08/04/2024 12:09 PM

KUALA LUMPUR, April 8 (Bernama) -- Mah Sing Group Bhd's land acquisition in Johor is expected to be positive to Mah Sing as it allows it to continue growing its exposure to Johor’s property market.

MIDF Amanah Investment Bank Bhd said in a note today that the land acquisition was for the development of new land to be named M Tiara 2, about 400 metres from M Tiara.

"The land is strategically located between the townships of Mutiara Rini and Lima Kedai. 

"M Tiara 2 is expected to continue the success of M Tiara. The proposed developments on M Tiara 2 are landed homes with indicative selling price starting from RM770,000 and serviced apartments with indicative starting price from RM253,000,” it said.

MIDF said that the project is to have a total gross development value (GDV) of RM1.45 billion, which translates to an attractive land cost-to-GDV ratio of 7.2 per cent.

MIDF maintains a ‘Buy’ with a revised target price of RM1.42 from RM1.23 and maintain the earnings forecast for financial year 2024 until 2026.

“We maintain our call on Mah Sing as we like its exposure to affordable residential segment and growing presence in industrial properties segment which will further drive earnings growth going forward,” it said.

Last Friday, Mah Sing Group Bhd’s wholly owned subsidiary Venice View Development Sdn Bhd has entered into a conditional sale and purchase agreement with Amanah Raya Bhd to acquire 40.4686 hectares (100.4 acres) for RM103.75 million in Pulai, Johor Bahru.

At 11.10 am, Mah Sing shares rose 4.0 sen to RM1.30 with 6.37 million shares traded on Bursa Malaysia.


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