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Desa Labang
whilst retaining the flexibility to add additional higher cost properties on
Currently being held in reserve for future growth, Desa Labang is
short lead times as market conditions improve. This increased flexibility
one of Group's key long term assets. With continuing growth in the
also gives us the option to address niche markets, by offering homes
petrochemical industry, plus a number of mega-projects such as SCORE
specially equipped for disabled buyers and senior citizens, gated and
slated over the next two decades, housing demand in Bintulu is set to
guarded communities for exclusive buyers, and basic yet expandable
grow rapidly, and buyer incomes are likely to increase accordingly.
starter homes for young couples and lower income buyers. To implement
this, we have already obtained pre-approval from the relevant authorities
New Bintulu City Centre
for a variety of housing types across a broad range of locations.
We are working closely with relevant agencies on the development of
Real Estate Investment Trusts
our 36 acre property at the Old Bintulu Airport. This site enjoys a prime
central location and we have already obtained approval for a mixed
Whilst investing in property, especially shophouses, is still popular, there
commercial, retail, hotel and residential development. The detailed plans
are still risks involved for the small investor, and therefore Real Estate
are being finalised and our experience suggests that the estimated GDV
Investment Trusts (REITs) which work to spread those risks are becoming
would be more than RM1.5 billion.
increasingly popular. To capitalize on this we have set up a property
investment arm, to own and operate rental properties. The first of these,
New Samalaju Township
shopping complex Permy Mall in Bandar Baru Permyjaya, will be fully
On 17th December 2010 we signed a Joint Venture Agreement with
let by 2011. For future expansion we are looking to retain a proportion
Similajau Industries Sdn Bhd and the Bintulu Development Authority
of our Batu Lintang, Miri Pantai Piasau Residences, Piasau Camp and
to jointly undertake the development of the Samalaju New Township,
Bintulu City Centre developments as rental properties, and will launch a
60 km from Bintulu. The site covering, about 2,200 acres, is located
REIT when the rental portfolio has reached sufficient size, ideally around
within the Sarawak Corridor of Renewable Energy (SCORE) adjacent to
RM1 billion.
the Samalaju Industrial Park, which will house major energy intensive
Upgrading of Head Office Showroom in Wisma Naim
industries including a polysilicon plant, aluminium smelter and
manganese smelter. The township will provide residential accommodation
During the year we carried out an extensive upgrade of our showroom
for the employees of these industries, estimated at 5,000 families, and
at Wisma Naim, Kuching, achieving a high quality ambience whilst
will also include supporting amenities such as educational, medical,
providing more customer friendly contact areas and more effective
shopping and recreational facilities. The total GDV of the project is yet to
displays of our housing and commercial property products.
be precisely determined, but we believe it will be substantial.
Yet Another Industry Award
Innovations and Developments
We were once again able to add to our considerable tally of industry
During the year we have continued to implement a variety of new
awards. In January 2010 we were honoured to receive the Sarawak
property development and marketing strategies, in order to maximize
Housing and Real Estate Developers Association (SHEDA) "Top
yields from our ongoing business, and to increase overall buyer appeal
Developer in Residential Development" award for a Public Listed
and profitability in the long term. Foremost amongst these is our
Company.
ongoing commitment to developing a wider portfolio of property styles,
effectively a "home menu", offering buyers greater choice and allowing
us to target a broader economic cross section of buyers within a single
development. In conjunction with the "home menu" strategy, we are
introducing new design specification and standards, which will improve
design flexibility, streamline the purchasing function, reduce labour and
materials costs and lead times, and enhance quality and buyer appeal.
These standards are laid out in detail in our new Naim Standards Manual.
The overall effect of these combined strategies is to provide us with a
"bank" of ready to build developments whose constituent properties can
be flexibly tailored to suit prevailing market conditions and buyer needs.
For example, during the recent economic downturn, demand for luxury
homes fell away considerably, but has now started to recover. We are now
able to populate the initial phases of any new development with a greater
proportion of affordable homes catering to the mass housing market,
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NA I M HO L D I N G S BERHAD