According to the research firm, Mah Sing’s previews on three project – M Centura in Sentul, M Vista on Penang Island and Fern at Meridin East, Johor – were well received with 94% to 100% of the preview units selected in one weeked.
The project could potentially deliver sales of RM494mil for 2017 and put the company on track to achieving its RM18bil sales target for the year.
According to Mah Sing, it has locked-in RM819mil in sales in 6M17 or 46% of 2017 full-year sales target.
The company intends to launch another two projects – M Aruna in Rawang and M Vertica in Chera – with a combined GDV of RM523mil.
Maybank IB Research also reported that Mah Sing is actively looking for new landbank for both township and fast turnaround developments, post-fund raising from the bond market early this year.
“We expect a +1sen/shr enhancement in our RNAV estimate for every MRY500m in GDV worth of new project assuming 18% pretax margin spreading over a development period of five years,” it said.