PETALING JAYA: Construction group Gagasan Nadi Cergas Bhd will deliver more than 10,000 affordable houses over the next five years to meet demand in Malaysia, beginning with the launch of 2,800 units in the financial year ending Dec 31, 2022 (FY22).
The group unveiled its 1,260-unit Rumah Idaman in Bukit Jelutong, Shah Alam (Idaman Bukit Jelutong), yesterday, with a total gross development value (GDV) of RM304 million.
The project was initiated with the support of Menteri Besar Selangor Incorporated (MBI) to provide affordable housing to the mass population segment in Selangor.
Construction will begin in the second quarter of 2022, and is estimated to be completed in the fourth quarter of 2025.
Gagasan Nadi Cergas group managing director Wan Azman Wan Kamal Idaman said the launch of Idaman Bukit Jelutong offers an opportunity for B40 and lower M40 families to own a home in Shah Alam.
“Since the registration of interest started for the project, we have already received three times more registrations than the units offered; a clear indication that demand for affordable housing is resilient, especially in locations like Bukit Jelutong, Shah Alam.
“Hence, we will ride on this strong interest and launch our subsequent affordable housing developments in hand, starting with the Idaman Elmina West in Shah Alam within the second half of 2022. It will reiterate our role in supporting the state’s target of building 30,000 affordable houses by 2026,“ he said in a statement.
The group’s Idaman Elmina West encompasses 1,500 affordable residential units, totalling RM370 million in GDV. The projects will contribute positively to the group revenue in FY22.
The group has more than 10,000 affordable housing units, including Idaman Bukit Jelutong and Idaman Elmina West, across Klang Valley to be delivered over the next five years.
Other affordable housing projects in the pipeline include the Rumah Selangorku housing project in Serendah; two high-rise affordable housing projects for Paramount Corporation Bhd in Kemuning Utama and Greenwood Salak Perdana; and the Rumah Idaman project for Kwasa Land Sdn Bhd in Kwasa Damansara.
