19/09/2024

PROPERTY THURSDAY | SEP 19, 2024

12

Gagasan Nadi Cergas, PNSB kick off RM286m Idaman Amani project SHAH ALAM: Gagasan Nadi Cergas Bhd and Permodalan Negeri Selangor Bhd (PNSB) have broken ground on the RM286 million Idaman Amani third quarter of 2028. PNSB, a wholly owned subsidiary of the Selangor state government, operates under the supervision of Menteri Besar Selangor Incorporated (MBI).

poised to deliver up to 14,000 affordable housing units over the next eight years, further underlining our commitment to offering high quality homes to those in need. Our ongoing affordable housing projects with a GDV of RM1.7 billion are set to drive significant improvements in our financial performance in the coming quarters.” PNSB CEO Raja Ahmad Shahrir Iskandar Raja Salim said the Rumah Idaman Amani development project is the third joint venture between PNSB and Gagasan Nadi Cergas Bhd following the launch of Idaman Bukit Jelutong on Aug 26, 2022 (1,260 units) and Idaman Kwasa Damansara (1,669 units for Phase 1) on Feb 17, 2023. Both projects are currently under construction and are expected to be completed by 2026.

affordable housing project in the City of Elmina, in a ceremony officiated recently by Selangor Menteri Besar Datuk Seri Amirudin Shari. The project on an 8.9-acre plot entails the construction of two 32 storey blocks comprising 1,063 semi furnished affordable apartments. The project underscores the Selangor state government’s strategy to increase home ownership among B40 and M40 residents. Idaman Amani is developed by Gagasan Nadi Cergas Bhd in collaboration with PNSB Construction Sdn Bhd, a subsidiary of PNSB. The project is slated for completion by the

Amirudin said the launch of Idaman Amani at the City of Elmina reflected the state government’s relentless efforts in creating ample supply of affordable housing in Selangor, providing B40 and M40 residents the opportunity to own homes that are not only within financial reach but also located in a thriving, well-equipped environment. Gagasan Nadi Cergas Bhd chairman Ir Dr Muhamad Fuad Abdullah said, “Gagasan Nadi Cergas has established a robust track record in the affordable housing sector, particularly in the Greater Kuala Lumpur region. We are

From left: Muhamad Fuad Abdullah, Selangor Deputy State Secretary (Development) / Selangor Economic Planning Unit director Datuk Johary Anuar, Amirudin, Selangor State Executive Councillor for Housing and Culture Datuk Borhan Aman Shah, and Raja Ahmad Shahrir Iskandar.

Juwai IQI lauds Malaysia’s affordable housing progress

IJM Land unveils Phase 2 of Ridge View @ Puchong PETALING JAYA: IJM Land has launched Phase 2 of Ridge View @ Puchong, a premium residential development that has quickly become one of Puchong’s most sought-after addresses. This new phase introduces a limited release of 38 Double Storey Link Villas, offering modern luxury and serene living against the picturesque backdrop of the Ayer Hitam Forest Reserve and Wawasan Hill Trail. “The outstanding response to Phase 1, which was just launched recently in March with an 85% take-up rate, has carried over and trickled to Phase 2. Since its unveiling on June 29, Phase 2 has already seen a 70% take-up rate, underscoring the strong demand for e Ridge View @ Puchong, attracting discerning buyers who seek both exclusivity and a harmonious living environment,” said IJM Land senior general manager Datuk Chai Kian Soon. With a GDV of RM55,813,400, Phase 2 of Ridge View @ Puchong is priced from RM1,308,800 onwards. Phase 2 introduces three distinct villa designs: Type E, Type F, and Type G. The larger Type E units, span from 3,213 sq ft to 3,313 sq ft have land size dimensions of 22.6 x 80 ft, are ideal for those who value liberating and expansive living spaces that gradually ease into the natural surroundings. The cosy Type F units, ranging between 2,530 sq ft and 2,806 sq ft and to be built on land sizes of 22.6 x 70 ft, feature an open-plan design that connects the living room to a private garden, creating a free-flowing space for family gatherings and boisterous outdoor activities. Finally, the Type G units, with sizes ranging from 2,123 sq ft to 2,281 sq ft located on land sizes of 22.6 x 80 ft, are characterised by well-proportioned front and back yards, and large windows that allow natural light to seep invitingly into the homes to impart a bright and airy ambience for residents and visitors alike. Likewise, the inclusion of electric vehicle readiness shows IJM Land’s commitment towards integrating sustainable and ESG practices within modern living ecosystems within the development, and also in the greater Klang Valley with supporting eco-friendly transportation.

