MIRI: Naim Holdings Bhd, one of Malaysia’s leading developers and contractors, was awarded a plaque in acknowledgement of its contribution to Miri City Council’s May Fest 2014, in conjunction with Miri’s 9th anniversary of its elevation as a city.
This was the fourth of such contribution over the years and Naim was the main sponsor of the May Fest 2014. The plaque was presented by Chief Minister Tan Sri Datuk Amar Adenan Satem to Naim’s director Datu Abdul Rashid Mohd Azis during a celebratory dinner held recently.
Meanwhile, Naim’s chief operating officer for Property, Yong Kei Seng, said Naim was proud to note Miri’s commendable growth over the years.
“Miri was Naim’s birthplace and our foray here started way back in 1995 when we commenced our Bandar Baru Permyjaya (BBP) township development, spanning over 3,000 acres of land. Currently, we have built over 16,000 units of properties for the Miri community in the said development, comprising residential, commercial and industrial properties. In addition to a good range of residential and other developments, we also built modern facilities such as Go-Kart track, Permy Mall, community hall, playground and others for its residents.
“With a current estimated population of over 80,000 people, the township is regarded as one of Miri’s fastest growing townships,’ said Yong.
BBP’s popularity among the Miri community was re-affirmed by Lim Oh Teng and Doris Lee, owners of BBP properties since 1996 and 1999 respectively. Doris and Lim have purchased four and more than five properties respectively.
Doris opined that the township is growing well and it is a convenient place to stay as it is located within close proximity to facilities such as schools, mall, institutions of higher education etc.
“My hubby and I bought the properties for our own use, our children and investment. In addition to the modern facilities, there are recreational facilities for adults and children. We also feel safe in this neighbourhood,” said Doris.
Meanwhile, Lim, whose properties in BBP comprise mostly shophouses, shared Doris’ view on BBP.
“Being the earlier residents here, we are happy to see its growth over the years. More and more facilities are also currently available. We would recommend the shophouses for investment purpose,” Lim said.
Yong added that BBP is an important development for Naim as Naim commands over 30 per cent property market share in Miri.
“In fact, our Miri developments have been contributing approximately 70 per cent to our group’s sales for the past 10 years,” Yong disclosed.
Yong added that Naim has developed about 75 per cent of the entire land area in BBP, leaving the remaining with only over 800 acres to be opened up.
“As a developer, replenishment of land bank is always of crucial importance.
“For instance, recent market sources revealed there have been various quarters sourcing for land size of about 1,000 acres in Miri.
“Our main challenge is to increase our land bank to maintain our competitive advantage – this competitive advantage will be eroded if we are unable to secure land banks of suitable size. As such, we are continuously looking for strategic land bank to replenish our depleting land bank,’ Yong said.
On Miri property market outlook, Yong opined that the market seems to remain positive, due to the robust oil and gas sector, Miri being an education hub and the spin-off benefits generated from Sarawak Corridor of Renewable Energy (SCORE) development.
“For instance, in February, we launched BBP’s maiden four-storey apartment project — Bahagia Residences. We have received good take-up rate of more than 60 per cent for the 192 apartments launched to date. The response towards other components has also been very encouraging,” said Yong.
Yong further disclosed that Naim would be celebrating its 20th anniversary of commencement of operations next year, and in conjunction with the celebration, Naim plans to launch its new clubhouse in Bandar Baru Permyjaya.
Also in the pipeline are other new property components to be unveiled.
SOURCE: Borneo Post Online (19 May 2014)