Two decades after venturing into property development, Mah Sing is today one of Malaysia’s most valuable and reputable property players.
In 1994, Tan Sri Leong Hoy Kum decided to venture into property development after establishing a successful plastics manufacturing firm.
Two decades on, Mah Sing Group Berhad is one of Malaysia’s most valuable and reputable property players with Leong at its helm as group managing director and group chief executive.
“The Mah Sing Group is now one of the country’s most prominent players and we are poised to make our maiden venture overseas with our sights set on countries such as Australia,” Leong said at the company’s 20th year anniversary celebrations recently.
Hungry but patient
Speaking to the media, Leong said 20 years is just the beginning for the group and Mah Sing still has a long way to go.
“We are very ambitious and rest assured we will continue to expand, deliver quality homes and improve, consistently achieving 20% growth every year.
“We are very hungry and focused. However, we are not in a hurry to go overseas and will wait until the domestic market is more mature.”
Mah Sing embarked on its maiden property project Ulu Yam, Selangor, in 1994. Comprising link homes, the 45-acre project sold out in six months. The rest is history as it grew from strength to strength.
Leong said Mah Sing’s vision is to become a world class developer but for now it is engrossed with its on-going 38 projects which will keep it busy for the next 10 years.
“We will continue delivering good quality products because a good home is not just a roof over your head but also gives you a peace of mind.
“We sell (a certain) lifestyle and our properties give good capital appreciation. We will continue to add value to our shareholders and buyers in the future,” he said.
Impressive track record
Mah Sing currently has a total landbank of 1,500ha with a gross development value of RM56 billion throughout the country and a total of RM4.8 billion in unbilled sales.
The Sungai Besi-based company has won over 100 national and international awards for product design, concept, innovation and quality.
Calling itself a premier lifestyle developer, Mah Sing offers products such as landed and high rise residential, integrated commercial centres, self-sustaining townships and multi-functional industrial properties.
Launching RM6 billion worth of projects a year, it is one of Malaysia’s most valuable property players by stock value and among the nation’s fully integrated developers.
It has developed properties in all the country’s hotspots such as Greater Kuala Lumpur, the Klang Valley, Iskandar Malaysia, Johor Bharu, Penang and Kota Kinabalu, Sabah.
Its projects include Lakeville Residence, Aspen @ Garden Residence, Meridin Bayvue @ Sierra Perdana and Sutera Avenue. Among its future launches are serviced apartments at D’sara Sentral in Sungai Buloh, Canal Link @ M Residence in Rawang and The Coastal @ Southbay City in Penang.
According to AmResearch Sdn Bhd, Mah Sing’s property sales momentum is set to accelerate in the second half of the year.
This will be anchored by six new launches — D’sara Sentral serviced apartments; Canal Link @ M Residence; Meridin Bayvue @ Sierra Perdana; Bandar Meridin East, Pasir Gudang; The Coastal @ Southbay City and Feringghi Residence – Precinct 2.
“The group achieved RM1.5 billion in sales for the first half of this year, excluding another RM708 million achieved during the official launch of Lakeville Residence @ Taman Wahyu last month,” AmResearch said in its latest report.
“We believe the strong take-up rates for Mah Sing’s launches will be sustained with key focus on the affordable/mid-range segment. About 87% of its residential launches for this year will be priced at RM1 million or below,” it added.
AmResearch has maintained a “buy” call on Mah Sing, with an unchanged fair value of RM3.90 a share, a 10% discount on its net asset value.
The research house is also maintaining the group’s 2014 new sales target of RM3.6 billion compared with RM3 billion achieved in 2013.
Year to date, Mah Sing has snapped up new landbank with a combined gross development value of RM19 billion, compared with RM9 billion last year.
Mah Sing’s previews/launches
Greater KL & Klang Valley
- Serviced apartment at D’Sara Sentral, Sungai Buloh – targeted for official launch in 2H2014
- Canal Link @ M Residence, Rawang – targeted to launch in Q4 2014
- Meridin Bayvue @ Sierra Perdana Johor – targeted to launch in September 2014 (Phase 1 with 588 units of residential suites and 47 units of retail lots starting from 980 sq ft)
- Bandar Meridin East, Pasir Gudang – targeted to preview in Q4 2014, targeted launch in Q2 2015
- The Coastal @ Southbay City, Penang – targeted to launch in November 2014 (156 professional suites and 100 residential suites, with built-up areas ranging between 575 sq ft and 1,300 sq ft)
- Ferringhi Residence – Precinct 2, Penang – targeted to launch in December 2014