KUCHING, July 4 (Bernama) — Naim Holdings Berhad (NAIM), a pioneering property developer in Sarawak, announces the sale of 180.8 hectares of land in Kuching at around RM 223.38 million that was acquired some 16 years ago, as a strategic step to inject working capital and also to pare down part of its debts of some RM437 million as at 31st March 2024. This decision is a part of their 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 State Government’s effort to provide affordable housing for the Rakyat. NAIM aims to develop some 10,000 units of affordable housing, the bulk of which is in Miri from the remaining land that they have.