Mah Sing on track to meet RM2.5b sales target

"We have consistently achieved more than RM2 billion sales since 2011, and our stable of 40 projects will enable us to continue sustaining our sales growing forward.

"We are targeting another record sales in 2013 of at least RM3 billion," Group Managing Director and Group Chief Executive Tan Sri Leong Hoy Kum said in a statement.

The group said with 40 projects in hand, its unbilled locked in sales and remaining gross development value (GDV) is estimated at more than RM20 billion, which would last up to eight years.

On the RM3 billion sales target next year, Mah Sing expects 59 per cent to come from the sales of its Greater Kuala Lumpur and Klang Valley properties, while Penang would contribute 14 per cent, Johor Baharu 20 per cent and Sabah six per cent.

On land acquisition, the group has currently embarked on four land deals with a combined GDV of RM5.88 billion.

Mah Sing recorded a 37 per cent higher net profit of approximately RM175.2 million for the nine months ended Sept 30, 2012, from the same period last year.

The premier lifestyle developer said it achieved a 16 per cent rise in revenue of RM1.3 billion for the period.