Naim property sales up


  • Business
  • Thursday, 21 Oct 2004

BY JACK WONG IN KUCHING

NAIM Cendera Holdings Bhd has sold RM151mil worth of residential and commercial properties in the first nine months this year, 20.1% more than the RM125mil recorded in the corresponding period last year. 

Chief executive officer Datuk Hasmi Hasnan said the company had sold 1,071 units, mostly houses, in its flagship Bandar Baru Permyjaya project in Miri and in Desa Ilmu in Kota Samarahan near Kuching during the period under review, compared with 861 previously. 

He also said that 29 of the 59 units of three-storey shop-houses in the proposed commercial centre of Bandar Baru Permyjaya had been sold since their launch a month ago. 

Datuk Hasmi Hasnan

“The units were priced at an average RM400,000 each. The good sales were beyond our expectations,” Hasmi told StarBiz in Kuching yesterday. 

Bandar Baru Permyjaya, started in 1995, is a self-contained township that will have some 18,000 units of mixed properties when fully completed by 2018. Some 8,200 units have been completed. 

Hasmi said the joint venture between Naim and Kuala Lumpur-based RSB Management Sdn Bhd, a unit of Realmild group, would soon undertake its first road construction project in Julau district, central Sarawak. The RM90mil project forms part of the Pan Borneo Highway. 

The joint venture has bid for some RM1bil worth of infrastructure projects in Sarawak. 

Naim, named Builder of the Year 2004 by the Construction Industry Development Board (CIDB) last month, has a 49% stake in the joint venture. 

Hasmi said Naim had an order book of some RM1bil, which would keep the company busy for the next three years. 

With cash reserves in excess of RM100mil, Naim mounted its first aggressive buyback of its shares last week since its listing on Bursa Malaysia main board in September last year. 

Hasmi said the company bought back 877,000 shares, or 0.35% of its paid-up capital, at an average RM3.04 a share last week. 

 NAIM :  [Stock Watch]  [News]

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