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Mah Sing eyes 30pc sales abroad by 2015

June 26th, 2010 Leave a comment

title=Mah Sing Group Bhd (8583), the country's fifth largest property developer by revenue, expects overseas projects to contribute 30 per cent of total sales by 2015, group managing director Tan Sri Leong Hoy Kum said.

Currently, there is no contribution from overseas.

Mah Sing has a cash pile of RM233 million and plans to capitalise on opportunities in China, Singapore, Australia, Indonesia and Vietnam.

It will launch its maiden project early next year in Jiangsu province, China, with an investment cost of US$620 million (RM2 billion).
Mah Sing has a 51 per cent stake in the project, which is expected to contribute to its sales from next year.

"We want to replicate what we have been doing here and further enhance our image and branding to be one of the premier lifestyle regional developers. We want to grow big and satisfy our shareholders," Leong told reporters yesterday after the company's shareholder meeting in Kuala Lumpur.

Mah Sing's strong institutional shareholders, who collectively own 56 per cent of the company, include Permodalan Nasional Bhd, the Employees Provident Fund and Koperasi Permodalan Felda Bhd.

Mah Sing has 21 projects worth RM6.3 billion in the Klang Valley, Penang and Johor.

The company has set a sales target of RM1 billion this year. In the first three months, it raked in sales of RM601 million.

Leong said that Mah Sing was confident of exceeding its 2010 target with contributions from its new projects and unbilled sales of RM1.1 billion.

Among the projects to be launched in the second half of the year are the Icon Residence @ Mont'Kiara, M Suites @ Jalan Ampang, One Legenda in Cheras, Garden Residence and Garden Plaza in Cyberjaya, and Austin Suites in Johor Baru.

Mah Sing is also scouting for niche, quick-turnaround landbank in Kuala Lumpur, Penang and Johor and an area of more than 80ha in Selangor, Leong said.

"When we buy land, we want to launch immediately and lock in sales to pare down debts. Property business is a financial game. You have to manage your cash flow.

"We are not highly geared now. With good concept, branding and track record, we are able to sell well all our products. We are confident our niche products will attract locals and foreigners," he said.

Leong added that Mah Sing was keen to develop the prized government land in Sg Besi and Sg Buloh and had expressed its interest to the government. It also wants to lend a hand in the proposed international financial hub in Kuala Lumpur.

SOURCE: Business Times

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