Developer to build 20,000 units of affordable homes

KUCHING: Leading property developer Naim Holdings Bhd targets to construct some 20,000 units of affordable houses in the state over the next 10 years.

Managing director Datuk Hasmi Hasan said affordable terraced houses would be priced around RM300,000 each.

“The demand is very good for this type of houses,” he told SarawakMetro.

At Naim’s flagship development in Permyjaya new township in Miri, the group has launched 416 units of mainly terraced and semi-detached houses in its Southlake zone. The proposed houses with gross development value (GDV) of about RM180mil, are in various stage of construction, with the most advanced 85% completed. These new homes are expected to be ready by 2020.

Hasmi said the group planned to roll out another 150 units of affordable and medium-priced houses with GDV of RM70mil in Southlake. The new project’s construction works is expected to get off the ground in the next two months for completion by first quarter-2021.

The first project in Permyjaya, which spans some 3,300ha, was launched in 1995.

To-date, more than 9,000 units of properties, mainly residential and commercial,with a GDV of RM2bil, had been sold.

The matured township, which has other facilities like clubhouse, parks and gardens as well as schools, has a remaining landbank of 660ha.

The group has two other flagship integrated developments - Kuching Paragon and Bintulu Paragon - which feature upmarket high-rise condominium projects.

Kuching Paragon’s first development are three condominium towers called “Sapphire On The Park”, which would house a total of 427 units. The first 18-storey tower with GDV of RM120mil has been completed and occupation permit issued by the authorities.

The second tower, also 18-storey high, is about 42% completed. Construction work has also started for the third tower but sales of units has yet to open for potential buyers. With a combined GDV of RM190mil, the second and third towers are due for completion by first quarter-2021.

In Bintulu Paragon, construction work for a 34-storey condominium with GDV of RM150mil has reached about 60% of completion. Called “The Peak”, the condominium will be Sarawak’s tallest when completed in second quarter-2019.

The completed components in Bintulu Paragon are a street mall and sovo (small office versatile office) units worth some RM300mil. A hotel will also be opened there soon.

To fund the residential development of Permyjaya, Kuching Paragon and Bintulu Paragon, Naim targets to utilise a minimium of RM70mil and maxmium of RM114.9mil from an impending rights issue for the purpose.

On Tuesday, Naim shareholders approved the proposed renounceable rights issue of up to 355.4 million new ordinary shares at an issue price of 45sen a piece. The corporate exercise,which is expected to be completed in two months, is expected to raise at least RM100mil and up to RM159.9mil on full subscription. On the outlook of the property market in the short term, Hasmi said: “It will be tough.”

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