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KUALA LUMPUR (April 10): Gagasan Nadi Cergas Bhd (KL:NADIBHD) has secured an en bloc sale of all 523 affordable housing units at its Idaman Casuarina 1 condominium project to the Selangor Housing and Property Board (LPHS) for RM134.4 million.
The deal supports Selangor’s rent-to-own scheme, where eligible residents rent units from the LPHS for two to five years and get 30% of their rent back to help fund a future home deposit.
For Gagasan Nadi Cergas, the transaction is expected to boost its earnings from the second quarter ending June 30, 2026 (2QFY2026) through to project completion in 2028.
Group managing director Datuk Seri Wan Azman Wan Kamal in a statement characterised the sale as a milestone in its affordable housing expansion, noting that it underscores collaboration with the Selangor government in delivering scalable, cost-effective housing solutions.
He added that with a RM3.8 billion gross development value (GDV) pipeline across three townships, the group anticipates solid earnings visibility in the years ahead.
That pipeline is already taking shape in Shah Alam’s City of Elmina, where Idaman Casuarina 1 is rising as a 33-storey development. Now 23% complete, the project will feature 1,000 sq ft units with three bedrooms and recreational facilities. It sits adjacent to the 1,000-unit Idaman Amani project, which had achieved a 36% take-up rate as at March 31, 2025.
Together with the upcoming Elmina 12 project, the three developments will contribute a combined GDV of RM790.9 million, of which RM235 million in sales has already been secured, including the LPHS deal.
The group’s track record in affordable housing includes its first Idaman project in Bukit Jelutong, fully taken up and delivered last year.
Building on that momentum, Gagasan Nadi Cergas aims to deliver 14,000 affordable homes across the City of Elmina, Kwasa Damansara, and Bandar Rimbayu over the next seven years, with a total GDV of RM3.8 billion.
Beyond its affordable housing portfolio, the group is diversifying with two open-market projects in Ulu Yam — Plaza Selindung Daun, comprising shoplots, and Tetra Residence, featuring double-storey terraced homes — together valued at RM114.2 million.
For FY2025, the group posted a record net profit of RM73.8 million on revenue of RM413.9 million.
By Friday’s midday break, shares in Gagasan Nadi Cergas were unchanged at 40 sen, valuing the group at RM301.2 million. The stock has risen 45.5% over the past year.
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