KUALA LUMPUR: Gagasan Nadi Cergas Bhd has secured an en-bloc sale of 523 affordable housing units at its Idaman Casuarina 1 condominium project for RM134.4 million.
The company said the units were sold to the Selangor Housing and Property Board, which will allocate them for rental under the state government's Skim Smart Sewa initiative.
The programme allows tenants to rent homes for two to five years, with 30 per cent of the rent reimbursed at the end of the tenancy period to help fund a deposit for future home purchases.
The sale is expected to contribute positively to the group's earnings from the second quarter of its financial year 2026 until the project's completion in 2028.
Group managing director Wan Azman Wan Kamal said the deal marks a milestone in strengthening the company's presence in the affordable housing segment.
He said it also reflects Gagasan Nadi Cergas' collaboration with the Selangor state government in delivering scalable and cost-effective housing solutions to support long-term housing security.
Idaman Casuarina 1 comprises units with a built-up area of 1,000 sq ft, featuring three bedrooms and recreational facilities.
The 33-storey development, currently 23 per cent complete, is located within the City of Elmina township in Shah Alam, which includes residential, commercial and industrial components.
The project is adjacent to the 1,000-unit Idaman Amani development, which remains under construction and recorded a 36 per cent take-up rate as at March 31, 2025.
Together with the upcoming Elmina 12 project near Elmina Lakeside Mall, the group is planning three high-rise affordable housing developments in City of Elmina with a combined gross development value of RM790.9 million.
To date, the group has secured RM235 million in sales, including the latest en-bloc transaction.
Looking ahead, Gagasan Nadi Cergas aims to deliver about 14,000 affordable homes across City of Elmina, Kwasa Damansara and Bandar Rimbayu over the next seven years, with a total gross development value of RM3.8 billion.
Beyond affordable housing, the group is also progressing with open market projects in Ulu Yam, including Plaza Selindung Daun, comprising shoplots, and Tetra Residence, featuring double-storey terrace homes, with a combined gross development value of RM114.2 million.
For financial year 2025, the group reported a record net profit of RM73.8 million, supported by continued expansion of its property development portfolio.