Mah Sing nets RM183.9mil profit in 1h2016

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Petaling Jaya: Mah Sing Group Bhd announced its RM183.9mil net profit 1h2016 ended June 30, with a revenue of RM1.48bil.

With intensified launches in the second half of 2016, the group achieved cumulative property sales of approximately RM1.03bil for the seven months ended July 31, 2016.

The focus has been built around “Luxury you can afford” and Mah Sing have had very positive results, with continued launches in Meridin East, Johor and Ferringhi Residence 2 in August, said Mah Sing group managing director Tan Sri Datuk Sri Leong Hoy Kum in a statement.

“The Greenway in Meridin East saw a 85% take up from 492 units launched, while Ferringhi Residence 2 saw a 84% take up from 120 units launched,” he added.

He said Mah Sing is planning to launch the final tower of D’Sara Sentral on September 24, and Tower C and D of Cerrado Residential Suites towards the end of the year.

In terms of affordable houses, Tower A of Cerrado Residential Suites with a starting price of RM357,000 reached a 100% take-up rate, while Lakeville Residence’s final tower achieved 92% take-up.

As at 30 June 2016, the Group‘s cash and bank balances amounted to approximately RM895.3mil, with low net gearing ratio of 0.06 times. Mah Sing owns 2,492 acres of undeveloped land with Gross Development Value (GDV) worth approximately RM27.5bil. The unbilled sales is approximately RM4.2bil.
The 6.5sen dividend per ordinary share of RM0.50 each in respect of the financial year ended 31 December 2015 will be paid on 15 September 2016, translating to a payout ratio of approximately 41%.

“Our recent launches at Southville City@KL South, Lakeville Residence, Meridin East and Ferringhi Residence 2 received very positive feedback especially from first-time buyers due to its convenient accessibility and affordability,” said Leong.

He said buyers’ sentiment has improved in general due to the interest rate cut from 3.25% to 3.0% by Bank Negara and demand is still strong for mass market range of properties in well-connected areas.

The Group remains confident of the longer term housing market fundamentals that are supported by young population, demand condition that outstrips supply, healthy employment, conducive interest rate environment and ongoing public transportation infrastructure projects, as well as opportunities to be presented by Singapore-Kuala Lumpur High Speed Rail connection.
To encourage ownerships of affordable homes, Mah Sing teamed up with Bank Simpanan Nasional (BSN) under the Youth Housing Scheme for Cerrado Residential Suites and Greenway@Meridin East. The scheme offers young married couples 100% loans for property priced below RM500,000, and an additional 5% of Mortgage Reducing Term Assurance (MRTA) or Mortgage Reducing Term Takaful (MRTT). Buyers will also be given a RM200 per month government disbursements for 2 years and 50% stamp duty exemptions.

The group will continue to focus within the Klang Valley, as 89% of Mah Sing’s planned residential launches priced below RM1mil, 68% priced below RM700,000 and 50% priced below RM500,000.

The Group will continue this momentum with more launches to come towards the second half of the year.

Mah Sing will also be offering two-storey semi-detached houses with built-up from 2,205 sq ft named Caspia at M Residence 2@Rawang.

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