01 July 2011

Mah Sing Updates - 01 July 2011

Just a quick summary after the AGM:

Mah Sing now has about 34 projects on hand. Its target to acquire 7B worth of GDV land is still in progress. The revenue stream will be coming in 2-3 years later. According to Mah Sing, the landed property takes 2 years to realize the earning, while high rise property takes 3 years.

The occupancy rate of the Icon - Tun Razak is still around 30%. According to Management, they are quite selective of their tenants in the view that this building is iconic and is located in well location. They are still looking to it.

They are still now doing research analysis in various countries such as China, Indonesia and Singapore. However, they are now still focusing on local market. Nevertheless, they have set a 5 years plan to boost sales from oversea to 30% of the total revenue. I hope that they can achieve it eventually.

In short, what I can foresee is that, Mah Sing definitely can achieve its RM2.0 Billion sales this year as they already achieve around RM1.0 Billion sales within the 1st 5 month according to its latest quarterly report. However, to beat the largest property developers in term of sales, it needs to quickly acquire more lands and venture in to oversea to become a 'real' regional property player.

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