ANNUAL 20 12 - Malaysiastock.biz...Penang Cyberjaya Johor Iskandar Malaysia Sabah One Lagenda, Cheras y Ferringhi Residence, Batu Ferringhi 04-628 8188 N 5º 17’7” E 100º 17’18”

First of all, I of living next to my Cyberjaya Campus at After graduation, I look forwardto working & living in the booming Iskandar area

DREAM

When I get married, I will beliving close to my parents at

Of course, I would want to bringup my children in an eco-paradise

Finally, I plan to spend mygolden years in a tranquil &luxurious setting

A N N U A L

R E P O R T

2012

CyberjayaPenang

Johor

Iskandar Malaysia

Sabah

One Lagenda, Cheraswww.onelagenda.com.my

Ferringhi Residence, Batu Ferringhi04-628 8188www.ferringhi-residence.com.myN 5º 17’7” E 100º 17’18”

Icon Residence, Mont’ Kiara

www.icon-residence.com.myM-city, Jalan Ampang03-2162 8282www.m-city.com.myN 3º 9’23.37” E 101º 4’19.28”

Kinrara Residence, Puchong1300-88-6866www.mahsing.com.myN 3º 1’58.95” E 101º 39’58.60”

i-Parc3, Bukit Jelutongwww.mahsing.com.my

Southville City, Bangi1300-88-7999www.southville-city.com

Icon City, Petaling Jaya1300-88-3993 / 012-227 1998www.icon-city.com.myN 3º 5’10.71” E 101º 36’52.13”

M-Suites , Jalan Ampangwww.m-suites.com.my

TM

Austine Suites, Tebrau07-355 4888www.austinesuites.com.myN 1º 32’54” E 103º 45’5”

Mah Sing i-Parc, Tanjung Pelapas07-527 3133www.mahsing.com.myN 1º 33.838’ E 103º 35.869’

The Meridin@Medini1800-88-6788 / 07-355 4888www.mahsing.com.myN 1º 32’54” E 103º 47’5”

Sutera Avenue, Kota Kinabalu

088-488 398 / 019-362 1833

www.mahsing.com.my/SuteraAvenue

N 5º 58.220’ E 116º 04.025’

Kota Kinabalu

Johor Bahru

Kuala Lumpur

Selangor

Bayan Lepas

Batu Ferringhi

Garden Plaza, Cyberjaya03-8873 1598 / 1603 / 1605 / 0028www.gardenplaza.com.myN 2.94679º E 101.67080º

Southbay Plaza, Batu Maungwww.southbay.com.my

Lagenda@Southbay, Batu Maung

04-628 8188

www.southbay.com.my

N 5º 17’7” E 100º 17’18”

Trends@Southbay

04-628 8188www.southbay.com.my

N 5º 17’7” E 100º 17’18”

Greater KL

Garden Plaza, Cyberjaya

Garden Residence, Cyberjayawww.gardenresidence.com.my

Greater KLStar Avenue, Damansarawww.mahsing.com.my

M Residence & M Residence 2, Rawang1300-88-6866 / 03-6092 8188www.mresidence.com.myN 3º 19.140’ E 101º 30.449’

Klang Valley

Dynamic integrated developments

Combining commercial, residential and retail components within a development to provide discerning investors and residents alike with all of the lifestyle offerings of a modern venue.

Industrial factories

Building industrial spaces that are altogether pratical, multi-functional ans spacious to address the spatial needs of a diversified group of industries.

Niche mid to high-end residences

Providing mid to high-end residential homes in the best suited environment to love a lifestyle of relaxation, leisure and family bonding.

Iconic residential towers

Elevating luxury with high-rise residential towers that are both

architecturally impressive and thoughtfully equipped with

lifestyle amenities.

MAH SING GROUP BERHAD ANNUAL REPORT 2012

DIRECTORS’ PROFILE1

Company Profile

Awards

Our Developments

Group Five-Year Financial Highlights 2

Corporate Information 4

Corporate Structure 5

Directors’ Profile 6

Chairman’s Statement 12

Group Managing Director’s Report 20

Review of Operations 27

Sustainability Report 38

Calendar of Events 60

Corporate Governance Statement 64

Audit Committee Report 76

Statement on Risk Management and Internal Control 80

Directors’ Report 84

Independent Auditors’ Report 90

Income Statements 92

Statements of Comprehensive Income 93

Statements of Financial Position 94

Consolidated Statement of Changes In Equity 96

Company Statement of Changes In Equity 98

Statements of Cash Flows 100

Notes To The Financial Statements 103

Statement By Directors 178

Declaration By The Director 179

Properties Owned 180

Statistics of Shareholdings 184

Statistics of Warrant Holdings 187

Notice of Twenty-First Annual General Meeting 190

Notice of Dividend Entitlement and Payment 196

Statement Accompanying Notice of Annual General Meeting 197

Form of Proxy

CONTENTS

INTRODUCTION

CORE FACTS

MESSAGES

ACTIVITIES

FORM OF PROXY

NOTICES

ADDITIONAL INFORMATION

FINANCIALS

GOVERNANCE


GROUP FIVE-YEAR FINANCIAL HIGHLIGHTS

2

FINANCIAL YEAR ENDED 31 DECEMBER

2008 2009 2010 2011 2012RM’000 RM’000 RM’000 RM’000 RM’000

Revenue 651,639 701,562 1,110,108 1,570,696 1,775,260Profit Before Tax 136,006 144,243 177,865 238,628 315,523Profit After Tax 92,948 95,841 128,403 168,637 231,768Net Profit Attributable to Equity Holders 93,168 94,282 118,071 168,556 230,617

Total Assets 1,253,442 # 1,609,944 # 2,195,246 # 2,850,381 3,595,086Total Borrowings 222,477 220,092 506,580 977,617 910,297Equity Attributable to Equity Holders 690,275 847,610 918,866 1,073,151 1,244,897Total Equity 696,610 855,579 936,456 1,088,489 1,255,001

Return on Equity 13% 11% 13% 16% 19%Return on Total Assets 7% 6% 6% 6% 6%Net Gearing/(Cash) ratio 0.07 (0.21) 0.21 0.29 0.26Basic Earnings per Share (sen) 12.45 * 12.41 * 14.20 20.27 27.61Fully Diluted Earnings per Share (sen) 12.37 * 12.40 * 14.19 19.74 27.14Net Assets per Share (RM) 1.10 1.22 1.10 1.29 1.48Gross Dividend per share 16.0% 13.0% 15.2% 22.0% 15.2%Gross Dividend yield 6.5% 4.5% 4.2% 5.2% 3.7%Dividend Payout Ratio 40.6% 43.0% 40.1% 41.0% 43.7% @

Price Earning Ratio 9.9 11.7 12.6 10.4 7.5Share price as at the financial year end (RM) 1.23 1.45 1.79 2.10 2.07 ^

# The comparative figures for total assets have been restated to reflect the adjustment following the adoption of FRSIC17 in financial year 2011.

* The comparative figures for basic earning per share have been restated to reflect the adjustment arising from the bonus issue completed during the financialyear 2010.

@ The dividend payout for 2012 is estimated based on number of shares as at 31 March 2013 and the proposed bonus issue to be effected in second quarter2013.

^ Share price is before adjustment on the effect of rights issue with warrants which exercise was completed on 22 March 2013.


