PETALING JAYA: Mah Sing Group Bhd has totally redeemed RM650mil of its unrated senior perpetual securities on its first name date yesterday.
In a press release, the property developer stated it has earmarked the proceeds from the issuance to speed up the development of initiatives with a very good take-up charge, landbanking and dealing capital.
Mah Sing founder and group managing director Tan Sri Leong Hoy Kum has focused the next gross sales progress of 25% this yr to RM2bil from final yr. The models will see enticing value factors of 60% under RM500,000 and 94% under RM700,000.
“Mah Sing is a growth-minded developer and backed by a wholesome stability sheet, we are going to proceed to scout for good land in strategic places.
“With robust execution prowess, our vacant possession targets for 2022 are a lot increased than 2021, coming from initiatives like M Vertica in Cheras, Carya landed houses in M Aruna, Rawang, Sensory Tower A excessive rise models in Southville Metropolis, Bangi, M Vista excessive rise models in Penang and Meridin East outlets and Acacia double-storey houses in Johor.
“This may additional improve our cashflow,” he stated.
Mah Sing deliberate to launch RM2.4bil value of properties this yr and amongst its new launches are M Senyum in Sepang, M Astra in Setapak, M Nova in Kepong, M Panora in Rawang in addition to the remaining phases for Ferringhi Residences in Penang and double-storey hyperlink houses in Meridin East, Johor Baru.
By way of landbank acquisition, Mah Sing will likely be specializing in strategic landbanks in Larger KL, the Klang Valley, Penang and Johor.
Except for these places, Mah Sing can be scouting for attractively priced residential and industrial land outdoors of the Klang Valley, akin to Seremban, Melaka, and Perak, for initiatives within the reasonably priced vary.