Sources: Property Insight
Images: Property Insight
Kuala Lumpur, 2020 – Mah Sing Group Berhad (Mah Sing) today launched its ‘Eazy to Own’ sales campaign covering the Group’s new and completed residential projects nationwide. The campaign commencing 19 February offers easy entry with low upfront costs, peace of mind by locking in current prices and affordability with great incentives and savings for homebuyers that are looking to own their ideal home now.
This campaign will address issues many Malaysians face while trying to own their own homes. Owning a home is a common aspiration, however, financial constraints and difficulties in getting appropriate financing are major hurdles for home buyers.
Concurently, the Group also announced a minimum RM1.6billion sales target for 2020 with key focus on affordable homes as 84% of the full year target sales is from residential properties below RM700,000.
Understanding the Rising Demand for Mass Market Housing in good locations
Mah Sing’s Founder and Group Managing Director, Tan Sri Dato’ Sri Leong Hoy Kum said, “Our internal survey finds that buyers’ key concerns are mainly on pricing and affordability, location and creative or practical layouts. Thus, our latest sales campaign – ‘Eazy to Own’ is in response to what buyers want, which is in line with our growth strategy as a market driven developer to be flexible and quick to adapt to the rapid change in the market.”
EdgeProp.my’s Budget 2020 run-up survey covering 900 respondents showed that close to 52% of respondents who did not own a property was thinking of purchasing a property within the next 12 months. 48% of those who did not plan to buy a property soon stated that they could not afford a home. Additionally, connectivity is the main priority of homebuyers.
Real Estate & Housing Developers’ Association (REHDA) has noted that the key problem the local property market is facing is a mismatch of the type of property that people need, as well as mismatch of affordability and financing availability.
Sizing up the target market and addressing their pain points via Eazy to Own
The ‘Eazy to Own’ campaign has been crafted to address the needs of 4 key demographics with specific pain points in their home ownership journey.
People with intention of buying, but are unable to afford a high down-payment
This younger cohort are within the 25-40 year age group which makes up approximately 3 million population across Malaysia. They work in urban centers, but reside in suburbs due to affordability issues.
People who are currently renting
This is a varied demographic straddling lower income workers and highly mobile professionals, and trends towards the younger cohort between 25 to 35 years old
People who face difficulties in getting their loans approved
This will target the B40 to lower M40 segments, mainly aged between 30-45, with household incomes up to RM6,000
First time home buyers
Millenial centric, urbane and educated with individual incomes of RM8,000 and below
MAH SING ANNOUNCES MINIMUM RM1.6BILLION TARGET SALES FOR 2020 WITH 84% OF FULL YEAR TARGET SALES FOR RESIDENTIAL PROPERTIES BELOW RM700,000
Tan Sri Dato’ Sri Leong Hoy Kum said, “In line with our growth strategy to continue to roll-out affordably priced products of good quality in view of the appetite for mass market housing, Mah Sing has set a minimum sales target of minimum RM1.6billion for 2020 with key focus in the affordable segment. Approximately 84% of our target sales for this year is for residential properties below RM700,000, which aurgers well for the needs and wants of buyers today.”
“We are hopeful that the stimulus package to be announced by the Prime Minister on 27 February will provided a boost in actual spending and consumer sentiments. Property remains as a safe haven investment and serves as a hedge against inflation. Besides Malaysians which makes up the majority of our buyers, we are also seeing heightened interest from overseas buyers. These group of people are mainly those who have excess funds, and are turning to Malaysia for property investments in view of our many attractive qualities i.e. tropical weather, cleaner air, good education system, attractive properties and mix of Asian values and Western infrastructure. Malaysia will remain as an attractive destination for retirement and education purposes as well as real estate investments and property-related businesses.
“Properties in the affordable segments located at strategic locations remains highly sought after amid the growing interest from young families who are looking to own their first homes, which makes up for majority of Malaysia’s population. Thus, we are confident to hit our 2020 sales target of minimum RM1.6billion, which predominantly focusses in the affordable segment,” Tan Sri Dato’ Sri Leong Hoy Kum elaborated.