CORPORATE INFORMATION

4


BOARD OF DIRECTORS

JEN. TAN SRI YAACOB BIN MAT ZAIN (R)Chairman/Independent Non-ExecutiveDirector

TAN SRI DATO’ SRI LEONG HOY KUMGroup Managing Director/Group Chief Executive

DATO’ STEVEN NG POH SENGExecutive Director

LIM KIU HOCKExecutive Director

LEONG YUET MEINon-Independent Non-ExecutiveDirector

CAPTAIN IZAHAM BIN ABD. RANI (R)Independent Non-Executive Director

LOH KOK LEONGIndependent Non-Executive Director

AUDIT COMMITTEE

JEN. TAN SRI YAACOB BIN MAT ZAIN (R)CAPTAIN IZAHAM BIN ABD. RANI (R)LOH KOK LEONG

NOMINATION COMMITTEE

JEN. TAN SRI YAACOB BIN MAT ZAIN (R)LEONG YUET MEICAPTAIN IZAHAM BIN ABD. RANI (R)

REMUNERATION COMMITTEE

JEN. TAN SRI YAACOB BIN MAT ZAIN (R)TAN SRI DATO’ SRI LEONG HOY KUMLEONG YUET MEI

OPTION COMMITTEE

JEN. TAN SRI YAACOB BIN MAT ZAIN (R)TAN SRI DATO’ SRI LEONG HOY KUMLOH KOK LEONG

SECRETARIES

YANG BAO LING (MAICSA 7041240)KUAN HUI FANG (MIA 16876)

REGISTRAR

Tricor Investor Services Sdn Bhd(Company No. 118401-V)Level 17, The Gardens North TowerMid Valley City, Lingkaran Syed Putra59200 Kuala LumpurTel: 603-2264 3883 Fax: 603-2282 1886

REGISTERED OFFICE

Penthouse Suite 1, Wisma Mah SingNo. 163, Jalan Sungai Besi57100 Kuala LumpurTel: 603-9221 8888 Fax: 603-9222 2833

AUDITORS

Deloitte KassimChan (AF 0080)Chartered AccountantsLevel 19, Uptown 1No. 1, Jalan SS 21/58,Damansara Uptown47400 Petaling JayaSelangor Darul EhsanTel: 603-7723 6500 Fax: 603-7726 3986

BANKERS

Affin Bank BerhadCIMB Bank BerhadHong Leong Bank BerhadHong Leong Islamic Bank BerhadHSBC Amanah Malaysia BerhadMalayan Banking BerhadOCBC Bank (Malaysia) BerhadPublic Bank BerhadRHB Bank Berhad

P.T. Bank Ekonomi RaharjaP.T. Bank Permata TbkThe Bank of Tokyo-Mitsubishi UFJ, Ltd

STOCK EXCHANGE LISTING

Main Market of Bursa Malaysia SecuritiesBerhad

STOCK SHORT NAME

MAHSING (8583)

INDEX

FTSE Bursa Malaysia KLCI

WEBSITE

www.mahsing.com.my

INVESTOR RELATIONS

Tel : 603-9221 8888Email : [email protected]

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CORPORATE STRUCTURE

5

ACTIVE SUBSIDIARIES

DIRECTORS’ PROFILE

6

JEN TAN SRI YAACOB BIN MAT ZAIN (R)

Chairman/Independent Non-Executive Director

• Malaysian, 77 years of age

• Appointed to the Board on 29 June 1994

• Chairman of the Audit Committee

• Chairman of the Nomination Committee

• Chairman of the Remuneration Committee

• Chairman of the Option Committee

• Attended all 4 Board Meetings and 4 Audit Committee

Meetings convened during the financial year.

Jen. Tan Sri Yaacob had a distinguished career spanning nearly

40 years in Angkatan Tentera Malaysia before retiring in 1993

as a Panglima Angkatan Tentera Malaysia. He had attended

courses at the Australian Army General Command and Staff

College, the Naval Post Graduate School in Monterey, United

States of America, the Royal College of Defence Studies in the

United Kingdom and the Advance Management Programme at

Harvard Business School.

Apart from his directorship in the Company, he is the Chairman

of Affin Investment Bank Berhad, Syarikat Permodalan

Kebangsaan Berhad and SPK-Sentosa Corporation Berhad.

There is no conflict of interest between him and the Company

nor are there any family relationships between him and any

director or major shareholder of the Company. He has not been

convicted for any offences within the past 10 years other than

for traffic offences, if any.



7

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DATO’ STEVEN NG POH SENG

Executive Director


• Appointed to the Board on 27 June 2005

• Attended all 4 Board Meetings convened during the

financial year.

Dato’ Steven Ng Poh Seng has more than 23 years experience

in audit, accounts, corporate finance and financial investment.

He holds a Bachelor of Science degree majoring in accounting

from the University of Wales (UK). He is a member of both the

Institute of Chartered Accountants in England and Wales and

the Malaysian Institute of Accountants. He worked in a

Chartered Accountancy firm in United Kingdom and upon his

return to Malaysia, he served as a Manager in Malaysian

International Merchant Bankers Berhad before joining SP Setia

Berhad. After 8 years of service in SP Setia Berhad, he left as

Head of Corporate Affairs prior to joining the Company.

In recognition of his achievements, Dato’ Steven Ng Poh Seng

was conferred the Darjah Kebesaran Mahkota Pahang Yang

Amat Mulia – Peringkat Kedua Darjah Indera Mahkota Pahang

(DIMP) which carries the title “Dato’” on the Sultan Pahang’s

82nd birthday on 2nd February 2013.

He is currently the Executive Director of the Company heading

the Group Corporate and Investment division.






TAN SRI DATO’ SRI LEONG HOY KUM, P.S.M., S.S.A.P.,

D.P.M.S., J.P., Hon. Ph.D

Group Managing Director/Group Chief Executive


• Founder and First Director Appointed to the Board, on 3

December 1991

• Member of the Remuneration Committee

• Member of the Option Committee

• Attended all the 4 Board Meetings convened during the

financial year.

Tan Sri Dato’ Sri Leong Hoy Kum founded the plastics

manufacturing division in 1979 and listed Mah Sing Group

Berhad on the Kuala Lumpur Stock Exchange in 1992. He has

been on the Central Committee of the 900-member Malaysian

Plastics Manufacturers Associations since 1986. He is also the

Honorary President of the Young Malaysian Movement

Association (YMM) since 1999 and of The Dramatic Art Society,

Malaysia since 1996. Besides that, he is the Vice-President of

the Table Tennis Association of Malaysia since 1999.

Tan Sri Dato’ Sri Leong Hoy Kum is the key driving force behind

the phenomenal growth and success of Mah Sing Group Berhad.

Driven by his determination to maximise shareholders’ value

and passion for property, Tan Sri Dato’ Sri Leong ventured into

property development in 1994. Being the Group Managing

Director/Group Chief Executive, he has been instrumental in

shaping Mah Sing as a multi-award winning real estate specialist.

His vast experience spanning over 30 years as well as his

entrepreneurial spirit culminated in the Group expanding

rapidly with projects in Malaysia’s main growth corridors,

namely Greater Kuala Lumpur and the Klang Valley, Johor Bahru

(Iskandar Malaysia), Penang and Kota Kinabalu, Sabah.

In recognition of his achievements, he was conferred an

honorary Doctor of Philosophy (Ph.D.) in Business

Administration by the Honolulu University, Hawaii in 2000. He

was conferred the Darjah Paduka Mahkota Selangor (D.P.M.S.)

which carries the title of “Dato” and the Jaksa Pengaman (J.P.)

awards by his Highness, Sultan of Selangor in 1996 and 2001

respectively. Tan Sri Dato’ Sri Leong was conferred the Darjah

Kebesaran Sultan Ahmad Shah Pahang Yang Amat DiMulia –

Peringkat Pertama Sri Sultan Ahmad Shah Pahang (S.S.A.P.)

which carries the title “Dato Sri” on the Sultan Pahang’s 77th

birthday on 3rd November 2007 and the Darjah Panglima Setia

Mahkota (P.S.M.) which carries the title “Tan Sri” in 2009.

He also sits on the Board of Directors of various other private

companies.

He is the brother to Director, Ms Leong Yuet Mei. There is no

conflict of interest between him and the Company nor has he

been convicted for any offences within the past 10 years other

than for traffic offences, if any.


8


MS LEONG YUET MEI

Non-independent Non-Executive Director


• Appointed to the Board on 17 November 1997

• Member of the Nomination Committee

• Member of the Remuneration Committee

• Attended 3 out of 4 Board Meetings convened during the

financial year.

Ms Leong Yuet Mei has been attached to RHB Securities Sdn

Bhd as a Dealers Representative since 1991. Prior to that she

was attached to KAF Discount Berhad as a Senior Accountant.

