Latest news with #MahSing
New Straits Times
3 days ago
- Business
- New Straits Times
Mah Sing tops out M Nova in Kepong, eyes completion by Q2 2026
KUALA LUMPUR: Mah Sing Group Bhd has marked a key milestone in the development of M Nova, its third residential project in Kepong, with the successful topping-out of the building structure. The project has reached 68 per cent structural completion and remains on track for full completion by the second quarter of 2026. Commenting on the achievement, Mah Sing's founder and group managing director, Tan Sri Leong Hoy Kum, said, "The topping-out of M Nova marks a significant milestone in our journey to deliver thoughtfully designed homes in thriving neighbourhoods. We are encouraged by the positive response from homebuyers, and with the project progressing well, M Nova only has limited units available for sale. This reflects the sustained demand for affordably priced homes in well-established areas such as Kepong and Selayang." He added that M Nova follows the success of Lakeville Residence and M Luna, further reinforcing Mah Sing's presence in the area: "This is our third residential project in the area, following the success of our earlier developments – Lakeville Residence and M Luna. We remain committed to delivering more value-driven homes with lifestyle features and excellent connectivity to homebuyers. Moving forward, we will continue to acquire strategic land banks to expand our M Series and meet the evolving needs of urban dwellers." With a gross development value (GDV) of RM790 million, M Nova is a mixed-use development comprising three blocks of serviced residences. Unit sizes range from 700 to 1,000 sq ft, offering 2-, 3-, and 4-bedroom layouts. The project also features 11 retail lots, including a drive-thru retail concept, enhancing convenience for both residents and the surrounding community. Yeoh Chee Beng, chief executive officer of Mah Sing's property subsidiaries, noted that M Nova is designed for modern urban lifestyles. He said that M Nova caters to first-time homebuyers, young families, and professionals seeking practicality, comfort, and connectivity. "Each unit features a practical layout that maximises both space and functionality. Complementing the residences are over 20 curated lifestyle facilities, including a reflexology garden, outdoor fitness zone, badminton court, pool deck and co-working spaces. These offerings reflect our commitment to building quality, community-focused homes that support modern living." Mah Sing also celebrated a key safety milestone, having achieved over 3.5 million man-hours without any lost-time injury (LTI). This reflects the company's strong commitment to safety, quality, and responsible construction practices, supported by its health, safety, and environment team, which regularly conducts site safety briefings and awareness programmes. Strategically located in Kepong, M Nova enjoys excellent connectivity via three major highways - MRR2, DUKE Expressway, and Jalan Kuching - offering residents seamless access to the Kuala Lumpur city centre and surrounding areas.
BusinessToday
7 days ago
- Business
- BusinessToday
Klang Valley Property Market Shows Signs Of Recovery: HLIB
Hong Leong Investment Bank Bhd (HLIB) has maintained its OVERWEIGHT call on the property sector, with BUY ratings on Sunway (target price: RM5.90), IOI Properties Group (RM4.05), SP Setia (RM1.80), Mah Sing (RM1.85), Matrix (RM1.73), OSK (RM2.00) and Sime Darby Property (RM2.05), while UEM Sunrise is rated Hold with a target price of RM0.78. According to HLIB, the sector continues to demonstrate resilience despite early-2025 headwinds stemming from the US tariffs and AI chip export restrictions. In the Klang Valley, high-end residential demand is showing early signs of recovery, with premium projects such as TA Global's Clouthaus and E&O's Conlay Signature Suites recording encouraging sales. This improving sentiment, especially among investment-focused buyers, is expected to support better margins for developers, while the proposed Urban Renewal Act may unlock redevelopment potential in mature, high-value areas. In Johor, the Johor-Singapore Special Economic Zone (JS-SEZ) and enhanced connectivity to Singapore are driving robust property demand. Developers, including Sunway, Mah Sing and UEM Sunris,e have lined up major launches, although HLIB cautions that the surge in investor-driven projects near the RTS Link corridor may lead to oversupply and eventual price correction if not matched by genuine end-user demand. In Penang, a stronger Ringgit and ongoing trade uncertainties are seen as potential drags on the high-end market, particularly for developers like E&O, due to weaker tech-sector income. Negeri Sembilan, while facing intensified competition from Selangor and internal players, could benefit from the longer-term upside of MVV 2.0, which is being positioned as a cost-competitive industrial hub that could eventually lift residential demand. Outside the 2024 data centre boom, HLIB sees cooling demand in that segment