“We target to increase our land bank in the Klang Valley to 75% from the current 66%. To date in 2017, we have acquired two land parcels in the Klang Valley and one in Bukit Mertajam,” group managing director Tan Sri Leong Hoy Kum(pic) said

PETALING JAYA: Mah Sing Group Bhd is planning to buy more land in the Klang Valley next year.

“We target to increase our land bank in the Klang Valley to 75% from the current 66%. To date in 2017, we have acquired two land parcels in the Klang Valley and one in Bukit Mertajam,” group managing director Tan Sri Leong Hoy Kum said in a statement.

As of Nov 30, Mah Sing has remaining land bank of 2,131 acres with remaining gross development value (GDV) and unbilled sales of RM28.3bil.

Leong said the company will continue to be disciplined in financial management to ensure strong balance sheets and liquidity, while launching new developments and actively pursue sales from existing projects.

“We will continue to reinvent affordability by developing quality homes in strategic locations with prices that the rakyat can afford.

“We carefully plan our launches to ensure that every project has its own appeal with an affordable price below RM500,000,” he said, adding that this was in line with market demand and the Government’s broad objective to enable everyone to own a home.

Leong, like the Real Estate and Housing Developers’ Association, was optimistic about the outlook of the local property market in the first half of 2018, which was in tandem with the improvement of the country’s economic conditions.

He noted that the average household median income will improve in tandem with economic growth as well as the slew of measures and incentives proposed in Budget 2018.

“Affordable homes with good connectivity especially transit oriented development and transit adjacent development will continue to be in demand as it is the healthiest sub-segment in the overall property market.

“The property industry near and mid-term is expected to be healthy, supported by the young demographic, growing population, and low unemployment rate,” said Leong.

He said Mah Sing will continue to launch the upcoming phases of its projects, namely, high rise residential M Centura in Sentul, Questa serviced residence and Cerrado Residential Suites Tower C and D in Southville City, KL South, high rise residential M Vertica in Cheras, as well as double-storey link homes M Aruna in Rawang.

Apart from that, Mah Sing will also launch Meridin East township in Pasir Gudang, Johor, and high rise residential M Vista@Southbay in Penang.