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Tuesday, December 4, 2012

Naim on track to meet RM300mil property sales target

Source: http://biz.thestar.com.my/news/story.asp?file=/2012/12/4/business/12395796&sec=business


KUCHING: Naim Holdings Bhd is on track to meet its target of RM300mil in property sales this year.
Corporate marketing/investor relations senior director Ricky Kho (pic) said robust demand particularly in residential homes had helped the group's sales to hit RM287mil year to date.
Last year Naim sold 660 property units valued at RM218.8mil and, in the first 11 months of this year, it achieved sales of 620 units of higher value properties in Miri, Kuching and Samarahan.
“Demand for residential houses remains strong with high take-up rates,” Kho said.
Naim's property developments include the flagship satellite township in Permyjaya in Miri, Desa Ilmu in Kota Samarahan and Riveria along the Kuching-Samarahan Expressway.
Naim's group pre-tax profit rose by more than 240% to RM30.6mil in the third quarter to Sept 30, 2012 from RM12.6mil in the previous corresponding period, while group revenue soared to RM133.4mil from RM94.4mil. Third quarter property revenue stood at RM57.8mil.
Kho said Naim would launch its integrated upmarket commercial and residential project at the old Bintulu airport in the first quarter of 2013.
The project, with a gross development value of RM2bil, will comprise high-rise residential condominiums, a street mall, a hotel and shopping complex.
Naim is also expected to launch phase one of a proposed RM300mil joint-venture mixed development project in Batu Lintang here next year.
Kho said Naim group's construction arm had secured close to RM650mil worth of contracts in the first 11 months this year, exceeding its target of RM500mil for the year. The contracts include two station packages for the My Rapid Transit (MRT) project worth RM412mil, the Murum hydro dam resettlement scheme and a road project.
The MRT project represents Naim's first foray into Peninsular Malaysia.
Asked when Naim would start work on the MRT station packages, Kho said its wholly-owned Naim Engineering Sdn Bhd was waiting for the handover of the project sites.
Meanwhile, Naim's 33.6%-owned associate Dayang Enterprise Holdings Bhd posted an impressive net profit of RM41.3mil in the third quarter.

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