its future earnings supported by high unbilled sales of RM2.4 billion and strong take-up for ongoing projects. This sale also marks Tropicana’s efforts to maintain financial discipline and enhance our financial stability. With substantial strategic landbanks across Klang Valley, Johor, and Genting Highlands, Tropicana has the flexibility to reposition its asset and debt portfolios effectively.” “Our mission is to transform Tropicana into a future-ready property group with a strong purpose of sustainable growth, centred around our development DNAs and ESG commitments,” the management said. Opened in 2020, Tropicana Gardens Mall is a popular neighbourhood mall strategically located at the Kota Damansara and Tropicana Indah intersection. receive subsidies for construction materials. These cost are climbing at a rate of 3% to 4% per year. That’s high, even though the growth rate has come down from the extremely high levels of the pandemic period. “Financing is also a barrier to new affordable housing projects. If developers can’t obtain financing at a price that makes the project sustainable, then the new housing simply can’t come into being. If government or banks could offer discounted construction financing specifically for affordable housing projects, that could also help more families secure homes,” he added. “Our fourth idea is to obtain economy of scale in the purchasing of materials. The industry and government could collaborate to form buying consortia. That means pooling demand across multiple developers to secure better pricing on materials. “Because it would purchase larger quantities of materials than any single project could, the consortia could negotiate lower prices. This approach has succeeded elsewhere, cutting material costs by as much as 30%. “Our final idea involves leveraging Malaysia’s advanced manufacturing sector to build housing. If we use industrial construction techniques to build housing in factories and then assemble it on site, that could slash construction time and costs and provide new homes more quickly and affordably,” said Ansari.

o Group CEO says strides have been impressive, proposes further measures that can be incorporated into Budget 2025

KUALA LUMPUR: Malaysia has made strides in affordable housing, yet key improvements are overdue, says Juwai IQI co-founder and group CEO Kashif Ansari who offers insights on the path forward. “I’m impressed by how much progress Malaysia has made on affordable housing. Like the government, I also see that we must do more to make affordable housing more accessible to those who need it,” he remarked. First of all, he said there is a need to understand affordable housing within the broader market which is booming post pandemic. In the first quarter, he added transactions jumped 17.2%, and their total value surged by 34% compared to last year. “Residential property is the powerhouse of the real estate industry and drives the majority of these deals. The numbers speak for themselves: over 63,000 residential properties were purchased, dwarfing the 41,000 combined transactions in commercial, industrial, agricultural, and land sectors. “Buyers spent RM25.25 billion on homes, marking a 21% increase from the previous year.

When it comes to affordable housing, 36% of all new residential launches in the first quarter of the year were priced below RM300,000. On top of that, the government has already constructed 400,000 affordable homes under the 12th Malaysia Plan (12MP). That’s 60% of its 2025 target, which is impressive given the inevitable delays caused by Covid,” said Ansari. Ansari said affordable housing must be liveable and well-built, secondly the programme must be sustainable and thirdly, there are several factors that make housing more expensive. “The government has been effective at leading the affordable housing debate this year, proposing bold ideas to ensure every Malaysian can afford a home. Reducing the housing cost burden will alleviate broader cost-of-living pressures,” he added. He suggested that budget proposals focus on both providing new housing and improving the quality of life for those already in affordable and social housing. “Our second idea is that the government help alleviate some of the costs that have made housing so expensive. For example, developers that provide quality affordable housing could

Tropicana steps up monetisation of investment assets PETALING JAYA: Tropicana Indah Sdn Bhd (TISB), an indirect 70%-owned subsidiary of Tropicana Corporation Bhd, has signed a sale & purchase agreement (SPA) with IOI Mall Damansara Sdn Bhd (IOI MD), a wholly owned subsidiary of IOI Properties Group Bhd (IOIPG), for the sale of Tropicana Gardens Mall (TGM) for a total consideration of RM680 million. sold two other investment assets – W KL Hotel and Courtyard by Marriott Penang – to IOIPG for a total consideration of RM435 million. Including TGM, the total transaction value with IOPG is in excess of RM1.1 billion. As a result of these disposals, the Tropicana Group’s pro forma gearing ratio is expected to decrease from 0.54 times (as of Dec 31, 2023) to 0.39 times. With the ongoing disposal initiatives, the group’s gearing will continue to decline, and its financial position will strengthen.

This disposal will enable the monetisation of Tropicana’s investment property. The proceeds from the sale will be used to substantially reduce the group’s debt, thereby improving the cash flow position and reducing interest expenses. This transaction supports the group’s strategy to monetise low-yield landbanks and investment properties, providing flexibility for future growth. In addition to TGM disposal, the group has also

The management cited, “This year, the group reported a string of positive news, from its successful sukuk redemption, higher revenue jump to multiple award triumphs. We are confident that the group will continue to strengthen its market presence and contribute to

Banking & Finance

Education News/Health & Wellness TUES

ESG

Property

WED

MON

THUR