as land acquisition has tapered and regulatory approvals have become more stringent, with feasibility further pressured by rising costs and regulatory concerns. However, industrial property demand beyond the data centre segment remains firm, supported by steady foreign direct investment, government backing and increasing attention to secondary growth hubs like Johor and Negeri Sembilan. The retail and hospitality segments are expected to weather the new 8% SST on leases, with most of the burden shared across tenants and consumers. The recent OPR cut and salary adjustments for civil servants are anticipated to boost consumer spending, helping retailers absorb the impact. Tourism strength continues to underpin the hospitality segment, with IOIPG well-positioned to benefit from its expanded hotel offerings and enhanced connectivity at IOI Resort City. HLIB noted that despite external headwinds, the KLPRP Index has staged a rebound, and the research house believes the broader industrial market remains on solid footing. With rising incomes and supportive policies, Malaysia's pivot toward a high-value economy supports the research house's Overweight stance, with IOIPG, OSK, Sunway and Sime Darby Property named as its top sector picks. Related
New Straits Times
15-07-2025
- Business
- New Straits Times
Lower rates, Iskandar 2.0, TODs to spur property rebound, says UOB Kay Hian
KUALA LUMPUR: Falling interest rates, steady mass-market housing demand and renewed investor interest in Iskandar 2.0 and key transit-oriented developments (TODs) are set to drive Malaysia's property market recovery in the second half of 2025 (2H25). In a recent note, UOB Kay Hian outlined three key drivers supporting its positive sector outlook. The drivers are the Iskandar 2.0 theme – buoyed by foreign direct investment (FDI) into industrial assets and fresh residential demand near the Rapid Transit System (RTS) Link; resilient mass-market housing demand, bolstered by the recent Overnight Policy Rate (OPR) cut and structural tailwinds such as minimum wage hikes; and a gradual recovery in investment appetite for TODs, aided by improved affordability and an updated Malaysia My Second Home (MM2H) programme. Reflecting the more accommodative rate environment, the broking has trimmed its sector RNAV discount by 3–5 per cent, raising its target prices for covered developers by 2–10 per cent. It maintains an OVERWEIGHT stance on the sector, with Sunway Bhd, Eco World Development Group Bhd, and Mah Sing Group Bhd as top picks. UOB Kay Hian noted that Bank Negara Malaysia's recent 25 basis point OPR cut should lower borrowing costs for developers and stimulate property demand, particularly among first-time buyers and upgraders. It estimates the lower rates could lift 2026 earnings by over 2 per cent for SP Setia, around 1 per cent for Sunway, and about 0.5 per cent for Eco World, based on their floating-rate debt exposure. For homebuyers, reduced mortgage rates could lower monthly repayments by about 3.4 per cent for a typical RM500,000 loan over 35 years. The research house expects Iskandar Malaysia to benefit from multiple upcoming catalysts, including the final plan for the elevated automatic rapid transit (e-ART) system, the launch of the Gemas-Johor Bahru electric train service (ETS) in August, and the anticipated Johor-Singapore Special Economic Zone (JS-SEZ) blueprint by year-end. "We expect the spotlight to return to Iskandar 2.0 after market recalibration. We are cautiously optimistic on data centre land demand following a reallocation of resources by global cloud players that has led to several stalled DC land deals in the first half of 2025 (1H25)," it said. Examples of these include SP Setia's 307-acre Tanjung Kupang land, UEM Sunrise Bhd's MOU with Logos Infrastructure Holdco (74 acres), IOI Properties Group's Kulai and Banting sites (180 acres), and Mah Sing's tie-up with Bridge Data Centre in SouthVille City. Of these, only Mah Sing has reported healthy date centre-related enquiries, likely driven by hyperscalers due to its infra-ready status. The sector's 12-month forward P/B ratio has risen to 0.85 times, up from 0.8 times in June but still below January's recent high of 1.0 times. Johor launch pipeline picks up pace Developers are ramping up launches near the RTS station in Bukit Chagar to capture cross-border commuter demand. Sunway will unveil its SOHO units at Sunway Majestic at RM800 psf in July, while Mah Sing plans to launch its premium serviced apartments, M Grand Minori, in August. Other projects in the pipeline include Eco Botanic 3 by Eco World (1Q26) and UEM Sunrise's Estuari Greens and Estuari ParkHomes (4Q25). UOB Kay Hian expects the uptick in launches in 2H25 to be well absorbed by resilient, less speculative demand, supported by tangible infrastructure progress and robust cross-border connectivity under the JS-SEZ framework. Affordable housing should remain resilient, supported by rising first-time buyer numbers and higher minimum wages. Developers such as Mah Sing (52 per cent of projects below