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Wednesday, September 1, 2010

Naim seeks bumiputra property partner in Sabah

KUCHING: Naim Holdings Bhd is actively seeking a bumiputra partner in Sabah where it plans to expand its property development and construction business.

Corporate services and human resource senior director Ricky Kho said the partnership could be a joint venture or other types of collaboration.

Ricky Kho says the company has the financial muscle to acquire up to 400ha for property development.

“Naim has serious talks with several Sabah landowners to develop their land on a joint-venture basis but nothing concrete has come out from such discussions. We have carried out feasibility studies on several localities there for property development. It is important to find the right development areas and partner(s),’’ he told StarBiz on Monday.

Kho said the company had the financial muscle to acquire up to 400ha for property development.

Naim, Sarawak’s leading developer, has built over 17,000 units of houses of various types, most of them in Miri and Kuching. About 95% of these houses have been sold.

The group has a landbank of about 1,000ha in Sarawak – in Miri, Kuching and Bintulu.

He said the company, which had delivered several major construction and infrastructure projects in Sarawak, had the expertise and capability to undertake similar projects in Sabah.

Naim has tendered for the proposed Sabah Oil and Gas Terminal project said to be worth RM2bil.

Kho said Naim was also seriously exploring ways, including joint ventures with landowners, to expand its property development in Penisular Malaysia.

“Naim sold about 280 units of houses worth RM78mil for the first six months of this year as compared to 283 units valued at RM69mil during the same period last year.

“This year, the company has sold houses of higher value. House prices have gone up by about 10% in view of higher costs of construction materials,’’ he added.

Kho said medium-cost houses in the price range of between RM150,000 and RM300,000 were popular as these were affordable to most people.

Naim launched phase 14 of its Desa Ilmu new township in Kota Samarahan last week, putting up for sale 84 houses.

Desa Ilmu’s entire development will comprise some 4,900 houses, of which 4,700 have been completed.

Naim has built some 12,000 houses in Bandar Baru Primyjaya, its flagship development in Miri. It has completed about 500 units of houses in its third major development, Riveria, along Kuching-Samarahan Expressway.

By The Star

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