Sarawak Property Market Report 2005 – Naim, One Of The Largest Property Developer In Sarawak

Results of “The Sarawak Property Market 2005” report undertaken by CH Williams Talhar Wong & Yeo Sdn Bhd (WTWY) was announced yesterday.

According to the report, CIDB “Builder of the Year 2004” award winning NAIM GROUP OF COMPANIES (NAIM) has been ranked as the largest developer in Sarawak.

The ranking is based on the number of completed units during the period 1997 to 2004 when the company completed to date 9,155 units or an annual average of 1,144.4 units.

Naim’s subdiary companies, Naim Cendera Sdn Bhd and Desa Ilmu Sdn Bhd – are currently developing fast growing two townships in Sarawak namely Desa Ilmu at Kota Samarahan and Bandar Baru Permyjaya (BBP) at Miri.

The number of units BBP as at December 31, 2004, is 18,911 units with 10,128 units launched and 9,661 units or 95.39% already sold. Works on BBP township first started in 1996.

Results of the Sarawak Property Market Report 2005 was released by Managing Director of WTWY, Mr Wong Ing Siong during a media conference held at Wisma Naim in Kuching yesterday.

Also present during the function were namely Naim’s Mananging Director and Chief Executive Officer, Datuk Hasmi Hasnan, the group’s Group Financial Officer, Mr Ricky Kho and Director of Sales, Mr Tony Lau.

The report says the long-term demand for urban housing in major towns of Sarawak will continue to remain robust due to several favourable factors like strong population growth, high employment, higher household income, rural-urban migration, attractive end financing cost and easy credit schemes offered.

The report also foresees the increase in housing demand in Miri that is to be further reinforced by the elevation of Miri to city status in May this year and its development as an exciting resort city.

The demand will also be boosted by the expected influx of Shell Malaysia’s staff and contractors following Miri’s designation as Shell Group’s Asia Pacific exploration hub and Shell Malaysia’s upstream base.

The growing number of student intake at Australian-based Curtin University will also have great impact on the expected rising demand for housing in the Northern region.

Desa Ilmu of Kota Samarahan which was launched in 1999, holds an equally impressive record with a total of 4,334 units planned of which 2,266 units were already launched and 2,189 units or 96.60% having been grabbed up by the public.

The demand for houses and commercial properties there are expected to continue rising due to its proximity to public institutions of higher learning namely Universiti Malaysia Sarawak (UNIMAS), Maktab Penguruan Tun Abdul Razak and Sarawak campus of University Teknologi MARA (UiTM).

The increase in the student intake from present 7,000 to 10,000 for the new academic session this year upon the completion of the first phase of UNIMAS permanent campus next month will further boost the housing demand in the fast growing Kota Samarahan.

The student intake is expected to continue increase up to 20,000 upon full completion of the campus in 2010.

The report also said Naim, like other developers in Sarawak, is expected to continue pursuing the sell-and-build strategy.