Ms Leong Yuet Mei is the elder sister to Tan Sri Dato’ Sri Leong

Hoy Kum, the Group Managing Director/Group Chief Executive.

There is no conflict of interest between her and the Company

nor has she been convicted for any offences within the past 10

years other than for traffic offences, if any.

MR LIM KIU HOCK

Executive Director


• Appointed to the Board on 30 October 2006

• Attended 3 out of 4 Board Meetings convened during the

financial year.

Mr Lim Kiu Hock has more than 30 years experience in property

development. He holds a Bachelor (Hons) Degree in Housing,

Building and Planning from the University of Science, Penang.

He is a member of The Chartered Institute of Building, United

Kingdom (CIOB). He is also a National Committee member of

International Real Estate Federation (FIABCI). He was the head

of the property division of Berjaya Land Bhd for 13 years, before

moving on to MK Land Holdings Berhad as Chief Operating

Officer, and then on to Zelan Development Sdn Bhd, a

subsidiary of Tronoh Consolidated Berhad as Managing

Director. He is well experienced in handing the development of

golf and seaside resorts, shopping malls development and

management, residential housing schemes and privatization of

projects from the government.

He joined the Company as Business Development Director

before being appointed to the Board.







9


CAPTAIN IZAHAM BIN ABD. RANI (R)

Independent Non-Executive Director


• Appointed to the Board on 16 April 2001

• Member of the Nomination Committee

• Member of the Audit Committee

• Attended all the 4 Board Meetings and 4 Audit Committee


Captain Izaham served in the Malaysian Armed Forces for nearly

14 years before his early retirement in 1992. He attended

various career courses conducted domestically as well as in

Australia and Singapore. He was the Business Development

Manager at the Kukup Golf Resort in Pontian, Johor

before serving Port Dickson Golf & Country Club as the General

Manager until end 2004.

Captain Izaham is also a Director in a leading multinational

petroleum company from the Sultanate of Oman, (MB

Petroleum Services Sdn Bhd) and Epicentro Resources Sdn Bhd

which deals in Defence Products and is a subsidiary of British

Aerospace (BAE Systems).






MR LOH KOK LEONG

Independent Non-Executive Director


• Appointed to the Board on 23 September 2002

• Member of the Audit Committee

• Member of the Option Committee

• Attended all the 4 Board Meetings and 4 Audit Committee


Mr Loh Kok Leong is an accountant by profession and has been

attached with various international accounting firms both in

Malaysia as well as overseas for more than 20 years, out of

which 3 years were dedicated as a partner of Deloitte Touche

Tohmatsu Kuala Lumpur. He is currently a partner of a

professional services firm, Russell Bedford LC & Company. He is

a member of the Malaysian Institute of Accountants, the

Malaysian Institute of Certified Public Accountants and the

Chartered Tax Institute of Malaysia.






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12


CHAIRMAN’S STATEMENT

13

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Dividend

The Group remains committed to create value and

deliver returns to its shareholders, and the Board of

Directors has recommended a first and final dividend of

7.5 sen (net) per ordinary share of RM0.50 each

consisting of 0.4 sen per share less income tax of 25%

and single-tier dividend of 7.2 sen per share for the

financial year ended 31 December 2012.

This represents a minimum payout of at least 40% of net

profit, in line with the Group’s dividend policy of paying

at least 40% of net profit since 2006 and is subject to

approval by shareholders at the forthcoming Annual

General Meeting.

The Group has been consistently rewarding

shareholders, and cash dividends totaling RM69.2

million were paid by the Group to shareholders in

September 2012 marking the 6th consecutive year of

the Group’s commitment. The Group’s ability to reward

shareholders during these years mirrors the

uninterrupted profit growth supported by continuous

well-planned explorations and acquisitions of selective

strategic landbanks for expansion.

14



15



Corporate Exercise

During the financial year, the Group embarked on a renounceableRights Issue with free Warrants, followed by a bonus issue forshareholders. The Rights issue priced at RM1.42 per Rights Shareis on the basis of one share for every 3 existing shares held. Thisrepresents a discount of 37.2% to the 5-day volume weightedaverage market price prior to the announcement of the price-fixing date, or 30.7% to the Theoretical Ex-Rights Price “TERP”.There will be 3 free Warrants for every 5 Rights shares subscribedfor and 1 bonus share for 5 existing share held at an Entitlementdate to be fixed.

We received total acceptances and excess applications for332million Rights Shares as at 12 March 2013, the closing date foracceptance and payment of the Rights Issue with Warrants. Thisrepresents an oversubscription of 18.55% over the 280millionRights Shares with Warrants available for subscription and reflectsstrong investor confidence in Mah Sing.

The fund raising was completed on 22 March 2013 and raisedapproximately RM398 million which will part finance our propertydevelopment expenditure, future land acquisitions and generalworking capital requirement. This is part of our prudentmanagement of capital structure to maintain a healthy andoptimum capital base. Besides improving the liquidity andmarketability of Mah Sing Group’s shares, we are also taking theopportunity to reward our shareholders with the bonus shares.

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Corporate Responsibility

Mah Sing firmly believes in being a responsible corporate citizen

and giving back to the community. On 15 June 2012, Mah Sing

Foundation organized its inaugural fundraising event themed

“An Unforgettable Night of Sharing”. On the night of the

fundraising, Mah Sing Foundation successfully raised slightly

more than RM2.8 million in donations from Mah Sing Group

Berhad, our corporate and business partners as well as a

personal contribution by our Group Managing Director cum

Group Chief Executive Tan Sri Dato’ Sri Leong Hoy Kum. At the

event, 15 deserving organizations which are registered non-

governmental and non-profit outfits with the Social

Department of Malaysia received contributions for their cause.

In 2012, Mah Sing Foundation launched a new 12-months CSR

project from November 2012 to October 2013 with Dignity for

Children Foundation, providing financial aid to support their

Primary Education Program and Faisal Cup 2013, a sports

program for underprivileged children.

As a responsible corporate citizen, the Group also promotes

sustainability in our day-to-day operational activities in order to

achieve a satisfactory balance on bottom-line growth,

safeguarding the welfare of our people, community and

environment.

Beyond meeting Bursa Malaysia’s Listing Requirements to

report on the corporate social responsibility activities we

undertake, we have further prepared a Sustainability Report on

a voluntary basis since our Annual Report 2010. The report

detailed between page 38 to page 58 covers our efforts in

promoting long-term sustainability in terms of economic vitality,

social relationships with stakeholders and environmental

compliance.

16



Safeguarding the environment in all

aspects of our business activities means

incorporating green features in our

property projects and promoting

environmentally friendly plastic products.

Each development is designed to

incorporate green features including

energy and water efficiency, environmental

protection, indoor environment quality

and green innovation. Environmental

Management Plan (“EMP”) is prepared

for each project site based on the

recommendations in the Environmental

Impact Assessment (“EIA”).

Selected projects will receive green

certifications, and some of the projects

certified in 2012 include Icon Residence

Mont’ Kiara (Green Mark (Certified)

Provisional Certificate) in the Klang Valley

and Southbay Plaza in Penang island

(Green Mark (Gold) Provisional Certificate).

M City Jalan Ampang in Kuala Lumpur

which was conferred the Most Iconic

Green Development in The Malaysian

Reserve Editor’s Choice Awards 2012 is

being constructed to meet BCA’s Green

Mark (Certified) and PAM’s GBI (Certified)

standards, while Icon City in Petaling Jaya

is in the pre-assessment stage for not

one, but three green certifications,

namely PAM’s GBI, BCA’s Green Mark and

USGBC’s Leed.

Other projects at the preliminary stage

for green assessments in 2013 include

Ferringhi Residence, Penang and Icon

Residence Penang.

17



Mah Sing recognizes the need to engage and

reach out to our customers and to promote

community living amongst our home owners.

Periodically, the Group’s customer relationship

management (CRM) team organizes community

events at residential areas as value-adding

services to Mah Sing project’s communities and

locals. Some of the activities include home

improvement roadshows, gotong royong and

kids’ drawing contest.

Our human capital management placed extra focus onlearning and development, with new training programsintroduced in 2012 customized towards specificdepartmental needs.

