“Malaysians are rushing to buy properties as the prices will go up once the GST kicks in.”
Mah Sing: Strong property demand in H2
KUALA LUMPUR: Mah Sing Group Bhd sees strong buying interest ahead of the Goods and Services Tax (GST) that will kickstart in April next year.
Group managing director and chief executive Tan Sri Leong Hoy Kum said Malaysians are rushing to buy properties as the prices will go up once the GST kicks in.
“We expect stronger buying momentum in the second half of the year with potential buyers expected to buy ahead of the GST as property prices are definitely going to rise after the GST is implemented due to higher input cost. Cost of raw materials will go up and I feel that homebuyers will make their decisions to buy properties by the second half of this year,” Leong said after Mah Sing’s annual general meeting, here, yesterday.
He, however, said this is not confined to Malaysia and is common in other countries ahead of their implementation of the GST.
Mah Sing aims to clinch RM3.6 billion worth of sales this year, compared with RM3 billion last year, riding on its good residential and commercial products and strong fundamentals.
“I think this target is achievable as we have already achieved about RM770 million worth of sales in the first quarter ended March this year and we expect the strong momentum in the second half of last year to continue this year.”
He added that the company’s residential and commercial products are also attractive, with 87 per cent of its houses priced at below RM1 million apiece at strategic locations with unique concepts.
The company has unbilled sales of some RM4.6 billion in its financial books. It is also eyeing markets in Australia, Indonesia and the United Kingdom.
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