RECORD high stock numbers and loan rejection rate, coupled with global market uncertainty and Goods and Services Tax effects, are obstacles hindering the growth in the local housing market.
However, during this period of uncertainty and poor market sentiments, property developers are becoming more innovative with their product offerings and focusing on affordable houses.
Last week, Mah Sing Group Bhd launched its “Reinvent Affordability” campaign, rolling out its business plan to build more affordable houses to cater to the market’s supply and demand gap.
The campaign covers Mah Sing’s four upcoming launches — M Centura in Sentul, M Vertica in Cheras, M Vista in Penang and Fern Phase 2 in Meridin East, Johor.
Its group managing director Tan Sri Leong Hoy Kum said there is still a supply and demand gap in the property industry with a yearly average increase of 118,000 in households against the supply of 85,000 new houses yearly between 2012 and 2014.
He believes that Mah Sing’s business direction in developing more affordable homes does not only bridge the mismatch in supply and demand for the affordable segment but also ties in with the government’s broad 2018 Budget objectives in helping people from all walks of life own a home.
Leong said Mah Sing would build houses without compromising on quality and facilities in order to further enhance the life of buyers.
“We want our customers to be able to enjoy the best of both worlds by providing homes with superior product specifications at a price point many can afford.
“Previously, homebuyers expect such product specifications to be made available only at above RM1,200 per sq ft (psf) price points. Now, for our new launches, at starting prices of RM328,000 and above, we are able to provide buyers with a freehold Kuala Lumpur address, a full-sized badminton court, a basketball court, efficient unit layouts, an automated waste disposal system, a three-tiered security integrated with community mobile application and more.
“We want to reinvent what it means to be affordable,” he added.
Leong said the plan moving forward is to continue to enhance the lives of customers by developing accessible and well-planned products.
This is to position Mah Sing as the leading developer for affordable homes in the nation, he said.
“I believe that we are the first property developer that is going full force in developing homes in the affordable segment to meet the market demand,” he added.
The “Reinvent Affordability” business plan also encompasses Mah Sing’s RM23 million Rewards Reloaded Incentive campaign, which is applicable for 29 existing projects. The campaign makes ownership of the company’s existing projects even more affordable via the provision of a RM23 million pool of incentives which come in the form of cars, furnishing packages and interior decoration vouchers.
The campaign will end on December 31 this year.