In line with our vision and efforts towards positivetransformation, we embarked on 11 sessions of teambuilding exercise involving 515 employees. The intensive2 day programme was highly interactive, incorporating keylearning points on leadership, communication, teamworkand group synergy, to align staff towards our vision ofbecoming a world class real estate developer.

In project-related community initiatives, Mah Sing focuses on

using our expertise and resources to undertake community

development activities that improve the well-being and foster

a good and harmonious relationship with the local community.

Some of the activities undertaken in 2012 include providing

metal rails and fencing surrounding a monsoon drain beside a

playground, improving infrastructure near our projects,

upgrading facilities in an Indian temple and Chinese temple,

fund a proposed market premise, and landscape upgrades to

construct futsal and basketball courts as well as laying of

football field and children playgrounds.

Since 2008, the plastics division had sponsored students from

lower income families for a technical apprentice course in

plastics injection moulding. Employment service shall be

continued with qualified students after completion of the

apprentice course and a 1-year contract service.

In November 2012, a total of 10 students from lower income

families were sponsored for a 2-year technical apprentice

course in plastics injection moulding through “Skim Perantis

PIMAS”.

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18



2012 saw the Group continuing to receive recognitions for

corporate, branding and project achievements.

On the corporate front, Mah Sing Group once again made it to

the Top 10 of The Edge Malaysia Top Property Developers

Award 2012, and listed in The Edge Billion Ringgit Club for the

third year running, ever since the inception of the award in

2010.

Mah Sing Group was also honoured at the Corporate

Governance Asia Recognition Award for the third year running;

in 2012, Mah Sing Group won the Corporate Governance Asia

Recognition Award organized by the region’s most authoritative

journal on Corporate Governance and the Group’s Managing

Director cum Group Chief Executive, Tan Sri Dato’ Sri Leong Hoy Kum

won Best Asian Corporate Director Award. In 2013, we

accomplished a hat trick with Tan Sri Dato’ Sri Leong conferred

Asia’s Best CEO (Investor Relations) – Malaysia, whilst Mah Sing

won Best Investor Relations Website/Promotion and Best

Investor Relations by Company.

Mah Sing’s efforts in good governance, responsible management

and communication to shareholders also won us the certificate of

merit for Annual Report 2011 at the National Corporate Report

Awards (NACRA) 2012.

Our branding efforts did not go unnoticed as the Group

received the Putra Brand Awards – Property Development for

both 2012 and 2013, BrandLaureate 2011-2012 Best Brands

Conglomerate Awards, BrandLaureate 2012-2103 Best

Property Company and OPP Gold Award for Best Use of Social

Media 2012. Mah Sing also received the OPP Silver Award for

Best Luxury Developer Worldwide.

I would also like to congratulate our Group Managing Director

cum Group Chief Executive, Tan Sri Dato’ Sri Leong Hoy Kum for

being conferred various leadership awards. Besides the

corporate governance and investor relations awards conferred

by Corporate Governance Asia, Tan Sri Dato’ Sri Leong was also

honoured with the 2012 Platinum Entreprenuer Award - the

highest honour in the SME Recognition Awards as well as the

Global Leadership Awards 2013 – Lifetime Achievement Award.

Awards and achievements

19



The property division’s commitment to

quality and reliability in delivery has made

it one of the leading property developers

in Malaysia and in 2012 as well as the first

part of 2013, several of our property

projects won various awards.

At the 2012 Asia Pacific Property Awards

(APPA), Mah Sing swept 4 awards namely

Best Commercial Redevelopment (5

Stars) and Best Office Development

(Highly Commended) for Icon City

Petaling Jaya as well as Best High Rise

Architecture Malaysia Award (5 star) and

Best High Rise Architecture Asia Pacific

for Icon Residence, Mont’ Kiara, marking

the third time that our project will

represent the region on the world level.

We have recently been notified of

Legenda@Southbay’s win at the 2013

APPA, for Best Leisure Development.

Euromoney awarded Mah Sing the Best

Industrial Developer 2012, reflecting our

win in the International Property Awards

2011 where i-Parc 3 @ Bukit Jelutong

was named Best International Industrial

Development.

On the local front, M City Jalan Ampang

received The Malaysian Reserve Editor’s

Choice Awards 2012 for Most Iconic

Green Development whilst

Residence@Southbay Penang was

recognized at the Malaysian Landscape

Architecture award.

No doubt, these accolades which

reaffirms our position has only been

achievable thanks the hard work and of

our entire team, and reflects the

commitment of team Mah Sing.

Continuing growth, together

2013 will be another exciting year, with 7

new projects in the pipeline which will

drive our growth. These are Southville

City, M Residence 2 and the newly

acquired D’sara Sentral in the Klang

Valley, Ferringhi Residence in Penang

island, Mah Sing iParc@Tanjung Pelepas

and The Meridin@Medini which are

located in Iskandar Malaysia and Sutera

Avenue in Kota Kinabalu, Sabah.

Moving forward, we believe that the right

products in strategic locations with good

concepts and design will continue to do

well, as property is acknowledged as the

best hedge against inflation. Properties

are acquired as a form of wealth

preservation and not speculation.

In fact, as stated in Bank Negara

Malaysia’s 2012 Financial Stability and

Payment Systems report, supply of

houses remains insufficient to meet

genuine demand for new homes. With

the changes in demography and increase

in urbanization, the rise in new home

buyers over the next few years is likely to

continue, exceeding the average growth

in housing stock.

Our country’s good economic growth,

healthy employment market coupled

with the solid foundation of the banking

sector will still drive demand from the

domestic as well as foreign markets.

We believe that our continued focus in

developing market driven, quality

products with good themes and

concepts, in good locations, coupled with

our delivery and customer service will

stand us in good stead as we continue to

grow the business.

In closing, I would like to thank our

management and staff for their

continued passion and hard work, and we

look forward to continuing this

phenomenal growth, together.

On behalf of the Board, our deepest

thanks goes to our shareholders, business

associates, customers, the Government

and the local authorities for their

confidence and trust in the Group

throughout these years.

With all the continued support provided

by our internal and external stakeholders,

we look forward to another year of solid

growth ahead.

JEN. TAN SRI YAACOB BIN MAT ZAIN (R)

CHAIRMAN

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20

The continued strong sales achievement of RM2.5billion in 2012

solidified our leadership position in the local property industry.

Our unbilled sales continued to advance to approximately

RM3.16billion as at 31 December 2012, equivalent to

approximately 2 times the revenue recognized from the

property division in the same year. The strong unbilled sales

position enables visibility over near term performance and

assures a steady stream of cash flows and liquidity.

Having exceeded 2012’s landbanking target of RM5billion by

clinching 4 land deals with combined gross development value

of RM5.88billion, the Group is off to a good start in 2013 with

the recent acquisition of D’sara Sentral in Sg Buluh, with

estimated gross development value of RM800million.

Mah Sing is no stranger to the locality, which has garnered much

interest in recent years due to the 3,300-acre Rubber Research

Institute of Malaysia (RRIM) privatization land which is just next

to D’sara Sentral. A mere 6km away, our commercial project Star

Avenue@D’sara located just 3 minutes from the proposed MRT

station in Taman Industri Sg Buluh was launched in 2011 and is

nearly 100% sold. In fact, D’sara Sentral is just diagonally

opposite the MRT station next to the RRIM land and there will

be a direct bridge linkage. Buyers are obviously optimistic of the

RRIM land potential, and the upcoming MRT line has

compounded interest in the area.

Mah Sing has been judiciously buying prime land in strategic

locations to build a strong pipeline for sustainable growth. Over

the past 4 years from 2009 to 2012 we acquired close to 1,500

acres of land with total estimated GDV of RM17.4billion. This is

nearly 4 times the total revenue of RM4.4billion recognized from

the property division in the same period.

This optimism and confidence in the property market has been

proven correct, with the strong growth trajectory of our sales

achievement which more than tripled from RM727million in

2009 to RM2.5billion in 2012.

