Mah Sing Group Bhd said it has increased its sales goal for this year to more than RM2.2 billion because it is confident in its focus on residential properties with reasonable prices.
According to Tan Sri Leong Hoy Kum, the company's founder and group managing director, Mah Sing's 2022 sales momentum has rebounded to levels that are significantly higher than those of the pre-pandemic period and is being driven by first-time home buyers.
As of September 30, 2022, the company had generated revenues of RM1.69 billion and was on track to reach its RM2 billion sales goal for the year, according to him.
"Many believe properties are a good hedge against inflation. With the recent news of expected house price increases due to construction costs hike and inflationary effects, many house buyers choose to lock in their purchases now," he said.
Leong said he is confident that strong home-buying momentum for the company's properties should remain resilient in 2023 despite the slowdown in global economies, high inflation, and a high-interest rate environment.
This is because of the strong pipeline of projects that are appropriately priced for the current market conditions and targeting the right buyer segment, he said in a statement.
According to him, buyer interest in Mah Sing's M-series of affordable projects in several residential hotspots have been strong.
Recent launches experienced a 95 per cent take-up rate, such as M Astra Tower B in Setapak. In Salak Tinggi, M Senyum Phase 2 Camellia 2 saw a 98 per cent take-up, while M Panora Phase 1A in Rawang saw a 100 per cent take-up.
Many people have expressed interest in the phases of M Senyum (Phase 3), M Panora (Phase 1B), and Meridin East (Jasmine and Erica West) in Johor Bahru, said Leong.
He said home buyers will benefit from the exemption of 75 per cent of stamp duty on the sales and purchase agreements of properties priced between RM500,001 and RM1 million (signed by 31 December 2023).
The 100 per cent of stamp duty exemption for first-time homebuyers remains and is applicable for properties priced at RM500,000 and below.
Leong said the company will continue to scout for and acquire new lands, supported by confidence in the M-Series of affordable homes, and backed by healthy balance sheets.