Construction group Gagasan Nadi Cergas Bhd plans to deliver more than 10,000 affordable houses over the next five years to meet resilient demand in Malaysia, beginning with the launch of 2,800 units in the financial year ending 31 December 2022 (FY2022).
The Group today unveiled its 1,260-unit Rumah Idaman in Bukit Jelutong, Shah Alam (Idaman Bukit Jelutong), with a total Gross Development Value (GDV) of RM304 million. The project is initiated with the support of Menteri Besar Selangor Incorporated (MBI) to provide affordable housing to the mass population segment in Selangor.
Construction works for the development commenced in the second quarter of 2022 and are estimated to be completed in the fourth quarter of 2025.
Haji Wan Azman bin Wan Kamal, Group Managing Director of Gagasan Nadi Cergas Berhad said: “The launch of Idaman Bukit Jelutong offers an opportunity for B40 and lower M40 families to own a home in the increasingly-vibrant Shah Alam economic hub, consistent with the Selangor State Government’s goal of promoting inclusivity and equity ownership among the rakyat.”
“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 strategic 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. This will reiterate our role in supporting the state’s target of building 30,000 affordable houses by 2026.”
The Group’s Idaman Elmina West encompasses 1,500 affordable residential units, worth a total of RM370 million in GDV.
Both Rumah Idaman projects are expected to start contributing positively to group revenue in FY2022.
Including Idaman Bukit Jelutong and Idaman Elmina West, the Group has more than 10,000 affordable housing units across Klang Valley to be delivered over the next five years.
Other pipeline affordable housing projects include the Rumah Selangorku housing project in Serendah; two high-rise affordable housing projects for Paramount Corporation Berhad in Kemuning Utama and Greenwood Salak Perdana; and the Rumah Idaman project for Kwasa Land Sdn Bhd in Kwasa Damansara.
