Mah Sing sees the revival of the real estate market

KUALA LUMPUR: Mah Sing Group Bhd is cautiously optimistic about the medium to long term real estate outlook, citing strong demand for properties due to the younger demographics.

The developer noted that the impact of the epidemic has had an influence on the real estate market in Malaysia over the past two years. This has resulted in changes in consumption patterns and new challenges for real estate players.

“The group expects the pace of recovery to accelerate, provided global and national economic growth is stable,” he said.

According to Mah Sing, rental demand is expected to increase next year due to the opening of travel borders, with more foreign expats, business partners, tourists and overseas students contributing to the overall growth.

“Rental demand in the Klang Valley rose from -2.9% in 1H20 to + 2.6% in 1H21, according to the demand analysis of iProperty’s 1H21 portal (residential rental market).

“Many renters in Kuala Lumpur are looking for condominiums and serviced residences ranging from 1,000 to 1,200 square feet and priced between 1,500 and 2,000 RM. Having said that, it can be beneficial for home buyers who want to buy a home as an investment, ”he said.

“Ultimately, the real estate market appears to be recovering as we approach 2022. We will continue to ensure that our products are aligned with market sentiment and meet pent-up demand for affordable housing.

“The group intends to continue to leverage the strengths of its existing digital marketplace platforms to drive sales by streamlining processes, from awareness to payments. In the future, the group will strive for excellence in its management and operations, ”said Mah Sing.

While the economy has barely recovered, Mah Sing intends to help the population by offering M Series, its development of affordable range.

Mah Sing founder and group chief executive Tan Sri Leong Hoy Kum said the group aspires to be the Malaysian leader in affordable housing, continuing to provide reasonably priced housing with upscale features in strategic areas. to meet the growing demand of the country.

“By creating the ‘Reinvent Affordability’ campaign, it encourages clients and homeowners to be careful with their property purchases and not to overburden their finances,” he said.

Referring to the first half of 2021 report of Bank Negara Malaysia’s Financial Stability Review, the results indicated that properties priced below RM500,000 accounted for over 80% of real estate transactions.

“Our M-Series segment typically starts at 700 square feet with an indicative retail price starting at RM 318,000. Therefore, we believe that our product line is in line with market demand, ”he said.