PETALING JAYA: Mah Sing Group Bhd has set a minimum RM2.2 billion sales target for 2023, citing robust demand for its M-series launches.
The group in a statement said that as of Sept 30, 2022, it has achieved RM1.69 billion in sales and its unbilled sales position has grown to RM2.29 billion, providing more than one year of revenue visibility.
Mah Sing said it is positioned to capture the demand for affordably priced properties with focus on the M series development that target first-time homebuyers and buy-to-stay groups.
Its recent M-series launches have recorded strong take-up rates such as M Astra Tower B in Setapak (95% taken up), M Senyum Phase 2 Camellia 2 in Salak Tinggi (98%) and M Panora Phase 1A in Rawang (100%).
Upcoming M Nova in Kepong, new phases of M Senyum (Phase 3), M Panora (Phase 1B) as well as Meridin East (Jasmine and Erica West) in Johor Baru have also received “overwhelming” registration of interests.
Economic growth and employment conditions domestically as well as the global reopening of borders further boost sentiment for property buying.
“In view of the strong pipeline of projects that are priced for the current market conditions and targeting the right buyer segment, we are confident that despite the slowdown in global economies, high inflation and high-interest rate environment, strong home buying momentum for the group’s properties should remain resilient in 2023,” it said.
Mah Sing founder and group managing director Tan Sri Leong Hoy Kum revealed that supported by confidence in the M-Series of affordable homes, and backed by healthy balance sheets and liquidity, the group will continue to scout and acquire new lands to strengthen its M series portfolio.
“Beyond 2023, the mid to long-term outlook remains positive supported by strong fundamental demand for properties due to the young demography. Demand for houses from first-time homebuyers should remain sustainable,” he added.
Mah Sing has also integrated sustainability into its business and operations, making it a constituent of FTSE4Good Index Bursa Malaysia.
Apart from its core business in property development, Mah Sing has also ventured into the healthcare and plastics industries.
