It cited the country’s continued economic growth, healthy employment conditions as well as the global opening of borders as factors boosting sentiment for property buying.
The group has achieved RM1.69 billion in sales as at Sept 30, 2022 and is on track to achieve its 2022 sales target of RM2 billion, it said in a statement today. It noted the 2022 sales momentum for the group has recovered to well above its pre-pandemic levels.
As at Sept 30, 2022, its unbilled sales position has grown to RM2.29 billion, providing more than one year of future property revenue visibility.
With a strong balance sheet and healthy liquidity, it is also looking out for suitable lands to further strengthen its M-series portfolio that has recorded very healthy take ups.
Looking ahead, the group said it will maintain discipline on execution for continued revenue, earnings and cash flow generation momentum.
Mah Sing believes it is well positioned to capture the resilient demand for affordably priced properties with its focus on the M-series of developments that target the first homebuyers and the buy-to-stay group.
Recent launches under the M-series have recorded strong take-up rates including M Astra Tower B in Setapak (95% taken up), M Senyum Phase 2 Camellia 2 in Salak Tinggi (98%) and M Panora Phase 1A in Rawang (100%).
Rising inflation may be an opportunity for Mah Sing, as many believe properties are a good hedge against inflation. House hunters are choosing to buy now rather than later as prices are expected to rise, the company said.
Homebuyers will benefit from the exemption of 75% of stamp duty on the sales and purchase agreements of properties priced between RM500,001 to RM1 million (signed by Dec 31, 2023).
Meanwhile, 100% of the stamp duty exemption for first-time homebuyers remains and is applicable for properties priced at RM500,000 and below.
“Beyond 2023, the mid to long-term outlook remains positive supported by strong fundamental demand for properties due to the young demography. Demand for houses from the first-time homebuyers should remain sustainable,” said founder and group managing director Leong Hoy Kum.