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Monday, March 15, 2010

Naim to launch four residential projects in Sarawak

KUCHING: Naim Holdings Bhd will launch four new residential projects, comprising some 1,000 units with a combined gross development value (GDV) of RM360mil, in Miri and Kuching over the next two years.

Senior director for property Radzali Alision said the projects planned were in Naim’s flagship satellite township – Bandar Baru Permyjaya – in Miri, Desa Ilmu and The Riveria in Samarahan near here.

“Eighteen new designs will be introduced.

“House buyers always look for something new, and they do not mind paying 10% to 20% more for better designs and higher quality building materials,” he told StarBiz.

The new launches will include about 140 apartments in The Riveria that will offer a commanding view of Sungai Kuap and Sungai Merdang.

Radzali said construction work for the RM60mil Permy Mall in Bandar Baru Permyjaya was expected to start in two months. Scheduled to be operational in the third quarter of 2011, the mall will have a hypermarket, 160 shops and a food court. Naim will own and operate the mall, and lease the shops.

Naim is Sarawak’s largest property developer, having built 12,500 houses in Bandar Baru Permyjaya, 800 homes in The Riveria township and 4,000 homes in Desa Ilmu in the past 10 years.

Radzali said about 98% of Naim’s launched residential schemes had been taken up with houses priced below RM300,000 selling well.

Last year, Naim sold 560 houses worth RM160mil compared with 630 units worth RM165mil in 2008.

Radzali said Naim was the first developer in Sarawak to introduce 24-month warranty for houses last July and this had helped boost sales.

“This year, we aim to sell some 800 units. Our focus is still affordable houses for the mass market,” he added.

Naim has a total undeveloped landbank of over 1,000ha with estimated GDV of between RM5bil and RM6bil, including 400ha in Desa Labang in Bintulu. Radzali said the proposed mixed development – housing and commercial – for Desa Labang was now on the drawing board.

“We have identified several parcels of land in high growth areas in Kuching, Sibu, Kota Kinabalu (Sabah) and Peninsular Malaysia for possible mixed developments,” he added.

On the outlook for the Sarawak’s propety market, Radzali said most developers had reported good take-up rates for the new launches of their residential schemes.

By The Star

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