KUALA LUMPUR: M Group Berhad will give more focus on building affordable housing at strategic locations to support the government's initiatives to boost house ownership, as well as to meet the market's demand.
KUALA LUMPUR: M Group Berhad will give more focus on building affordable housing at strategic locations to support the government's initiatives to boost house ownership, as well as to meet the market's demand.
Founder and managing director Tan Sri Leong Hoy Kum said the move would augur well for the group's growth strategy as M Group was constantly on the lookout for more landbank with a key focus in the Klang Valley.
"Our primary focus would be to acquire pieces of land within strategic locations with good connectivity and accessibility that are great for immediate development as we believe the demand will persist for the right product in the right location at the right pricing," he told reporters after the group's annual general meeting today.
As of March 31, 2019, M Group's landbank stood at approximately 849.44ha, constituting to total remaining gross development value and unbilled sales of RM25.1 billion, which can sustain growth for the next eight to nine years.
The group currently sits on a healthy balance sheet with cash and bank balances of RM1.3 billion in the first quarter of this year.
M Group is also in talks with potential partners from China to set up a permanent industrialised building system (IBS) precast concrete in Kajang.
Elaborating on the proposed plant, Leong said the negotiations would likely to be concluded within this year and the plant would be able to produce a range of IBS components, including precast concrete panels, concrete slab columns, concrete walls and beams.
He added that if the collaboration was successful, it would enhance M Group's offerings to local house buyers.