Mah Sing Group Bhd announced its plans to establish its foothold in the Iskandar Development Region (IDR), by developing a mixed development project with gross development value (GDV) of RM157.8 million.

According to group managing director Datuk Seri Leong Hoy Kum, in a statement released on 3 January 2007: “Strong economic and population growth expected under the IDR should spur demand for housing in the area. Johor has the second largest property market in Malaysia with 12 per cent of property transactions in 2006, and the second largest housing demand under the Ninth Malaysia Plan."

The new project, called Sri Pulai Perdana 2, will be developed on 24,084ha freehold land worth RM21 million. And Mah Sing sees a lot of upside in terms of the group's premium branding, proven track record and good locations, not to mention the IDR and Singapore two integrated resorts that are expected to spur the economy further.

Leong said the expansion will also allow Employees Provident Fund contributors to make monthly withdrawals for financing one house from this year, in tandem with the Government's Budget 2008 initiatives. Such a move could unleash almost RM9.6 billion annually into the property industry - allowing home buyers to afford homes costing 20 per cent more than previously.

Mah Sing currently has 15 projects with a remaining GDV of RM3.199 billion. The group also has unbilled sales of RM1.077 billion - representing a total GDV of RM4.276 billion - which will ensure earnings visibility for seven years.