Wednesday, 30 May 2018

(The Star) Naim plans to cash in on demand for affordable housing

KUCHING: Naim Holdings Bhd, which has a huge landbank in Sarawak’s major towns, expects to build at least 1,000 units of affordable houses in three years to cash in on market demand.

Managing director Datuk Hasmi Hasnan said Naim’s main focus was to build more affordable houses in Miri, Kuching and Bintulu where it has over 2,500 acres of prime land.

The land has an average book value of RM170,000 per acre and RM4 per square foot.

Hasmi said Naim had in the past several years switched to undertaking high-end residential property projects like high-rise condominiums because the government was very aggressive in building affordable houses like 1Malaysia People’s Housing or 1PRIMA nationwide.

He said as the new Pakatan Harapan government would like to see the private sector’s participation in providing affordable homes, “we see we can play our role here”.

Hasmi said Naim had received good market response to its newly launched affordable housing scheme Primrose Terraces in SouthLake Permyjaya in Miri.

“The single-storey terrace houses there are offered at about RM300,000 each,” he told StarBiz after the company’s AGM here.

SouthLake Permyjaya is a component of Naim’s flagship development Permyjaya. The new township has more than 20,000 residential and commercial units.

Hasmi said there were still some 700 acres of undeveloped land in Permyjaya and Naim also owns land near Miri Airport.

The company has planned different types of affordable houses such as double-storey terraced and semi-detached houses in Permyjaya.

He said affordable housing projects would be launched in Kuching and Bintulu.

The Sarawak government recently relaxed its housing policy to increase the number of housing units per acre from eight to 10.

On Naim’s Sapphire On the Park condominium project at Batu Lintang here, Hasmi said 85% of the 206 units in the first 18-storey tower had been taken up. The units are priced from RM550,000 to RM600,000.

The company received the occupation permit for the condominium from the authorities last week and buyers can expect to move into their new homes soon.

The second 18-storey tower, also to accommodate 206 units, was launched recently. Construction work has reached the ninth storey.

Works have also commenced on the third tower, a 13-storey building that will house only 15 units of penthouses.

In Bintulu, Naim is in advanced construction of The Peak condominium, which is Sarawak’s tallest condominium at 34 storeys on completion.

Besides its own property projects, Hasmi said Naim’s construction arm was currently undertaking Syarikat Perumahan Negara Bhd’s affordable housing projects in Miri and Tanjung Manis in Mukah in central Sarawak.