Mah Sing to launch affordable projects in Johor this year

Mah Sing Group Bhd, a strong player in the Johor property market plans to launch more projects in the affordable segment for the remainder of 2020, and among them include Acacia, Jasmine 1, and 3 link homes in Meridin East, Johor Bahru.

Founder and group managing director Tan Sri Leong Hoy Kum is positive on the medium to long-term outlook for the real estate.

Leong said besides strong fundamental demand for property, the attractive low-interest-rate environment driven by the multiple rounds of Overnight Policy Rate (OPR) cut provides a better position for buyers to own properties.

He said the reintroduction of the Home Ownership Campaign (HOC) and other various property-friendly incentives would further help to stimulate the property market.

Mah Sing, which develops residential, commercial, and industrial properties posted a pre-tax profit of RM65.6 million on the back of revenue of RM669.8 million for the six months to June 30, 2020.

Revenue from the property development segment was RRM510.8 million. It achieved property sales of RM418.6 million for the six months to June 30, with an additional RM1.6 billion sales bookings on hand.

Leong said in a recent filing with Bursa Malaysia that among the projects which had contributed to the group’s earnings are Meridin East, Meridin @ Medini, and Mah Sing i-Parc in Johor.

Meridin @ Medini and i-Parc are among Mah Sing’s four commercial projects in Iskandar Malaysia. The other two projects are Ixora Commercial Centre and Bayvue Avenue.

At Bayvue Avenue there are 93 lifestyle retail shops right below the 1,176 units of sea-view serviced apartments selling from RM495,000.

Ixora Commercial Centre is the main commercial centre for Meridin East residences located at the 1,313 acres Meridin East township.

The township has about 13,000 residential units comprising affordable double-storey link homes for single, couple and growing families. The homes are priced from RM410,000.

The two-storey shop offices in Meridin East are priced from RM753,000 and three-storey shop offices from RM968,000.

Meanwhile, Meridin @ Medini is a mixed development located nearby Legoland Malaysia, Mall of Medini, Gleneagles Hospital at Iskandar Malaysia.

The completed development comprises resort-style condominiums, executive suites, Hotel Ramada by Wyndham Meridin and Meridin Walk.

The condominiums have build-up ranging from 570 square ft to 2,088 sq ft (one to four bedrooms). The executive suites offer choices from studio to four bedrooms (with built-up area ranging from 334 to 1,055 sq ft).

The four-star hotel has 644 rooms and is the largest in South East Asia in-room counts under the Wyndham Hotels & Resorts and is popular among local tourists.

Source: NST