By DayakDaily Team
KUCHING, July 4: Naim Holdings Berhad (Naim), a leading property developer in Sarawak, has announced the sale of 180.8 hectares of land in Kuching for approximately RM223.38 million, which was acquired 16 years ago as a strategic move to inject working capital and reduce a portion of its RM437 million debt as of March 31, 2024.
The decision is a part of its ongoing commitment to ensure long-term sustainability of their business operations in the current tight property market.
“This will provide an opportunity to realise gains and unlock the value of its investments after 16 years of holding.
“At the same time, Naim is shifting its focus towards developing affordable homes in line with the Sarawak government’s effort to provide affordable housing for the rakyat,” it said according to a press release today.
Naim plans to develop some 10,000 units of affordable housing, primarily in Miri, using the remaining land in their portfolio.
Naim group managing director Datuk Hasmi Hasnan assured its stakeholders that this sale is conducted with the utmost respect for our core corporate values and with a clear focus on the company’s future.
“We recognise the importance of making prudent financial decisions that support our continued success and resilience.
“We are committed to using the proceeds from this sale to fortify our financial foundation, allowing us to continue serving our customers with excellence and to explore new opportunities for growth, especially in Miri where we started,” he said.
The release further noted that the decision aligns with recent trends in the property market, where other prominent developers such as Eco World Malaysia and UEM Sunrise (as evidenced from their regulatory announcements in Bursa Malaysia) are also divesting land assets to strengthen their financial positions. — DayakDaily
