KUALA LUMPUR (June 30): Mah Sing Group Bhd hit property sales of RM650.5 million in the first five months this year (5M21), achieving 40% of its RM1.6 billion sales target for 2021.

The property developer aims to meet its sales target through several launches planned for the second half of this year (2H21), it said in a statement today.

Mah Sing’s upcoming launches include Tower E of M Vertica in Cheras, the remaining phases of M Arisa in Sentul, Phase 2 of Cerrado Suites and Tower B Sensory Residences at Southville City in Bangi, Phase 3 of M Aruna and M Panora in Rawang, M Senyum at Bandar Baru Salak Tinggi in Sepang and two-storey link homes at Meridin East in Johor Baru.

Mah Sing founder and group managing director Tan Sri Leong Hoy Kum said the company was seeing gradual improvement in sentiment towards the property market early this year through the positive sales figures for the first five months.

“We have the benefits of the right price points and locations, coupled with our effective marketing campaigns. We hope homebuyers will take the opportunity to leverage the current low-interest rate environment and the extended Home Ownership Campaign by the government to lock in their dream homes,” he said.

In addition, Mah Sing continued to maintain its healthy balance sheet with cash and bank balances and investment in short-term funds of approximately RM901.2 million as at March 31, 2021.

With disciplined financial management and a healthy balance sheet, the group will continue with its selective landbanking strategy for continuous growth, and focus on affordable high-rises in the central business districts and affordable landed homes on the outskirts/suburban areas.

Furthermore, it has announced two new acquisitions in 2021 so far, namely M Astra in Setapak designed to be a mixed development and M Senyum in Bandar Baru Salak Tinggi, Sepang to be a landed residential project.

Including the new land acquired to date, Mah Sing has a remaining land bank of 2,050 acres (about 829.61 hectares), with remaining gross development value (GDV) and unbilled sales totalling approximately RM24.95 billion, which can provide earnings visibility for the next eight years.

Meanwhile, the company’s healthcare business unit Mah Sing Healthcare Sdn Bhd has successfully clinched long-term glove orders that would take up production capacity of four glove dipping lines.

Meanwhile, two more production lines are now completed at Mah Sing’s highly automated factory in Kapar, Klang and ready to take on more incoming orders.

 Besides these six lines, Mah Sing said, another six production lines are scheduled to come on stream in the third quarter of this year (3Q21).

The 12 lines make up Phase 1 of Mah Sing’s glove manufacturing business, which is expected to contribute positively to the group’s earnings for the financial year ending Dec 31, 2021 (FY21).

Mah Sing chief executive officer (CEO) Datuk Ho Hon Sang said the strong orders reflect market confidence towards Mah Sing as a credible new glove manufacturer in producing quality gloves.

“We will focus on expanding capacity of our glove factory to meet these secured orders, and so far we are operationally on track. 

“We have also continuously received enquiries from distributors and customers around the world, and are currently in negotiation with more interested parties to lock down their orders. We are planning to explore further expansion if demand continues to outstrip supply,” he added.

At the time of writing today, Mah Sing had fallen 1.5 sen or 1.74% to 84.5 sen, with some 3.35 million shares traded. This gave the group a market capitalisation of RM2.05 billion.