Project launched: (from left) Mah Sing Corporate and Investment executive director Datuk Steven Ng, Kampung Baru Development Corp CEO Datuk Mahadi Che Ngah, Kuala Lumpur mayor Datuk Seri Mohd Amin Nordin Abd Aziz, Batu Umno division deputy chief Datuk Ramlan Salleh, Federal Territories Minister Datuk Seri Tengku Adnan Tengku Mansor, Mah Sing Group Bhd group MD Tan Sri Leong Hoy Kum, chairman Tan Sri Yaacob Mat Zain, FT Ministry Socio Economic and Management deputy secretary Datuk Rosida Jaafar and Mah Sing CEO Datuk Ho Hon Sang at launch of the Rumawip project, Seri Wahyu Residence.
KUALA LUMPUR: Property developer Mah Sing Group Bhd is on track to hit at least RM1.8bil in sales this year, as the company had initially forecast.
While it has only been two months into 2017, Mah Sing group managing director Tan Sri Leong Hoy Kum said everything was “still going on as planned”.
“We are on track to deliver our numbers and will announce our latest figures when we announce our first-quarter earnings.
“We will continue to launch projects in every quarter of this year,” he told reporters on the sidelines of the launch of Mah Sing’s Residensi Seri Wahyu RUMAWIP project in Lakeville Residence yesterday.
“We will continue launching and not wait until the end of the year,” he said.
Mah Sing recently cut its 2017 sales target to RM1.8bil from RM2.3bil previously. Last year, it sold RM1.78bil worth of property.
Mah Sing posted a net profit of RM361.4mil for the financial year ended Dec 31, 2016, which is 6.5% lower than the previous year - mainly due to a fair value gain on its RM29.5mil Star Avenue property investment in 2015 and the repurchase of RM315mil nominal value of redeemable convertible secured bonds at a purchase consideration of RM337.1mil last year.
It also posted a 4.9% drop in revenue to RM3bil in 2016 due to lower contributions from its Jalan Ampang M City and Petaling Jaya Icon City projects, which were at the tail-end of development last year.
Future sales pipeline include the new township Rawang, final tower of D’sara Central, Residensi Seri Wahyu in Lakeville Residence, Cerrado Block C and D in Southville City@KL South, landed link homes in Meridin East, Johor, and serviced apartments in Southbay City, Penang.
According to reports, Mah Sing currently has about 2,492 acres of undeveloped land with a gross development value of about RM27.5bil.
Meanwhile, the launch of the company’s Residensi Seri Wahyu RUMAWIP project yesterday also involved a balloting event that saw the first phase of 500 units fully taken up within two hours. More than 1,000 people attended the event.
Residensi Seri Wahyu consists of one tower of 660 units. Each unit comes with one complimentary carpark and is priced at RM300,000 with a built-up area of 805 sq ft that includes three rooms and two bathrooms.
RUMAWIP is the Government’s initiative to develop 80,000 housing units throughout Kuala Lumpur, Putrajaya and Labuan in the span of five years.
Single individuals with a monthly income of less than RM10,000 or married couples with a combined income of less than RM15,000 are entitled to register for the project.
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