Malaysia’s Mah Sing confident of achieving US$667 million sales target for the year

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Malaysia’s Mah Sing Group Bhd is optimistic of achieving its RM2 billion (US$667 million) sales target by the end of 2011, with sales RM738 million (US$246.3 million) in the first 15 weeks of this year and demand remaining strong.

“We’re confident of meeting our target as the confluence of strong fundamentals and our branding, location, concept and products will make 2011 another good year,” said group managing director and chief executive Tan Sri Leong Hoy Kum as quoted by The Business Times.

Last year, the group sold RM1.5 billion (US$500 million) worth of properties.

Leong said the Economic Transformation Programme has proven to be catalytic and the Greater KL high impact project, like the construction of the Mass Rapid Transport (MRT) was set to generate excitement for the property market.

“Seven of our projects with gross development value of RM2.25 billion (US$751 million) should benefit from the MRT development. This is 37 per cent of our unbilled sales of RM12 billion (US$4 billion),” he said.

With market capitalisation of more than RM2.2 billion (US$734 million), Mah Sing is the sixth largest property developer in the country. A favourite among investors, Mah Sing since 2006, has been paying out at least 40 per cent of its profits as dividends.

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