PETALING JAYA: The outlook for the property sector remains positive this year as buying interest is expected to remain healthy, underpinned by a declining property overhang in Malaysia.

MIDF Research said other catalysts include the Johor-Singapore Special Economic Zone (JS-SEZ), booming data centre and industrial property development, and an unchanged overnight policy rate at 3%.

“Our top picks for the sector are Mah Sing Group Bhd and Matrix Concepts Holding Bhd. We have a ‘buy’ call on Mah Sing with a target price of RM2.09.

“We are positive on Mah Sing as its new sales outlook will be backed by healthy demand for affordable residential projects and its aggressive land bank acquisition.

“Meanwhile, we maintain our ‘buy’ call on Matrix Concepts with a target price of RM2.60. We see MVV City to be the next growth catalyst of Matrix Concepts as MVV City has total acreage of 2,382 acres and a sizeable gross development value of RM12bil.”