KUALA LUMPUR (Aug 1): Mah Sing Group Bhd has appointed Ho Hon Sang as chief executive officer (CEO) cum executive director, effective today.
Ho takes over from Ng Chai Yong, who has resigned to pursue other interests. Ho was formerly the CEO of property developer Sunsuria Bhd, a position he held until May 23 this year.
In a statement today, the group's founder and managing director Tan Sri Leong Hoy Kum commended Ng for his contribution to Mah Sing, while welcoming Ho into the group.
"We are pleased to welcome Hon Sang into the Mah Sing family, and we believe his in-depth property industry experience and strong network will help drive Mah Sing to the next level of growth," Leong said.
Ho, 55, has over 30 years of experience in property development, engineering, consultancy, road privatisation and general management. He holds a Bachelor of Engineering (Honours) degree from the University of Malaya and is a member of the Institute Engineers of Malaysia and the Board of Engineers of Malaysia.
Over the course of his career, Ho was involved in property development and property investment projects ranging from master-planned townships and integrated developments with retail, commercial, educational, medical, hospitality and leisure components.
In his new role at Mah Sing, Ho will provide assistance to Leong by providing strategic advice to the board of directors, sharing insights for employees' performance improvement and presiding over the organisation's day-to-day operations.
"We are keeping very busy, and moving forward we have exciting plans for Mah Sing. Hon Sang's rich experience dovetails with Mah Sing's stable of diverse projects which are spread across Malaysia's key economic hotspots," Leong added.
Separately, Mah Sing shared in a statement that it launched Tower A of Cerrado Residential Suites in Southville City, KL South, over the weekend. All 404 units, sized between 656 sq ft (two-bedroom) and 825 sq ft (3-bedroom), priced from RM357,000, have now been fully taken up.
The launch of Cerrado also marked Mah Sing's collaboration with Bank Simpanan Nasional's (BSN) Youth Housing Scheme, under which up to 100% funding is available for young married couples who are first-time homebuyers.
Successful applicants also get additional financing up to 5% of the purchase price for the cost of Mortgage Reducing Term Assurance (MRTA) or Mortgage Reducing Term Takaful (MRTT).
Additional aid is offered by the government with monthly disbursements of RM200 per month for the first two years. There will also be a 50% stamp duty exemption on the sales and purchase agreement, as well as banking facility legal documents.
Cerrado offers affordable serviced apartments comprising four towers with 404 units per tower. The project is set to be completed in the next four years.
It also offers 48 retail shop lots and 10 poolside cabanas. The retail shops offer an average build-up of 1,400 sq ft each, priced from RM1.1 million, while the average build-up for the poolside Cabana is 1,800 sq ft, priced from RM1.1 million.
Another project which qualifies for housing scheme is Mah Sing's Meridin East in Pasir Gudang, Johor, which will be launched this weekend (Aug 6 and 7).
Located along Jalan Kong Kong, the 1,313-acre Meridin East is Mah Sing's biggest integrated mixed development, and will enjoy direct access from the Senai-Desaru Expressway.
A week later, on Aug 13 and 14, Mah Sing will launch its Ferringhi 2 project on Penang Island.
Mah Sing closed 2 sen or 1.23% up at RM1.64 today, giving it a market capitalisation of RM3.9 billion.