Mah Sing Group Bhd's priority this year is to ensure that its products align with market sentiment and meet the pent-up demand for affordable housing, according to its founder and group managing director, Tan Sri Leong Hoy Kum.
Leong said that Mah Sing aspires to be Malaysia's leader in affordable housing, providing reasonably priced homes with premium features in strategic areas.
The company intends to widen its M Series, its affordable range development, targeting those looking to buy a home within their means.
"One of the best lessons that we can all learn from the pandemic is a renewed commitment to resiliency. Ultimately, the property market looks to be experiencing a revival as we move into 2022.
"Our M Series segment generally offers 700 square feet and up, with an indicative selling price starting at RM318,000. As a result, we believe that our product line is in line with market demand," Leong said.
According to the Bank Negara Malaysia's Financial Stability Review First Half 2021 report, properties priced under RM500,000 accounted for more than 80 per cent of housing transactions.
Leong said that creating the "reinvent affordability" campaign encourages customers and homeowners to be prudent in their property purchases and not overstretch their finances.
The M Series projects are painstakingly designed to provide a functional yet comfortable living place.
Every project in the M Series, for example, M Luna (Kepong), M Adora (Wangsa Melawati), M Vertica (Kuala Lumpur), M Oscar (Off Jalan Kuchai Lama), M Centura (Sentul), M Arisa (Sentul), M Astra (Setapak), and M Vista (Penang), have their distinct selling factor.
M Luna is close to Kepong Metropolitan Park and has a beautiful Bukit Lagong Forest Reserve view. In contrast, M Adora has a modern urban sanctuary theme and a complimentary shuttle service to the Sri Rampai LRT station.
M Vertica is a transit-adjacent development just a short walk from the Maluri MRT/LRT interchange, whereas M Oscar is a 100-metre-high elevated building with a 2.7-acre podium deck divided into 12 different facility zones.
M Centura has an Olympic-sized swimming pool and a dual floating gym. M Arisa is Sentul's first multi-level sky garden residence, and M Astra is situated between the city centre and the Titiwangsa range.
M Vista is located in Southbay City and offers island-themed living with modern amenities.
Leong is cautiously optimistic about the medium to long term property prospects, citing strong demand for properties with young demographics.
"Over the last two years, the impact of the epidemic has had an impact on Malaysia's property market. It has resulted in shifting consumer habits and new challenges for real estate players. However, Mah Sing anticipates that the pace of recovery will accelerate if global and domestic economic growth remains stable," he said.
Leong said that the economy's overall health is the most critical factor influencing real estate value.
In 2022, Bank Negara Malaysia forecasts a positive growth rate of 5.5 per cent to 6.5 per cent.
A brighter economic outlook is also expected in the coming months, as evidenced by the Leading Index's (LI) more robust growth than the previous month.
Similarly, according to the Business Tendency Statistics, a favourable business situation is forecast for the next six months.
"Employment in a variety of industries, such as hospitality, airlines, tourism, and corporate, may begin to rise. It will, to some extent, help improve purchasing power in the real estate sector," Leong said.
The rental market may do better this year
Leong believes that the opening of travel borders will increase rental demand this year. In addition, the arrival of foreign expats, business partners, tourists, and international students will help boost overall growth.
According to iProperty's H1 2021 Portal Demand Analytics, rental demand in the Klang Valley has increased from -2.9 per cent in the first half of 2020 to +2.6 per cent in the first half of 2021. (Residential Rental Market).
Many renters in Kuala Lumpur were looking for condominiums and serviced residences with floor plans ranging from 1,000 to 1,200 square feet and monthly rents ranging from RM1,500 to RM2,000.
"This can be advantageous for homebuyers who want to buy a house as an investment," Leong explained.