PETALING JAYA: Mah Sing Group Bhd, a leading property developer in Malaysia, has been included in the Fortune Southeast Asia 500 list.
In financial year 2023 (FY23), Mah Sing continued its productive momentum with multiple achievements, strengthening its position as one of the top developers in the country.
The group reported a revenue increase of 12.3%, reaching RM2.6 billion, up from RM2.32 billion in FY22. This growth was accompanied by a 24% rise in profit before tax, which soared to RM327.4 million from RM264.1 million compared with the previous year.
For 2024, Mah Sing has set a higher sales target of a minimum of RM2.5 billion. The group achieved RM992 million in new property sales in the first five months of 2024, putting it well on track to meet its set target. This performance was driven by high demand for the affordable M Series developments in key markets, particularly in central and southern regions, and other launches.
Mah Sing founder and group managing director Tan Sri Leong Hoy Kum said “Mah Sing’s inclusion in the prestigious Fortune Southeast Asia 500, alongside some of the region’s most outstanding companies, is a significant accolade for the group. We will continue to innovate and evolve to stay ahead in the competitive landscape while upholding our brand promise of excellence in service, sustainable operations and the delivery of quality, affordable homes. We remain committed to pushing boundaries to deliver exceptional values to our stakeholders and to set new benchmarks in our industry and the region.”
Touted as Malaysia’s “King of Urban Residential Projects,” Mah Sing has a portfolio of 58 projects spanning a total landbank of 5,341 acres, with a substantial gross development value of RM58.6 billion as at May 2024.
Mah Sing's commitment to environmental, social, and governance principles has earned it a place in the FTSE4Good Bursa Malaysia Sustainability Index since June 2021. It is rated 4 Stars, placing it among the top 25% of companies on the FBM EMAS index in 2023, reflecting its dedication to responsible corporate practices.
