This year, it acquired three plots of prime land, with the second acquisition (M Luna, KL North) announced in July and the third acquisition (M Adora, Wangsa Melawati) in August.
M Oscar (Off Kuchai Lama), the first project in Mah Sing’s land acquisition trail this year was acquired in March.
Within seven months the first phase comprising 200 units was launched and recorded 100 per cent take-up.
Leong said, all the new plots of land were equipped with approved development order, which allowed Mah Sing to leverage on its fast turnaround business model to launch the new projects swiftly.
M Luna and M Adora are targeted to be launched in the first quarter of next year.
Leong expects the same success rate for the two projects.
“As a market driven developer, we understand the market needs and are constantly adapting our strategies to suit demand.
“We have always believed that properties in the affordable range and at good locations are still seeing good demand.
“The projects that we have recently launched or are currently in the pipeline are all affordably priced with good accessibility and connectivity,” said Leong.
Mah Sing is targeting to achieve its RM1.5 billion sales target for this year, and 81 per cent will come from residential properties below RM700,000, he said.
The group has achieved RM1.14 billion sales in the nine-month period ended 30 Sept 2019, it said in a statement today.
The development projects which contributed to the revenue are M Vertica in Cheras, M Centura in Sentul, M Aruna in Rawang, Southville City in KL South, Lakeville Residence in Jalan Kuching, Damansara Sentral in Sungai Buloh, M Residence and M Residence 2 in Rawang and M City in Jalan Ampang in Greater Kuala Lumpur and Klang Valley, Ferringhi Residence in Penang and The Meridin@Medini, Meridin East and Sierra Perdana in Johor.
As of 30 Sept, Mah Sing still has 835.3ha of land bank, with remaining gross development value and unbilled sales of about RM25.5 billion.
Leong said this would provide Mah Sing with steady earnings visibility, which could sustain its growth for next eight to nine years.
Home Ownership Campaign 2019 a boost to the property market
Leong said the Home Ownership Campaign (HOC) 2019 which offered various incentives and stamp duty exemptions had returned buyers’ purchasing confidence.
The extended HOC until 31 Dec was encouraging more potential home buyers to secure their ideal home within the campaign period, he said.
Mah Sing has several projects participating in the HOC which have seen robust sales since its introduction early this year.
They include M Oscar located Off Kuchai Lama (highrise residential), M Vertica in Cheras (highrise residential), M Centura in Sentul (highrise residential), M Aruna in Rawang (two-storey link homes), Sensory@Southville City (highrise residential) and Cerrado@Southville City (highrise residential) in KL South and Lakeville Residence in Jalan Kuching (residential suites).
In Penang, there’s higher sales for M Vista in Southbay City (serviced apartment), The Loft in Southbay City (seaview residential suites), Ferringhi Residence in Batu Ferringhi (condominiums), and Ferringhi Residence 2 in Batu Ferringhi (condominiums).
Participating projects in Johor include Meridin East in Pasir Gudang (landed residential), Meridin@Medini in Iskandar Puteri (mixed development) and Meridin Bayvue in Sierra Perdana (highrise residential).
Leveraging on the HOC and in conjunction with Mah Sing’s 25th anniversary in property development, the group launched a sales campaign, “Lock and Win” recently to further drive sales.
The “Lock and Win” campaign is open to all Mah Sing purchasers who have successfully booked their properties between March 1 and Dec 31.
The campaign rewards buyers with up to RM2 million worth of prizes when they purchase from a selection of the group’s participating homes and commercial spaces nationwide.