With its new assets, the group would expand its M-Series affordable projects in the Klang Valley, with two new projects, namely, M Terra and M Hana.’s recent land acquisition given the attractive purchase price and affordable housing development.
MIDF Research noted that the gross development value of the projects would be RM726mil – an attractive acquisition price given the land cost-to-GDV ratio is 11.8%“The projects are affordably priced with an indicative selling price from RM250,000. The research house maintained a “buy” call on Mah Sing with a target price of 74 sen, which includes the revalued net asset value contribution from the land acquisition. The target price is based on a 65% discount to RNAV.
Moreover, HLIB Research noted that the group’s launches and sales target, which amounted to RM2.2bil for the financial year 2023 .