PETALING JAYA (March 2) — Mah Sing Group Bhd delivered its strongest annual sales performance in ten years, achieving RM2.51 billion in new property sales for the financial year ended Dec 31, 2025 (FY2025), representing a 4% year-on-year increase.
Profit before tax climbed 13.6% to RM382.9 million, while revenue held steady at RM2.52 billion. In the fourth quarter alone, the group generated RM99.7 million in PBT on the back of RM665 million in revenue. Unbilled sales stood at RM3.24 billion as at end-2025, offering solid earnings visibility heading into 2026.
For property investors tracking commercial property in KL and growth corridors across Selangor, the group’s numbers reflect sustained demand in strategically located developments.
Although property development revenue dipped marginally to RM2.0 billion, operating profit improved nearly 10% year-on-year to RM418.6 million. Management attributed the softer top-line recognition to a higher contribution from recently launched projects that are still at early construction phases. Revenue contribution is expected to accelerate as these projects progress.
Key earnings contributions were driven by projects across the Klang Valley — including Sentul, Setapak, Kepong, Cheras, Rawang, Salak Tinggi and Bangi — alongside Johor Bahru and Penang.
In the central region, Mah Sing’s developments in mature and emerging locations continue to support the broader ecosystem of office space in Bukit Jalil, mixed-use hubs in Kuala Lumpur, and expanding residential catchments that complement industrial land in Selangor.
Within Greater KL, Mah Sing’s “M Series” remains its anchor product line:
Sentul: Ongoing contributions from M Centura and M Arisa, with M Aria expanding its pipeline in this central corridor.
Setapak: M Astra — recognised for strong construction quality — and the newer M Azura.
Kepong: M Luna and M Nova, with M Nova achieving its topping-out milestone in 2025.
Cheras: M Vertica, noted for its extensive facilities deck.
Rawang: Township components under M Aruna and subsequent phases of M Panura.
Salak Tinggi: M Senyum, a 100-acre landed development focused on affordable terrace homes.
Bangi: Southville City, with new high-rise phases such as M Sinar underway.
These locations continue to enhance residential density around key employment zones, indirectly supporting demand for commercial property in KL and industrial property in Subang area as workforce populations expand.
In Johor, projects such as M Tiara (Skudai), M Minori (Seri Austin) and the 1,313-acre Meridin East township in Pasir Gudang contributed to sales momentum.
In Penang, contributions came from M Vista and Ferringhi Residence 2, with newer launches in Batu Maung and George Town strengthening the island portfolio.
Notably, the group highlighted strong liquidity of RM1.21 billion in cash and bank balances, providing flexibility for landbank expansion and quick-turnaround developments.
Mah Sing has raised its 2026 sales target to RM2.76 billion, supported by RM3.45 billion in planned launches across KL, Selangor, Penang and Johor.
Kuala Lumpur & Selangor
Old Klang Road: M Aurora, a freehold serviced residence.
Setapak: M Mira (estimated GDV RM300 million).
Puchong, Selangor: M Hana, a transit-oriented development near the LRT in Puchong Perdana — a strategic addition in an area that continues to see strong demand for both residential units and factory in Puchong operations nearby.
Sentul: Further releases under M Aria.
Bangi & Semenyih: New phases within Southville City and M Legasi.
For investors focused on industrial land in Selangor and integrated live-work-play concepts, TOD-style projects in Puchong and Bangi are especially relevant due to their connectivity and proximity to logistics and SME corridors.
KL City Centre
Redevelopment of the Corus Hotel site into premium freehold serviced apartments with a GDV of RM1.28 billion, marking a strategic re-entry into the higher-end urban segment.
Johor
MS Industrial Park @ Kulai, a 419-acre freehold industrial development within the Johor–Singapore Special Economic Zone (JS-SEZ), with an estimated GDV of RM2.26 billion. The project will feature industrial plots and factory developments, tapping into cross-border manufacturing and logistics demand.
This industrial expansion mirrors rising interest in industrial property in Subang area and other Selangor hotspots, where modern factories and logistics facilities continue to attract regional operators.
During FY2025, Mah Sing secured approximately RM6.4 billion in GDV via six land acquisitions, including sites in Penang, Setapak and Kulai. Net gearing remained conservative at 0.26 times.
The board declared a 5 sen dividend for FY2025, maintaining nearly a 50% payout ratio — the third consecutive year at that level — and marking its 20th straight year of distributing at least 40% of annual profits.
Analysts broadly viewed the results as within expectations, highlighting:
RM3.24 billion unbilled sales offering near-term earnings certainty.
Margin expansion despite flat revenue, signalling improved cost discipline.
A strong balance sheet enabling continued landbanking.
Industrial exposure in Kulai seen as lower risk and offering steadier cash flow.
Several research firms maintained positive ratings, citing Mah Sing’s quick turnaround model — typically launching projects within 6–9 months of land acquisition — as a competitive advantage in a more selective property market.
Management expects demand for well-positioned residential developments to remain resilient, supported by domestic fundamentals and cross-border activity, particularly in Johor.
With a structured pipeline, healthy liquidity and growing exposure to industrial development, Mah Sing enters 2026 with strengthened execution visibility. For market participants active in commercial property in KL, office space in Bukit Jalil, industrial land in Selangor and factory in Puchong transactions, the group’s diversified model reflects the broader trend of integrating residential, commercial and industrial ecosystems across Malaysia’s key growth corridors.
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