Nadayu plans RM800m projects in Penang, Klang Valley

Nadayu Properties Bhd aims to launch three projects worth over RM800 million in the Klang Valley and Penang within six to 10 months to grow the group and build its brand.

The developer will be launching Nadayu 99 in Cyberjaya, Superlinks@Nadayu Melawati in Ampang and Nadayu 290, Bukit Gambir in Penang.

Nadayu 99 comprises 13 units of three-storey shoplots and 132 units of superlink houses, while Nadayu Melawati comprises 46 units of superlink houses.

Nadayu 290, meanwhile, features 279 units of service apartments and hotel.

These projects worth a combined RM851.5 million, its chief executive officer Mohd Farid Nawawi said.

The company also has on-going projects worth about RM1 billion, which are being launched in phases.

This year, the company expects its property sales to hit RM300 million this year, led by its latest launches in the Klang Valley.

Farid said the targeted sales will be driven by its on-going property projects, namely Nadayu Melawati, Nadayu 92 in Kajang and Nadayu 28 in Bandar Sunway.

"The take up rate for the three projects is looking healthy at the moment and we are upbeat on the market," he told reporters at the company's shareholders meeting here yesterday.

Also present was its chairman, Hamidon Abdullah.

Hamidon said Nadayu has about RM250 million in unbilled sales, which will be recognised for the next one year.

"We will look at all opportunities to grow the business and also look for more strategic land banks for future development," he said.

He added that Nadayu brand is becoming acceptable, where people are starting to identify the name and associate it with the level of quality and delivery.

Currently, the company has a land size of 334.67 ha, mainly in the Klang Valley and Penang, worth about RM5.9 billion.

Commenting on the second quarter performance, Hamidon said that the company is expecting to do better than the first quarter. - CHERYL YVONNE ACHU (Business Times)

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