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KUALA LUMPUR (March 19): Lim Seong Hai Capital Bhd (KL:LSH), which is set to make its debut on the ACE...
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Gagasan Nadi sells 523 affordable homes to Selangor housing board for RM134mil
KUALA LUMPUR (March 19): Gagasan Nadi Cergas Bhd (GNCB) (KL:NADIBHD) said it has secured an en-bloc sale of 523 affordable housing units in the City of Elmina development in Shah Alam for RM134.41 million.
The company’s 70%-owned subsidiary, Nadi Emery Sdn Bhd, accepted the offer letter from the Selangor Housing and Property Board (LPHS), which is responsible for managing low-cost housing schemes in the state, according to GNCB’s exchange filing on Wednesday.
On a back-of-the-envelope calculation, each unit would cost approximately RM256,998.
The en-bloc purchase includes 523 Rumah Idaman units in Elmina 5, which is part of Nadi Emery’s broader development in Bandar Elmina, alongside Elmina 4 and Elmina 12.
Upon completion, LPHS will rent out the housing units to B40 and M40 residents under the Selangor government’s Skim Smart Sewa initiative.
GNCB said the construction on Elmina 5 will commence in the third quarter of 2025, with completion targeted for 2028.
“This new collaboration with LPHS builds on the strong market reception of our Idaman affordable housing projects and strengthens our track record in expanding homeownership for B40 and M40 residents in Greater Kuala Lumpur,” said GNCB managing director Datuk Seri Wan Azman Wan Kamal.
All the housing units will have a built-up area of 1,000 sq ft, featuring three bedrooms, recreational facilities, and amenities, he said.
This project will be the company’s second undertaking in City of Elmina, following the 1,000-unit Idaman Amani affordable housing project in Elmina 4.
Overall, GNCB is developing 7,500 affordable homes across City of Elmina, Kwasa Damansara, and Bukit Jelutong in the Klang Valley, with a total gross development value of RM1.9 billion, said Wan Azman.
Shares in GNCB closed unchanged at 27.5 sen on Wednesday, valuing the company at RM207.1 million.
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Source: EdgeProp.my
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