Giving its 2024 outlook on the property sector, Mah Sing Group said it is optimistic on the mid to long term outlook of the property industry, supported by strong fundamental demand for properties due to the young demography.
It said the demand for houses from the first-time homebuyers should remain resilient. The developer, is confident of achieving its sales target for 2023, and cautiously projects a higher target for 2024 based on this year’s achievement. The Group registered RM1.8 billion in property sales for the nine-month period ended 30 September 2023, an increase of 14.4% compared with RM1.57 billion in the same period last year. Notably the sales momentum was mainly driven by the strong take-up rates for its M Series developments.
Founder and Group Managing Director, Tan Sri Dato’ Sri Leong Hoy Kum said, “As an active home-grown developer, our nimble business model has gained us a strong product leadership in affordable homes, specifically our well-known M Series
development which has recorded encouraging take-up rates as seen from our 2023 sales performance. As Bank Negara Malaysia (BNM) forecasted the GDP growth for Malaysia is expected to be 4%-5% in 2024, we should see continued strong
momentum for our M Series developments that target first-time homebuyers.’
The Group believes it can continue to benefit from the 5-year stamp duty waiver for residential properties priced below RM500,000 for first-time homebuyers (until end of 2025) as proposed in Budget 2021. Mah Sing also opines that the proposed announcement in easing the current conditions of Malaysia My Second Home (MM2H) applications is timely to
attract foreign buyers. In addition, it said the RM10 billion Housing Credit Guarantee Scheme will help make home ownership more accessible to first-time homebuyers.
Looking ahead, the Group said it will maintain discipline on execution for continued momentum in revenue and earnings delivery. Armed with a healthy financial profile, demand-driven property portfolio and operational efficiency, the Group said it will continue to deliver above industry Return on Equity and future growth in performance.
