetual securities (perpetuals) on its first call date of 4 April 2022. The proceeds from the issuance were primarily used to accelerate construction for projects with good take-up, land banking and working capital.
Mah Sing’s Founder and Group Managing Director Tan Sri Dato’ Sri Leong Hoy Kum said, “Mah Sing is a growth-minded developer and backed by a healthy balance sheet, we continue to scout for good lands in strategic locations.
With strong execution prowess, our vacant possession targets for 2022 are much higher than 2021, coming from projects like M Vertica in Cheras, Carya landed homes in M Aruna, Rawang, Sensory Tower A high rise units in Southvillle City, Bangi, M Vista high rise units in Penang and Meridin East shops and Acacia double storey homes in Johor. This will further enhance our cashflow.
We also have a higher sales target of RM2billion in 2022, a 25% growth from 2021. Price points will be attractive, with 60% of properties below RM500,000, and 94% below RM700,000.”
Mah Sing plans to launch RM2.4billion worth of properties in 2022, and planned new launches include M Senyum in Sepang, M Astra in Setapak, M Nova in Kepong, M Panora in Rawang, remaining phases for Ferringhi Residences in Penang and double storey link homes in Meridin East, Johor Bahru.
In terms of landbank acquisition, Mah Sing is focusing on strategic land banks in Greater KL, Klang Valley, Penang and Johor that are ideal for affordable products. Aside from these locations, Mah Sing is also scouting for attractively priced residential and industrial lands outside of Klang Valley, such as Seremban, Malacca, and Perak, for projects in the affordable range.
Tan Sri Dato’ Sri Leong noted, “With stronger sales and a rebound in construction activity, we expect to deliver even better performance this financial year 2022. The pursuit of earnings growth has not affected our focus on quality, service, and acting responsibly. Our inclusion in the FTSE4Good Bursa Malaysia Index and being one of only two from the property sector awarded 4-star rating is a testament that the Group remains committed to high standards of Environmental, Social, Governance (ESG) and Sustainability practices.”
