KUCHING: Sarawak-based property giant Naim Holdings Berhad (Naim) projects growth rates of between 25 per cent and 30 per cent over the next five years.The property developer is confident that the rate is achievable given the buoyant outlook for the property sector and the increasing demand of properties in the city area.
Despite the softer demand for properties in the past few months, it is gradually picking up as the condition of the economy improves.

Naim Holdings Berhad deputy managing director Dr Sharifuddin Wahab revealed the company’s future plans to The Borneo Post yesterday.

“The prospects for the company remain resilient given that the local property market is less severely affected by the global economic downturn. We expect to register cumulative average growth rates of between 25 per cent and 30 per cent in the next five years. The expectations are based on our good track record of delivering completed projects within and ahead of schedule,” he explained.

“Besides that, we have always emphasised on the quality for our projects. That’s the reason we have maintained a good reputation based on the projects that we build. Going forward, we will continue to focus on delivering quality projects to our clients,” he said during the exclusive interview.

Furthermore, he said Naim is the first property developer in Sarawak to extend the warranty of its property to 24-months from the normal period of 12 months. “This shows that we are committed in bringing the best to our clients,” he said.

He concurred that quality is the best policy if one wants to emulate the success that Naim has garnered from the discerning public.

“As a property developer, we need to satisfy our customers by providing them with quality products and value added services. This will ensure that business will continue to grow in the long-term,” he said.

“We also provide our customers with after sales service and attend to their feedback on our products. We have even set up a customer service unit which specially deals with customer’s feedback, he added.

“This is because the relationship does not just end with the sales. It is the start of a long-term rapport where we want customers to come back and make repeat purchases from us. Naim has built its success from the government’s initiative to promote affordable houses since its establishment back in 1995,” Dr Sharifuddin said.

The group started as Naim Cendera Sdn Bhd and acquired by Naim Holdings Berhad before undertook a listing in 2003. The company undertook its first project in Miri. It managed to develop and turn a 2,000 acre swamp land in Tudan, Miri into a new township.

From there onwards, the company began to develop the area and gradually turned it into a township which is currently known as Bandar Baru Permyjaya.

In addition, the company has enhanced the township with the development of the National Youth Skills Training Institute (IKBN) and good infrastructure such as bridges linking the township to the city area.

Currently Naim is still expanding its property development at the township with a mixed development of residential, commercial and industrial buildings. Over the years Naim has developed more than 14,000 projects ranging from residential, commercial and industrial properties.

Dr Sharifuddin said Naim successfully utilises its resources and can continue developing more projects due to the economies of scale. Currently the company has an existing landbank of about 2,600 acres throughout Sarawak with an estimated Gross Development Value (GDV) of RM6 billion.

The land is mostly located in Kuching, Miri and Bintulu. “We are currently on the look out for more land in order to boost our landbank size. As a property developer, we are always on the lookout for land acquisition. We constantly scout for land that has good fair value,” he said.

He also said Naim is committed to deliver its best although the economy has not picked up momentum yet. There is no retrenchment within Naim and the company has also managed to declare reasonable dividends to its shareholders.

Presently, Naim’s landmark development projects are located in Bandar Baru Permyjaya, Miri, Desa Ilmu and Riveria in Kota Samarahan. All of the projects are ongoing development projects with Bandar Baru Permyjaya covering an area of 3,000 acres while Desa Ilmu covers some 400 acres and Riveria 100 acres.

Besides that, the company also has a flagship project here which was the construction of the new State Legislative Assembly building costing more than RM300 million.

Commenting on the company’s construction division, it is currently working on building the Bengoh Dam which has a water catchment area that will ensure the supply of water for the next 50 years. The dam has a base width of 49 metres and is 267 metres in length and 63.2 metres in height.

The construction of the dam is expected to withstand a storage capacity of 144 million cubic metres of water to overcome water shortage during the dry spell in the state. The project is expected to be completed at the end of next year. Its construction division has an outstanding order book of RM3.2 billion. Todate the company has completed projects amounted to RM1.7 billion.

In 2007, Naim ventured into the oil and gas industry with the purchase of a 45 per cent stake in Dayang Enterprise Holdings Bhd (Dayang). Currently, it has trimmed down its stake in Dayang to 36 per cent.

On the financial front, Naim posted a net profit of RM80 million on the back of RM524 million revenue of in the financial year ended December 2008. The company declared a dividend of 13 sen with a gross dividend yield of 9.03 per cent.

Listed on the Main Board of Bursa Malaysia on September 12, 2003, Naim was the first property developer in Sarawak to list. Over the years, the company has won numerous awards in the property sector.

One of the most significant recognition was The Malaysia Construction Industry Excellence Awards where it received the ‘Builder of The Year Award’ in 2004.

Naim has also contributed to charity and provided scholarship to students as well as organised tree planting and educational programmes as part of its Corporate Social Responsibility (CSR).

With more than 600 employees, Naim is positioning itself to secure more projects especially with the development of the Sarawak Corridor of Renewable Energy (SCORE) when the economy fully recovers. Moving forward, Naim plans to roll out more high-end properties to tap the increasing demand for luxurious and comfortable houses for homebuyers.

( Taken from Borneo Poat Online )