KUALA LUMPUR: Mah Sing Group Bhd is buying more land in Greater Kuala Lumpur/Klang Valley, Penang Island and Johor Baru that has potential to generate over RM7 billion in gross development value (GDV).
"We are building our war chest for further expansion," group managing director and group chief executive Tan Sri Leong Hoy Kum told Business Times recently.
The company, which has 300ha of undeveloped landbank, will use its internally generated funds and loans for land acquisitions and new projects.
As at December 31 2010, Mah Sing has RM309 million cash in hand.
Last year, Mah Sing was the most active developer in terms of land banking, completing 10 transactions valued at RM756 million.
Leong said these land deals have potential to generate about RM4 billion in GDV.
Mah Sing currently has 33 ongoing developments with remaining GDV and unbilled sales of RM11.4 billion, compared with 23 projects in 2009.
Meanwhile, Leong said Mah Sing is on track to achieve its sales target of more than RM2 billion this year, having achieved almost 18 per cent or RM363 million in the first two months.
He said the spillover demand from 2010, coupled with the confluence of strong fundamentals and its branding, location, concept and products, will make 2011 another good year for the company.
Leong is also encouraged by external catalysts for growth. He said the multiplier effect via the 10th Malaysia Plan and the Economic Transformation Programme would enhance Malaysia's appeal as an attractive investment destination.
Leong said Mah Sing is keen to participate in government land privatisation projects and is currently looking at several deals.
It also plans to partner good business associates to tap on each other's strength and expertise to build and enhance potential business opportunities.
By Business Times
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