As at early April 2013, the Group has a remaining GDV and

unbilled sales of approximately RM19.7 billion from our 41

projects, and these should last the Group for the next 6 -8 years.

2012 was a historic year for the Group, as we launched our “Realizing Dreams” property and

lifestyle showcase to commemorate our 18th anniversary in property developments.

We chose the “Realizing Dreams” concept in line with what we have been doing for the past

2 decades – realizing our buyers’ dreams of owning a prime property which is a beloved

shelter and an astute investment, the best hedge against inflation.

11 landed residential, high rise residential and commercial projects in Greater KL, the Klang

Valley, Penang island and Johor Bahru/Iskandar Malaysia were selected for the campaign

which focused on making it easier for buyers to own their dream property, with extra

incentives for existing buyers in our M Club customer loyalty programme.

GROUP MANAGING DIRECTOR’S REPORT


21

In addition to these projects, new

projects which are expected to further

boost the Group’s performance in the

future include:

Greater KL and Klang Valley

i) Landed residential developments

namely M Residence 2 in Rawang

and Southville City@KL South.

ii) High rise residential development

namely Star Residence in Subang.

iii) Integrated commercial development

such as D’sara Sentral in Sungai

Buloh.

Penang island

i) High rise residential development

Ferringhi Residence and Icon

Residence, Georgetown.

Another record breaking year

Mah Sing Group Berhad delivered yet

another record-breaking year in 2012

with revenue and net profit at RM1.78

billion and RM230.6 million respectively.

This represents improvement in revenue

and net profit of 13% and 37% respectively

as compared to the previous year.

Property development projects that

contributed to the results included:

Greater KL and Klang Valley


namely Kinrara Residence in Puchong,

Garden Residence and Clover@Garden

Residence in Cyberjaya, Perdana

Residence 2 in Selayang, Aman

Perdana in Meru - Shah Alam, M

Residence in Rawang, One Legenda,

Hijauan Residence and Bayu Sekamat

in Cheras.

ii) High rise residential developments

including Garden Plaza in Cyberjaya,

M-Suites and M-City in Jalan

Ampang, Icon City in Petaling Jaya

and Icon Residence in Mont’ Kiara.

iii) Integrated commercial developments

such as Star Avenue @ D’sara,

Southgate Commercial Centre in

Sungai Besi, and StarParc Point in

Setapak.

iv) Industrial developments i-Parc 1,

i-Parc 3 in Bukit Jelutong and i-Parc 2

in Shah Alam.

Penang island


Residence @ Southbay and Legenda

@ Southbay.

Iskandar Malaysia/Johor


Sierra Perdana, Sri Pulai Perdana 2

and Austin Perdana.

ii) Integrated commercial development

Southhbay City.

Iskandar Malaysia/Johor

i) Integrated development Meridin

@Medini.

ii) Industrial development Mah Sing

i-Parc @ Tanjung Pelepas.

Kota Kinabalu, Sabah

i) Integrated development Sutera

Avenue.


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22


Plastics

The plastic segment continued to

contribute positively to Group revenue

and profit in 2012. Revenue for the

segment grew by 3% to RM208.8 million

compared to RM202.1 million in 2011. The

segment recorded net profit of RM10.9

million for financial year 2012.

Mah Sing’s plastics division comprises

operations in Malaysia and Indonesia.

Towards the end of 2012, our plastics

division in Malaysia further invested in

2 units of ultra large injection machines

of 4,000 tonnes clamping force to

boost our production capacity. The

increased production capacity from is to

meet growing market demand for plastic

pallets, both for the local and export

market. In October 2012, PTMSI

commenced operations in a new factory

in Kerawang Timor, Indonesia. The new

factory is about 30km from the present

factory in Cikarang Jakabeka, and the

expansion is to meet escalating market

demand from the growing automotive

industries in Indonesia for the next 5

years.

In terms of property segments, the

residential sub-sector was the main

contributor as per previous years,

consisting 77% of the sales registered

in 2012 followed by the commercial sub-

sector and industrial sub-sector at 21%

and 2% respectively.

Greater KL and Klang Valley remains the

stronghold for the Group’s property

projects with 71% of sales registered

from this region, Penang island and

Iskandar Malaysia/Johor Bahru each

contributed 12% and Kota Kinabalu,

Sabah contributed 5%. This is a showcase

of the Group’s successful fast turnaround

business model, considering that the land

for Sutera Avenue, Kota Kinabalu was

only acquired in March 2012.

With the positive responses towards our

launched projects, we foresee that we

are able to meet our sales target of at

least RM3billion for 2013 backed a launch

target of at least RM3.7billion.


23

Property development

2012 was notable in terms of

landbanking, not just because we

exceeded our landbanking target, but

also because of the types and location of

lands acquired.

We have been very particular about the

landbank we buy, and besides our fast

turnaround projects, we have also been

on the lookout for sizable township lands.

In 2012, we successfully acquired both

niche and township projects.

We added 2 new townships in the Klang

Valley, clinched our maiden project in

Kota Kinabalu, Sabah, and expanded our

presence with an integrated project in

Iskandar Malaysia.

In the first quarter of 2013, we acquired

D’sara Sentral in Sungai Buluh. With the

scarcity of development land along the

MRT line, we are confident that buyers

would recognize the potential of the area

and how this will translate into value and

returns in the near future.

As you can see, there is a compelling

reason for us to buy each and every piece

of land.

Moving forward we shall continue to

procure good lands that can be value

added with good themes, concepts and

designs to suit market needs. An

additional criterion would be the land’s

suitability for a fast turnaround, in line

with the Group’s business model.

Numerous projects have been launched

successfully after thorough research on

market needs, trends and latest

innovations. The Mah Sing brand is

anchored on the delivery of our premier

lifestyle promise be it a high end or mass

market project, backed by impeccable

customer service and on-time deliver.

Moving forward, we shall continue going

the extra mile, as can be seen with efforts

like obtaining MSC status for integrated

developments like Icon City Petaling Jaya,

achieving various green certifications

such as PAM’s GBI, BCA’s Green Mark abd

USGBC’s Leed as well as ensuring that our

developments obtain CONQUAS quality

certifications.

We shall continue to tap on the sustained

demand for property due to urban

migration, new household formation and

good employment market, coupled with

a latent shortage of houses in the market

every year.


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Landbanking exercise in 2012

Project Acquisition Land Cost *Expected Comments

size (RM GDV

(acre) Million)

M Residence 2, February 157 41 650

Rawang,

Klang Valley

Sutera Avenue, March 4.2 39 502

Kota Kinabalu,

Sabah

Southville City, May 420 341.2 3,630

KL South,

Klang Valley

24



Planned as a gated and guarded township, Alpine, the

first phase of M Residence 2 was previewed in end

March 2013. As at April 2013, the show village has been

completed and 80% of the units previewed have been

pre-selected.

M Residence 2 offers resort-style living, with a 26 acre

natural lotus lake complemented by parks and wetlands

within the township.

The project is located strategically along Jalan Batu

Arang, just 10 minutes from North-South Highway’s

Rawang toll and AEON Rawang Anggun. A proposed

direct link to the Kuala Lumpur-Kuala Selangor

Expressway (LATAR), from Jalan Tasik Puteri which

straddles M Residence 1 and M Residence 2 is expected

to benefit home owners in terms of added access and

potential capital appreciation.

Sutera Avenue occupies one of the most prominent CBD

sites in Kota Kinabalu City. It is located diagonally

opposite the 5-star Sutera Harbour Resort and KK Times

Square, and has direct road frontage to the Coastal

Highway, one of Kota Kinabalu’s main thoroughfares. The

Kota Kinabalu International Airport is just 3.9km away

With a matured prime location and ready infrastructure,

we were able to achieve a quick launch, and Sutera

Avenue contributed sales of RM129milllion or 5% of

RM2.5billion achieved in 2012.

For the second phase of launch, we intend to offer

serviced residences indicatively priced from RM585,000

for a 700sqft unit.

Southville City is Mah Sing’s largest township thus far,

and has garnered more than 12,000 registrants as at

early May 2013.

