KUCHING: Property developer Naim Holdings Bhd plans to launch more medium-cost and affordable residential projects, with units in the range of RM300,000 to RM500,000 each.
One project in the pipeline is the four-storey apartments in Desa Ilmu in Samarahan Division, which will be launched later this year, according to Naim group managing director Datuk Hasmi Hasnan.
He said the medium-cost projects are being planned based on an in-depth study on market demand and buyer sentiment amid a slowdown in the property market.
Most developers have reported slower sales especially for upmarket residential properties.
Naim is the developer of the Desa Ilmu township and it has built and delivered residential homes, comprising terraced, semi-detached and detached houses as well as three- and four-storey commercial shophouses. Proposed four-storey apartments will also be part of the township project.
Samarahan Division is the home to several institutions of higher learning, including Universiti Malaysia Sarawak, Universiti Teknologi Mara and a teachers’ training college.
The Sarawak General Hospital Heart Centre is also located there.
Last year, Naim group’s new property sales dropped to RM104mil from RM194mil in 2014, resulting in the segment revenue falling to RM156.4mil from RM247.2mil or lower by 37%. In line with lower turnover, profit was down to RM12.6mil from RM75.9mil in the same period.
An improvement was recorded in the October-December quarter as revenue increased to RM38mil from RM28.5mil in the July-September quarter, according to the company in its yearly review.
This year, Naim said it will step up marketing efforts to sell the remaining condominium units in its two flagship developments – Bintulu Paragon and Kuching Paragon – and in Permyjaya township in Miri. For the integrated Bintulu Paragon development, Naim is building a 34-storey condominium project called The Peak.
The project has currently progressed to substructure works following the completion of piling.
The first of the three planned towers – The Sapphire – a component of The Kuching Paragon development – is currently into its third level of construction.
Hasmi told MetroSarawak recently that the Bintulu Paragon’s street mall had been completed while the small-office project is near completion. Also under advanced construction is a new hotel.
With a landbank of some 1,000ha in Kuching,Miri and Bintulu, he said Naim is on the lookout to acquire more land for future projects.
The current economic slowdown, according to Hasmi, could provide opportunities for the group to acquire bargains.