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Monday, June 18, 2012

Nadayu Properties Bhd targeting 100% sales growth

KUALA LUMPUR: Nadayu Properties Bhd is targeting to achieve almost 100% sales growth to RM400 million this year, backed by upcoming several housing projects launch.

"As of to date, the company has about RM280 million unbilled sales, which will take us for the rest of the year," said Chairman Hamidon Abdullah.

For the first phase of Nadayu Melawati, it will be handed over to buyers in the second quarter of the 2012 financial year 2012 and has received favourable feedback from prospective buyers, he said.

"Our phase 1 of Nadayu 92 Kajang will also be completed according to schedule and will be handed over in the second quarter of this year," he told reporters after the company's annual general meeting today.

Hamidon said the company also received overwhelming response with about 50 per cent sales for its Nadayu 28 project to be launched in early August.

On the industry outlook due to new rules issued by Bank Negara for housing loans, Hamidon expects about 30 to 40 per cent of its sales to be cancelled as some buyers cannot honour loan requirements.

To date, the company has a total landbank of 351 hectares in the Klang Valley and Penang, with RM5 billion in total gross development (GDV), which will last until eight to 10 years.

"Of the total, about RM1.7 billion or 20 per cent GDV is part of our ongoing projects.

"Besides looking at Klang Valley and Penang for land, the company is also eyeing to acquire land in Nusajaya, Johor," he added.

By Bernama

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