Located along the North South Highway, just 3.2km

from UKM (University Kebangsaan Malaysia), we are

planning a new interchange just 2.5km from the existing

Bangi interchange to allow direct access to the project.

The sales gallery is located in Hotel Nouvelle and the first

phase – Savanna Executive Suites are indicatively priced

from RM280,000 for a 3 bedroom layout.


size (RM GDV

(acre) Million)

Meridin@ October 8.19 74.7 1,100

Medini,

Iskandar

Malaysia

Total 589.39 495.9 5,882 Total GDV Exceeds original target by 18%

Landbanking exercise in 2013


size (RM GDV

(acre) Million)

D’sara Sentral, April 6.55 85 800

Sungai Buloh,

Greater KL

Total 6.55 85 800

*Expected gross development value of the project as announced

25



Meridin@Medini is located in Zone A of the booming

Iskandar Malaysia special economic zone, with main

road frontage of Persisiran Pantai JB-Nusajaya, the

protocol road leading to Johor’s new administrative

center, Kota Iskandar.

The project is a stone’s throw away from Legoland as

well as the upcoming financial hub, Medini Business, and

is only 10 minutes from the Tuas Singapore second link

and 30 minutes from Senai Airport. The close proximity

to the second link and thence to Jurong is a boon to the

project which is expected to attract both Malaysians

working in Singapore and Singaporeans.

The Meridin@Medini will be a purpose built

development with a Live, Work, Relax and Rejuvenate

concept comprising Meridin Suites residences, Meridin

Linx small office versatile offices (SoVo), Meridin Walk

lifestyle retail and Meridin Exchange corporate towers.

D’sara Sentral is located diagonally opposite the

upcoming MRT station next to the RRIM land and

comprises SoVo (small office versatile office), retail

space and serviced residences. It will be directly linked

to the MRT station which will be the first station after

the Sungai Buluh terminal.

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Continued growth from a position of strength

Of the Group’s remaining undeveloped landbank of 1,430 acres,

92% are still between the growth and planning stages of their

life cycle, providing us ample opportunity to value add to the

project.

We have maintained prudent fiscal discipline and despite our

land acquisitions, the fast take-up rate, improved operational

efficiency, timely execution and delivery of quality property

units ensured the Group’s balance sheets remained strong with

net gearing at 0.26 times, comfortably below management’s

optimal gearing target of 0.5times. We are in a strong position

to continue our expansion drive via landbanking exercises and

development activities

Our “Realizing Dreams” 18th Anniversary celebrations

showcased how easy it is for buyers to select a Mah Sing

property as we are one of the few developers to build landed

and high-rise residential, commercial and even industrial

products in all the property hotspots, namely Greater KL,

Penang island, Johor Bahru, and Sabah.

Mah Sing’s diversification provides us the flexibility to offer a

property for every need, in a location that is appealing to

buyers. Thus far, we have been spot-on with market demand in

terms of our launches and are optimistic that we can continue

our strong sales momentum to meet our RM3billion sales target

for 2013.

Riding the strong momentum from 2012, we are facing an

exciting 2013 from a position of strength. With the commitment

from our motivated and dedicated team members and

continued support from our customers, we look forward to

another good year in 2013.

TAN SRI DATO’ SRI LEONG HOY KUM

GROUP MANAGING DIRECTOR/ GROUP CHIEF EXECUTIVE

REVIEW OF OPERATIONS

27


UPDATES OF KEY PROJECTS

Landed Residential Development –

Greater KL & Klang Valley

One Legenda, Cheras

This multiple award winning project

comprising 26 units of 3 storey bungalows

were handed over ahead of schedule by

9 months. Despite the speedy construction,

this project received a high CONQUAS

score of 79 projects, testament to the

built quality of these luxury residences.

These bungalows offer build-up areas of

6,000 sq. ft. on average land sizes of

8,000 sq. ft. Each individual bungalow

would be equipped with an in-house lift

as a user friendly feature for the elderly

or disabled. Its avant garde modern

minimalist architectural design provides

maximum privacy and comes with its very

own clubhouse facilities.

Garden Residence, Cyberjaya

More than 450 units of superlink homes

as well as 2 and 3 storey semi-detached

homes were handed over to homebuyers

in 2012, marking the maturation of

Garden Residence, Cyberjaya which was

launched in 2010.

The first gated and guarded landed

development with a host of facilities in

Cyberjaya, Garden Residence only 20

minutes to Kuala Lumpur City Center via

the Maju Expressway. Boasting a resort

concept, Garden Residence is also gated

and guarded with perimeter fencing for

individual precincts for exclusivity. It

promotes communal living through its

private clubhouse and various facilities

and amenities.

The final phase – Aspen bungalows with

comfortable lot sizes of 60’ x 90’ and

spacious built-up areas of 7,796sqft. were

reserved for a build then sell concept.

Limited to only 69 units, each bungalow

is equipped with a lift and comes with

9+1 rooms to cater to individual needs

and lifestyles. The homes have been

designed with a dedicated entertainment

floor, as well as a private rooftop garden

with outdoor Jacuzzi. These bungalows

will be completed in 2013.

In keeping with the concept of a self-

contained township, there are a number

of lifestyle retail units that are expected

to be completed and operational in 2015.

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Southville City@KL South

This 420 acre integrated township will

combine the best of modern living,

leisure, relaxation and entertainment

within a self-contained community. A

proposed direct interchange approximately

2.5km from the existing Bangi interchange

on the North-South Highway means that

KL city center is only 25km away.

Heeding the government’s clarion call for

affordable mass market housing for

the middle class, the first phase of the

project will be the Savanna Executive

Suites. A 3 bedroom suite from 956sqft is

indicatively priced from only RM280,000,

attracting interest from more than

12,000 registrants. These potential

buyers also indicated interst for the 3

storey garden link homes and 2 and 3

storey lifestyle retail shops.

Southville City neighbours Bandar Baru

Bangi, the Knowledge City of the country.

More than 20 institutes of higher learning

are located here, including UKM, UPM,

UTA, University of Nottingham, the

German-Malaysian Institute and MMU.

The well-planned community also have a

potential catchment of 1.2 million people

from neighbouring Bandar Baru Bangi,

Kajang, Putrajaya, Cyberjaya, Nilai and

Semenyih. Southville City can also attract

residents from Petaling Jaya and KLCC as

they are all within a 30km radius.

A sales gallery will be opened in Nouvelle

Hotel by mid 2013.


1300-88-7999

www.southville-city.com

29

Kinrara Residence, Kinrara

Close to 450 units of 2 and 3 storey link

homes in Phase 2B and 2C were delivered

in 2012. By the first half of 2013, some

128 units of 2 storey and 3 storey semi-

detached homes and bungalows in Phase

3A will be handed over, with 142 units of

3 storey semi detached homes and

bungalows slated for handover by early

second half of 2013.

With the project reaching maturity, we

anticipate strong demand for the final

phase of bungalows. Phase 4 of Kinrara

Residence comprising 145 units of 3

storey semi detached homes and

bungalows are currently being

constructed, with expected delivery date

in the beginning of 2015.

The project’s impressive clubhouse

equipped with facilities such as

swimming pool, wading pool, changing

rooms, gym room and a community

centre has been completed for the

exclusive use of residents. A direct access

to the clubhouse namely Persiaran Damai

Utama Satu was also completed in 2012,

adding to the convenience for residents.

M Residence and M Residence 2, Rawang

Distilling the need for affordable

beginner homes in well-planned

townships, M Residence and M Residence

2 in Rawang were two land banks bought

within 4 months of each other with M

Residence’s 226 acres purchased in

October 2011 and the additional 157

acres forming M Residence 2 purchased

in February 2012.

M Residence was previewed in December

2011 and officially launched in April 2012,

which saw the entire Phase 1’s 214 units

of 18’ x 70’ link homes completely sold

out, while Phase 2A’s 110 units and Phase

2B’s 118 units of 22’ x 80’ link homes

were fully taken up end of 2012. Phase

3’s 159 units of 22’ x 80’ super link homes

has seen 90% take up rate with Phase 4’s

22’ x 80’ super link homes and 40’ x 85’

Semi-dees to be previewed in the

upcoming year.

