Property developer, Mah Sing Group Bhd has benefited greatly from digital transformation to drive innovation and improve operational performance under its Activated Business Continuity Plans (BCP).
Mah Sing Group Bhd founder and group managing director Tan Sri Leong Hoy Kum said even before the implementation of the Movement Control Order (MCO), the company has invested in the digital transformation which has greatly increased the group’s efficiency in sales, admin and other operational processes.
“During MCO, we activated our BCP whereby we have intensified the use of our digitalisation capabilities in sales and marketing; administrative and operational processes, and communication to mitigate the effects of COVID-19.
“Cash is king, especially in times of crisis. Thus, we implemented several cost savings measures such as retraining and redeploying staff for better work efficiencies, having more digital marketing rather than traditional advertising.
“Other than that, we have introduced e-annual reports and e-brochures to cut down on printing costs, deferring non-essential capital expenditures, exploring cost-efficient construction via value engineering and temporarily freezing recruitment,” said Leong in a recent statement.
The company has also announced to maintain its RM1.6 billion sales target for 2020 with 84% cent of its products priced below RM700,000.
Mah Sing’s latest high-rise residential development, M Luna in Kepong, garnered 90% take-up for its first 200 units during its weekend launch on June 13 and 14.
It is planning to launch its upcoming residential project, M Adora in Wangsa Melawati, in mid-July.
Leong said other than M Luna and M Adora, the company also planned to launch the fifth tower of M Vertica in Cheras.
“Take-up for the first three towers are over 90% and the fourth tower is also picking up. For M Arisa, 640 units have been launched since January 2020 and take-up has been very strong at 73% with more units expected to be launched in the remainder of the year,” he said.
In Southville City, Mah Sing delivered the vacant possession for Cerrado on time, despite the disruptions caused by the Movement Control Order.
There are plans to launch phase two of Sensory and Cerrado later in the year.
The new phase of M Aruna landed homes project in Rawang is planned for launch in the third quarter of the year.
Leong said Mah Sing would maintain selective balance sheet expansion by focusing on strategic land banks which are suitable for affordable products in Greater KL, Klang Valley and Johor.
“Our primary focus would be to acquire lands within strategic locations with good connectivity and accessibility that are ready for immediate development as we believe the demand will persist for the right product in the right location, at the right pricing.”
As at March 31 this year, the group had a total of 2,019 acres of remaining land bank, with about RM24.9 billion worth of remaining GDV and unbilled sales.
This will provide the earnings visibility for the group for at least the next eight years.
Mah Sing also has a healthy balance sheet with cash and bank balances at about RM1.05 billion.