KUALA LUMPUR: Gagasan Nadi Cergas Bhd plans to deliver more than 10,000 affordable houses over the next five years to meet resilient demand in Malaysia.

This should begin with the launch of 2,800 units in the financial year ending December 31, 2022 (FY22).

Gagasan Nadi today unveiled its 1,260-unit Rumah Idaman in Bukit Jelutong, Shah Alam, with a total gross development value (GDV) of RM304 million.

The project is initiated with the support of Menteri Besar Selangor Incorporated (MBI) to provide affordable housing to the mass population segment in Selangor.

The company said construction works for the development had started in the second quarter (Q2) of 2022, and was expected to be completed in Q4 of 2025.

Group managing director Wan Azman Wan Kamal said the launch of Idaman Bukit Jelutong offered an opportunity for B40 and lower M40 families to own a home in the increasingly-vibrant Shah Alam economic hub, consistent with the Selangor government's goal of promoting inclusivity and equity ownership among the rakyat.

"Since the registration of interest started for the project, we have already received three times more registrations than the units offered - a clear indication that demand for affordable housing is resilient, especially in strategic locations like Bukit Jelutong, Shah Alam.

"Hence, we will ride on this strong interest and launch our subsequent affordable housing developments in hand, starting with the Idaman Elmina West in Shah Alam within the second half of 2022. This will reiterate our role in supporting the state's target of building 30,000 affordable houses by 2026," he said.

Idaman Elmina West encompasses 1,500 affordable residential units, worth a total of RM370 million in GDV.

"Both Rumah Idaman projects are expected to start contributing positively to group revenue in FY22," Gagasan Nadi said.

Its pipeline affordable housing projects include the Rumah Selangorku housing project in Serendah, two high-rise affordable housing projects for Paramount Corp Bhd in Kemuning Utama and Greenwood Salak Perdana, and the Rumah Idaman project for Kwasa Land Sdn Bhd in Kwasa Damansara.