In terms of construction, Phase 1 is

already 50% completed with Phase 2A

and 2B 40% and 30% completed,

respectively. Commencement of work for

Phase 3 began on 15 February 2013. The

first commercial component of M

Residence, namely M Avenue, was

previewed in February 2013, with 6

blocks of 22’ x 75’ 2-storey shop offices

and a row of 24’ x 80’ 3-storey shop

offices opened to public.

M Residence 2’s Phase 1 was previewed

in March 2013 and 163 units of the 203

previewed 20’ x 65’ link homes were

taken up. There are a total of 415 units in

Phase 1. In addition to the Bukit Badong

Forest Reserve that is adjacent to M

Residence, M Residence 2 benefits from

a naturally occurring 26acre lotus lake

and a gated and guarded concept with

multi-tier security.

In addition to its close proximity of 10km

from the North-South Highway’s Rawang

toll, the proposed direct link from Jalan

Tasik Puteri, which straddles both

townships, to the LATAR Highway is set

to increase accessibility and boost

property values.


1300-88-6866 / 03-6092 8188

www.mresidence.com.my

N 3º 19.140’ E 101º 30.449’


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Bayu Sekamat, Cheras

42 units of link homes which were fully

sold upon launch are expected to be

handed over in the second quarter of

2013. Despite being a mass market

product, these link homes are tastefully

designed, with built quality complying

with CONQUAS standards.

Aman Perdana, Klang

Our first township in the Klang Valley is

close to maturity, with 87 units of 2

storey bungalow in Parcel Eb handed

over in 2012. This will be the last phase of

landed residential component left with

the remainder being the high-rise

residential and commercial components.

In 2012, there were 320 apartment units

that are under construction and due for

completion in July 2014. In Phase S2,

there are 48 units of 2 storey and 3 storey

shop offices that are under construction

during 2012. These shop offices are

targeted for completion by the end of

2013.


Penang Island

Legenda@Southbay

Legenda@Southbay won the Silver for

Best Luxury Developer Worldwide at the

Overseas Property Professional (OPP)

Awards 2012 and Best Leisure

Development at the Asia Pacific Property

Awards’s International Property Awards

2012/2013.

Designed with the luxury of leisure in

mind, the show village was completed in

2012 with 40% of construction

underway. Expected for completion in

November 2013, the 3 storey bungalows

in an exclusive low density township of

only 3 units per acre will also benefit from

the completion of the Second Penang

Bridge slated for completion in

September 2013.


Johor Bahru/Iskandar Malaysia

Sri Pulai Perdana 2

96 units of 32’ x 70’ 2 storey linked semi-

detached homes within Parcel D of this

gated and guarded enclave were handed

over in 2012. Within the year, the

residents’ only clubhouse was completed

and residents from the earlier phases also

benefitted from this development.



04-628 8188

www.southbay.com.my

N 5º 17’7” E 100º 17’18”

31

The commercial component, Parcel F’s

22’ x 70’ 3 storey shop offices are

expected to be handed over by the

second quarter of 2013. The 32 retail

units are expected to be completed and

fully operational in 2013, with the direct

access to the Skudai-Pontian Federal

Expressway increasing visibility and

accessibility to the units.

Sierra Perdana

This guarded township saw the

completion of 100 units and 75 units of 2

storey terrace houses in Precinct D3’s

Section 2 and Section 3 respectively. In

addition to this, Precinct D2’s 126 units of

2 storey terrace houses were also

completed.

Moving forward, 176 units of Precinct

E1a’s 2 storey cluster homes and 18 units

of 2 storey Semi-Ds within a gated and

guarded enclave are projected to be

complete by mid-2013. Meanwhile, 98

units of 2 storey terrace homes in

Precinct B3a are expected to be handed

over in the following quarter of 2013.

The commercial component of the

township is located on Precinct C1 and C2

with both consisting of 2 storey and 3

storey shop offices. Precinct C1 saw a

total of 44 units of shop offices handed

over with forty-two units of the two

storey shop offices completed with the

balance being the three storey shop

offices. Meanwhile, Precinct C2’s 84 units

of 3 storey shop offices and 86 units of 2

storey shop offices are slated for

completion in the third quarter of 2013.

High-Rise Residential Development –

Greater KL & Klang Valley

M Suites Jalan Ampang

M Suites’ 442 units of service apartments

and 8 retail shops are housed within two

20-storey towers along Jalan Ampang,

just 3km away from the iconic KLCC

towers. Construction of the project is at

an advanced stage, with the handing over

expected in the last quarter of 2013.

Icon Residence, Mont’ Kiara

The Mediterranean-inspired icon in Klang

Valley’s most famous expatriate borough

presents low-density exclusivity with 290

units of its luxury serviced residences

spread through 3 towers with only 2 to 6

units per floor. The beauty of having

modular units juxtaposed one against the

other ensures all units enjoy KL’s

magnificent skyline views and its’ energy

and water efficiency are marks of its

sustainability compliance to both

Malaysia’s Green Building Index (GBI) and

Singapore’s BCA Green Mark. Tower 3

was previewed in February 2013, and has

already seen take up of approximately

60%. The entire project is at an advance

stage of construction, with superstructure

up to level 16. The project is expected

to be handed over in the second quarter

of 2014.



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Garden Plaza, Cyberjaya

Garden Plaza’s fully-furnished towers

of Cambridge, Oxford and Harvard

proffers effectively planned 3 bedroom

units from 450 sq ft and above. With

competitive entry points, it was no

surprise that both Oxford and Cambridge,

which were previewed first in 2012

received close to 90% take up rates. The

last remaining tower, Harvard, was

previewed towards the last quarter of

2012 and is seeing brisk take up from

discerning purchasers.

We believe that its strategic location

opposite the LimKokWing University

of Creative Technology (LUCT) and direct

link to the Damansara-Puchong Expressway

(LDP) will contribute to its continued

success in Cyberjaya. In 2012, the

construction reached superstructure

level with two floors of basement carpark

completed.

High-Rise Residential Development –

Penang Island

Ferringhi Residence

Nestled amidst the emerald hills that

oversee the golden beaches of Penang’s

renowned tourist belt of Batu Ferringhi,

Ferringhi Residence is the epitome of

luxurious resort living within a gated and

guarded enclave. Comprising three

segmented precincts, each with its own

entrance statement, the first phase,

Precinct 1’s, 5 storey condo villas was

launched in December 2012 with the first

phase having achieved close to 100%

take up. Currently, earth works and the

construction of the show village is in

progress with a targeted completion by

the end of 2015.

Commercial Development – Greater

KL & Klang Valley

Star Avenue@D’sara, Sungai Buloh

With its strategic location at the crossroads

of Jalan Sungai Buloh (Guthrie Corridor),

Persiaran Cakerawala and Jalan Lapangan

Terbang Subang, Star Avenue@D’sara is

highly visible with more than 300,000

daily passing traffic and boasts of an

estimated surrounding catchment of

360,000 people with no competing mall

nearby. Set to be a lifestyle shopping

haven targeting youngsters and families,

Star Avenue@D’sara will also benefit

from the proposed MRT station in Taman

Industri Sg Buluh 3 minutes away.

The strong interest from potential

retailers could also be attributed to the

upcoming Help University College –

Subang 2 Campus nearby. The 26-acre

campus which can accommodate 13,000

to 16,000 students is undergoing

construction, with the first phase expected

to be completed in end 2014. Meanwhile,

the first phase of Star Avenue@D’sara is

expected for completion by early 2014

and Phase 2 by end of 2014 to early 2015.

Tapping on the appeal of this project as a

new retail destination, ample car park

space with more than 1,500 bays on the

ground floor and the basement level has

been designed. In 2012, work on this

space was underway with basement

works for the 62 units of shop office in

Phase 1 hitting 80% completion rate

while the basement works for the Street

Mall in Phase 2 will commence within the

second quarter of 2013. Phase 2 is

expected to be completed by end 2014.



