GAGASAN Nadi Cergas Bhd expects more property sales for its Antara Residence development in Putrajaya – the group’s first boutique residential high-rise development – by partnering with Maybank Islamic Bhd to offer the HouzKEY programme to home buyers.
Sitting on a 1.3-acre land plot, the 29-story tower comprises 458 units of freehold service apartments ranging between 583 sq ft to 1,006 sq ft.
Through the HouzKEY programme, qualified buyers can purchase Antara Residence units with 100% financing and zero payment throughout the construction period. Additionally, the programme entitles buyers to own a freehold unit with low monthly payment.
“The partnership with Maybank Islamic signifies our commitment in making our development projects more accessible to first- and second-time home buyers in line with the Government’s goal in addressing home ownership issues in the country,” commented Gagasan Nadi’s group managing director Wan Azman Wan Kamal.
“Today, home buyers are no longer just looking for houses that are in convenient locations, but are also configured for comfortable living, working, and learning.”
“This sits nicely with our Antara Residence project as our units are built on timeless, practical and multifunction designs, coupled with a comprehensive range of facilities to support residents’ sustainable standard of living.”
As of March 31, Gagasan Nadi has registered about 68% take-up rate for its Antara Residence development. The development is expected to be completed in 2H 2022 with an estimated gross development value (GDV) of RM240 mil.
More broadly, the group’s property development segment has posted RM15.3 mil revenue or 28.5% of the group’s total revenue in 1Q FY2021 which is five times greater than RM2.9 mil in the previous corresponding quarter.
The strong contribution was due to positive progress from the group’s Antara Residence and Selindung Ulu Yam development, an affordably priced township development under Rumah Selangorku and Perumahan Penjawat Awam Malaysia (PPAM).
Gagasan Nadi Cergas is primarily involved in four business segments, namely building construction, provision of facilities management services, operations of district cooling system for the supply of chilled water and electricity distribution, and property development.
At the close of today’s mid-day trading, the company was down 0.5 sen or 1.64% to 30 sen with 97,000 shares traded, thus valuing the company at RM226 mil. – Aug 12, 2021
