KUALA LUMPUR: Mah Sing Group Bhd has targeted a minimum RM1.5 billion sales with the focus on affordable homes at strategic locations this year.
This followed Mah Sing’s 2018 sales achievement of RM 1.5 billion with 83 per cent of residential sales coming from affordable products priced below RM700,000.
The group will be launching campaigns throughout the year offering rewards and incentives to attract buyers. This includes its ongoing “Spin and Win” wheel of fortune campaign and “RM100,000 In Your Bank” campaign from March 1.
It will offer attractive sales packages, on top of the government’s stamp duties exemptions for houses priced up to RM1 million, for the participating projects at the property fair to be held from March 1 to March 3.
This year, Mah Sing plans to launch projects with RM2.2 billion in gross development, focusing on affordable homes.
It said 81 per cent of the new residential launches would be priced below RM700,000.
The new launches include M Vertica Tower 3 & 4 in Cheras, Sensory serviced residence in Southville City, Basil @ M Aruna in Rawang, Onyx Icon City in Petaling Jaya, Hazel in Meridin East and Orchid in Meridin East in Pasir Gudang, Pykett Project, Ferringhi Residence 2, Block B and Southbay City, Upcoming Phase in Penang.
Leong said Mah Sing sees potential to expand its growth with a healthy balance sheet of RM1.22 billion cash and bank balances for the year ended December 31, 2018.
He said the group was in a net cash position for the fourth consecutive quarter.
For the full-year, Mah Sing’s net profit dropped 24.9 per cent to RM271.58 million from RM361.89 million, due to lower revenue contribution from its property development business.
In a filing to Bursa Malaysia, Mah Sing said this was mainly attributable to a higher proportion of new sales secured from the new projects.
It said contribution to revenue from these projects is expected to be more significant once the initial stages of construction have been surpassed.
Its revenue decreased 24.8 per cent to RM2.19 billion from RM2.92 billion.
Mah Sing proposed a final dividend of 4.5 sen per share.