Ferringhi Residence 2 at Batu Ferringhi has obtained CCC, and the units are ready to move in.

According to news reported by The Star, Mah Sing Group Bhd is targetting to launch more affordable properties in the Klang Valley and Johor with over RM3.6bil in gross development value (GDV) by the second half of this year. Given the focus is in the central region, there will be no new launches in Penang for this year.

Due to the Covid-19 pandemic and phase one of the National Recovery Plan, Mah Sing’s group chief executive officer Datuk Ho Hon Sang noted that some of Mah Sing’s property launches would be delayed.

“We are also reviewing our marketing strategy and the overall development plans for Penang, ” explained Ho, who is also Mah Sing Group’s executive director.

Having said that, the group is happy to announce that Ferringhi Residence 2 in Batu Ferringhi has obtained the certificate of compliance and completion (CCC) last December, and the units are ready for the buyers to move in.

Mah Sing Group is also targetting for its M Vista freehold condominium project in Bayan Lepas to obtain the CCC by the end of this year.

As for the central region, he pointed out that the group had over 5, 000 high-rise properties with an RM2.37bil value strategically located in Bangi, Cheras, Sentul, Rawang, and Johor Baru.

“These are affordable properties priced below RM1mil per unit. Some are priced from RM299, 000 onwards, while others from RM641, 000 to RM704, 000 per unit, ” he said.

The group also planned to launch over RM1.27bil worth of properties comprising landed houses, serviced suites and retail units from its recently acquired land bank in Sepang and Setapak.

In Bandar Baru Salak Tinggi in Sepang, Ho said, “We have a 100-acre land bank on which we plan to launch double-storey terraced houses with a GDV of RM656mil.

“We will register and launch the project in the final quarter of 2021.”

The development is surrounded by townships such as Kota Warisan, Bandar Baru Nilai, Dengkil, Putrajaya and Cyberjaya.

The project is also connected to Kuala Lumpur City Centre, Putrajaya and Cyberjaya via major highways such as the Elite Highway, North-South Expressway, Putrajaya Cyberjaya Expressway, Jalan Banting-KLIA and KLIA Extension Highway.

In Setapak, Mah Sing Group is poised to launch a mixed-development project comprising serviced suites and retail units with a GDV of RM618mil.

“We are targetting first-time home buyers and upgraders from matured neighbourhood areas such as Danau Kota, Desa Setapak, Setapak Jaya, Wangsa Maju, Taman Melati, Titiwangsa and Setiawangsa, ” he added.

Ho also noted that Mah Sing Group aimed to achieve a revenue of RM1.6bil for 2021, attributed by about 91% of properties priced below RM700, 000 per unit and 51% below RM500, 000 per unit.

“We have extended our sales momentum and achieved new property sales of approximately RM650mil in the first five months.

“This is after locking in property sales worth about RM400mil for the first quarter ended March 31, 2021.

“We are confident that our projects will continue attracting interest, primarily because of their strategic locations, affordable pricing, attractive packages and innovative designs, ” Ho added.

He also said Mah Sing would continue to maintain its healthy balance sheet with cash and bank balances and investment in short-term funds of about RM901.2mil as of March 31, 2021.

“With disciplined financial management and a healthy balance sheet, the group will continue with its selective land banking strategy for continuous growth, with Greater Kuala Lumpur and the Klang Valley being the focus areas, ” he said.

Source: TheStar.com.my