04-628 8188

www.ferringhi-residence.com.my

N 5º 17’7” E 100º 17’18”

33

Star Parc Point, Setapak

The 3 storey shop offices handed over in

2012 amounted to 24 units with the

completion of the entire project in May

2012 while the Certificate of Completion

and Compliance was obtained in July of

2012. With its prime location opposite

Festival Mall, subsale interest for the

shops has been strong, with values

doubling upon completion of the project.

Moving forward, the 6 storey retail

offices have seen another 110 units out

of 132 units handed over in December

2012 with the CCC issued in February

2013. There has been numerous leasing

enquiries for the project, coming mainly

from f&b operators attracted by the

captive market and prime location.

Industrial Development – Greater KL &

Klang Valley

iParc@Bukit Jelutong, iParc2@Shah

Alam and iParc3@Bukit Jelutong

The iParc is a master stroke in creating

multi-functional spaces within semi-

detached factories which cover both

front-end and back-end operations such

as corporate offices and show galleries in

front and production and warehousing at

the back. Coupled with tremendously

strategic locations that open up

accessibility to logistics hubs, it is no

surprise that the iParc series has opened

up a boutique industrial niche within the

industrial property segment.

iParc@Bukit Jelutong’s 42 units of 3 storey

semi-d factories has been successfully

handed over in May 2012. Its successful

sequel, iParc2@Shah Alam also saw the

completion of 71 units of 3 storey semi-d

factories and terrace factories, this time,

in November 2012.

iParc3@Bukit Jelutong, in the meantime,

has seen the completion of construction

of 36 units of 3 storey semi-d factories

and terrace factories. With the CCC

application in progress, the targeted VP

date is aimed for the middle of 2013.



07-527 3133

www.mahsing.com.my

N1º 33.838’ E 103º 35.869’

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Industrial Development – Johor

Bahru/Iskandar Malaysia

Mah Sing iParc, Iskandar Malaysia

Located just 1 km away from the Port

of Tanjung Pelepas (PTP), within the

Flagship Zone C: Western Gate of

Iskandar Malaysia and the Tanjung

Pelepas Free Zone, Mah Sing iParc is a

definitive beneficiary of the tremendous

logistics link that includes direct rail link

to southern Thailand, the Pasir Gudang

Port via the Pasir Gudang Highway and

the Senai International Airport via the

Second Link to Tuas.

Speaking of Tuas, the second link to

Singapore is connected directly to the

Port of Tanjung Pelepas and is 23km from

the Jurong Industrial Estate in Singapore.

After the freehold land was acquired in

April 2011, the integrated industrial and

business park was officially launched in

December 2012.

In 2012, the earth works were in progress

with construction of superstructure to

proceed in 2013. All components within

this industrial park are expected for

completion in 2015 and will be handed

over according to phases.

Integrated Development – Greater KL

& Klang Valley

M City, Jalan Ampang

Just 2km from M Suites and 5km from

KLCC, the integrated project of M City’s

had its foundation laid and the basement

and podium under construction. The

target completion date in 2015 will see

its 25 retail lots, 401 SOHo and 1,422

serviced apartments housed within a

three tower blocks come to fruition for

discerning buyers.

In 2012, M City’s over 4 acres of multi-

thematic hanging gardens spread out

over 6 floors powered its win of the

Most Iconic Green Development at the

Malaysian Reserve’s Editors’ Choice

Awards 2012 which also recognized the

integrated development’s sustainable

features that will be certified with

Malaysia’s Green Building Index (GBI)’s

Gold standard.


03-2162 8282

www.m-city.com.my

N 3º 9’23.37” E 101º 43’ 19.28”

35

Icon City, Petaling Jaya

Standing tall at the intersection of the

Federal Highway and the Damansara-

Puchong Expressway (LDP), Icon City

stands out as a green architectural

marvel with the first phase comprising 30

Jewels (7 and 8 storey lifestyle shop

offices), slated for completion in 2015.

Other products within the first phase

includes an impressive Central Park,

Gourmet Street (1 storey and 2 storey

retail shops), i-SoVo (Small Office

Versatile Office), Icon Residenz (serviced

residences) and a 9-storey office tower

sitting on a 4 level retail podium.

To capitalize on the prime location, there

will be a direct ramp from the Federal

Highway leading into Phase 1 of the

project. A well-planned traffic dispersal

system will improve ingress and egress

into Icon City, as well as ease the traffic

at the LDP and Federal Highway

intersection.

2012 mainly saw the construction of the

foundation and basement of Phase 1 of

Icon City. Icon Residenz Tower 1 and the

i-SoVo components are expected for

completion by the end of 2015, while the

Gourmet Street is expected for

completion in the third quarter of 2015.

Due to the good response of Icon

Residenz Tower 1, Tower 2 is slated for a

mid-2013 launch.

It is envisioned that Phase 2 of the project

will comprise of complementary products

such as hotel, retail mall, corporate office

tower etc.

Integrated Development – Penang

Island

Southbay Plaza, Southbay City

The first integrated component in

Southbay City, Southbay Plaza offers

206 units of residential suites housed in

2 towers and 47 units of lifestyle retail

units spread throughout 4 floors. The

lifestyle retail units, also known as

Trends@Southbay was previewed in

August 2012 and is nearly completely

taken up by 2013. Meanwhile, the

residential suites of Southbay Plaza were

also well accepted with more than 60%

taken up. In 2012, the laying of the

foundation commenced and is in

progress. The entire phase is targeted for

completion by April 2016.

Integrated Development – Johor

Bahru/Iskandar Malaysia

The Meridin@Medini

With a Live, Work, Relax and Rejuvenate

concept, The Meridin@Medini will comprise

Meridin Suites residences, Meridin Linx

small office versatile offices (SoVo),

Meridin Walk lifestyle retail and Meridin

Exchange corporate towers. Standing on

8.19 acres, The Meridin @ Medini was

bought in October 2012 and has a

confirmed permitted gross floor area of

2.14million square feet.



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Integrated Development – Kota

Kinabalu, Sabah

Sutera Avenue, Kota Kinabalu

Sutera Avenue debuts one of the more

innovative retail concepts in KK -the

integrated commercial concept offering

a chance to live, work and enjoy all in one

place.

Shopping within this integrated complex

is plentiful whether at the Lifestyle Retail

Lots, which faces the Coastal Highway at

its main façade, while its dual-frontage

design welcomes shoppers from its

interior façade that opens out to the

50-ft wide Festive Street Retail, a street

mall concept which will offer chic al

fresco dining, fashion boutiques and

entertainment outlets.

A landmark 10-storey shop office block,

contemporary serviced apartments and

a trendy boutique hotel blends business

and leisure pursuits with seamless ease.

The sales gallery in KK Times Square was

opened in December 2012, and to date,

nearly 90% of the shop offices have been

taken up. The 2-storey retail lots recently

opened for sale has also seen strong

interest.

Registration of interest commenced the

same day the lease purchase agreement

was signed and by the time the first

component, Meridin Suites was previewed

in the second quarter of 2013, we have

received more than 4,000 registrants for

the project.

Comprising a total of three towers,

layout designs available are from 1 to 3

bedroom units with built-ups from

520 sq ft onwards. Not only designed in

a South-West and North-East orientation

to consider the tropical weather, the

Meridin@Medini also offers a facilities

deck on level 5 that includes wading,

swimming and Jacuzzi pools, playground,

thematic landscaped garden, gymnasium,

fitness par course, yoga deck, BBQ terrace,

multipurpose hall, a business centre

equipped with Wi-Fi and launderette.

The architectural language of the project

features mainly clean lines with a stable

base tapering up to an elegant tip,

creating an iconic curved façade which

will be very distinctive due to the proposed

height of the towers (36 storeys). This

designed has created quite a buzz in

Iskandar.


088-488 398/019-362 1833

www.mahsing.com.my/SuteraAvenue

N5º 58.220’ E 116º 04.025’

Documents

ANNUAL 20 12 - Malaysiastock.biz...Penang Cyberjaya Johor Iskandar Malaysia Sabah One Lagenda, Cheras y Ferringhi Residence, Batu Ferringhi 04-628 8188 N 5º 17’7” E 100º 17’18”