PETALING JAYA: Mah Sing Group Bhd’s latest project, Kemuning Residence, is in line with its business model of fast project turnaround time for high return on equity (ROE).

President and group chief executive Datuk Leong Hoy Kum said the vendor had paid for the conversion premium for the land to be used for mixed development, which would substantially shorten the project cycle time from land acquisition to launch date.

Layout plans for the development has also been approved and earthworks completed.

''The strategy has a proven record of giving Mah Sing a high ROE to enhance shareholder’s value,'' Leong told StarBiz.

Datuk Leong Hoy Kum.

Mah Sing’s wholly-owned unit Legend Grand Development Sdn Bhd has purchased the 21.1-acre parcel in Kemuning for RM25.25mil, or RM27.46 per sq ft, from Penghantaran Bintang Jaya Sdn Bhd.

Kemuning Residence, a medium- to high-end gated and guarded project of semi-detached houses and bungalows, will take off in the first quarter of next year.

''Through shrewd land acquisitions, the cycle time to launch has been significantly shortened compared with the rest of the market.

''In the Klang Valley, we took only two months to launch Damansara Legenda in Petaling Jaya and three months to launch Aman Perdana in the Meru-Shah Alam growth corridor.

''In Johor, Austin Perdana in Tebrau and Sri Pulai Perdana took only four months to launch from vacant possession of the land,'' Leong said.

As at March 31, Mah Sing has unbilled sales of RM351mil

Source : The Star 20/7/2006