RM500,000; 37 per cent in the RM500,000–700,000 range), Matrix Concepts (60 per cent below RM600,000), Lagenda Properties (majority priced between RM200,000 and RM300,000), and Eco World's "duduk" series are well positioned to meet this demand. Investor sentiment toward higher-yield residential units is also improving, particularly for well-located TODs. Projects like E&O's The Conlay and SWNK Houze @ BBCC – both offering direct MRT/LRT access – have started to attract fresh foreign interest. Residential loan applications rose 2.5 per cent month-on-month in May 2025, though they remain flat year-on-year due to a high base in 2024. Non-residential loan applications fell sequentially in May (-5.1 per cent m-o-m; +2.5 per cent y-o-y), but cumulative growth for the first five months of 2025 stood at a healthy 6.7 per cent y-o-y. The firm said given the elevated base in 2024, it expects limited growth in residential loan applications this year. "Looking ahead, we expect 2025 loan applications growth to be driven by non-residential segments, supported by ongoing industrial activity and FDI inflows, while residential applications are likely to remain flattish due to a high-base effect," the firm said. For 2025, UOB Kay Hian forecasts sector earnings to grow 7.4 per cent year-on-year, on the back of a 10.3 per cent revenue increase, excluding companies with differing financial year-ends. Margins are expected to normalise from record land sale gains in 2024, particularly for SP Setia and UEM Sunrise, while Lagenda Properties may see some margin compression as its new townships move into early construction phases. Malaysia recorded RM89.8 billion in approved investments in 1Q25, with Johor leading at RM30.1 billion – 67 per cent of which came from foreign sources, mainly Singapore, the US, and China. The research house remains constructive on the sector's 2H25 outlook, supported by lower rates, resilient industrial demand, and ongoing infrastructure progress from Penang to Johor that is expected to further boost TOD opportunities.
The Star
10-07-2025
- Business
- The Star
Mah Sing completes RM250mil sukuk issuance
KUALA LUMPUR: Mah Sing Group Bhd has completed the issuance of RM250mil secured and unrated Sukuk Murabahah under its existing Sukuk Murabahah Programme In a filing with Bursa Malaysia, the property developer said the Sukuk Murabahah has a five-year tenure and carries a fixed profit rate of 4.25% per annum, payable semi-annually. The sukuk is secured by assets owned by the company's subsidiaries and designated accounts. 'The proceeds raised from this issuance of sukuk Murabahah will be utilised for Shariah-compliant purposes which may include landbanking, capital expenditures, investments and working capital of Mah Sing and its subsidiaries and associate companies as well as the refinancing of the group's existing borrowings and/or to redeem the existing sukuk Murabahah,' Mah Sing said. Hong Leong Investment Bank Bhd is the principal adviser, lead arranger and lead manager for the sukuk Murabahah programme.
New Straits Times
06-07-2025
- Business
- New Straits Times
Mah Sing property sales on track for RM2.65bil target
KUALA LUMPUR: Mah Sing Group Bhd's sales momentum is expected to remain steady, supported by its latest township, M Legasi in Semenyih, MIDF Research said. Mah Sing continues to record strong sales, securing total new property sales of RM1.01 billion in the first five months of the financial year ending Dec 31, 2025. The research house said the company remains on track to achieve its full-year new sales target of RM2.65 billion, supported by its affordable housing-focused M Series projects. "We expect M Series projects, which are priced within an affordable range, to continue sustaining new sales momentum. "Aside from M Legasi in Semenyih, planned launches in the second half of financial year 2025 (2HFY25) include Meridin East in Johor Bahru, M Tiara 2 & Tiara Hills in Johor Bahru, M Grand Minori in Johor Bahru, M Aurora in Old Klang Road, M Aria in Sentul, M Zenni in Southbay City Penang and Icon City 2 in Petaling Jaya," it said. Under the master plan concept, M Legasi will be developed into three precincts: Impira precinct on 100 acres of land, Adiya precinct on 93 acres of land, and Embun precinct on 287 acres of land. MIDF Research noted that Phase 1A and 1B in the Impira precinct, which consist of 330 individual-titled two-storey terrace home units, have recorded an encouraging take-up rate of 80 per cent. "We believe the decent take-up rate was due to the affordable pricing starting from RM635,000," it said. Overall, the firm has maintained its earnings forecast for Mah Sing for financial year 2025 (FY25), financial year 2026 (FY26), and financial year 2027 (FY27). The firm has also maintained its "Buy" call on the stock with an unchanged target price of RM1.37. "We maintain our Buy call on Mah Sing due to the stable new sales outlook, which is underpinned by launches of affordable residential projects. Meanwhile, dividend yield is decent at 3.9 per cent," it added.
