Mah Sing confident of hitting RM2b goal

KUALA LUMPUR: Mah Sing Group Bhd (8583), having chalked up sales of RM738 million in the first 15 weeks of this year, is optimistic of achieving its RM2 billion target by year-end as housing demand is still strong.

"We're confident of meeting our target as the confluence of strong fundamentals and our branding, location, concept and products will make 2011 another good year," said group managing director and chief executive Tan Sri Leong Hoy Kum.

Last year, the group sold RM1.5 billion worth of properties. Leong was speaking to reporters at Invest Malaysia 2011 held in Kuala Lumpur yesterday. Also present was executive director and chief financial officer Steven Ng Poh Seng.

He said the Economic Transformation Programme has proven to be catalytic and the Greater KL high impact project, like the construction of the Mass Rapid Transport (MRT) was set to generate excitement for the property market.
"Seven of our projects with gross development value of RM2.25 billion should benefit from the MRT development. This is 37 per cent of our unbilled sales of RM12 billion," he said.

With market capitalisation of more than RM2.2 billion, Mah Sing is the sixth largest property developer in the country.

A favourite among investors, Mah Sing since 2006, has been paying out at least 40 per cent of its profits as dividends.