KUALA LUMPUR: Majuperak Holdings Bhd (MHB) will develop its flagship residential property development in Subang, Selangor, worth RM122 million in the fourth quarter of this year.
The project, Nexus Residences, will offer homebuyers multiple choices such as dual key concept, suitable for both flexible occupancies and investment.
There will be a total of 153 units ranging from 1,309 sq ft to 5,511 sq ft, starting at RM803,400.
The groundbreaking ceremony for Nexus Residences was officiated by MHB's executive chairman Datuk Redza Rafiq Abdul Razak.
In his speech, Redza said the company's foray into the Klang Valley was timely given its long-term strategy to diversify its income stream.
In April this year, MHB acquired a 51 per cent equity interest in Nexusbase Development Sdn Bhd, the developer for Nexus Residences, to further strengthen its property business.
Redza said the acquisition would pave the way for more property launches in the short and medium term.
"We are taking it one step at a time to expand in Klang Valley. We are not ruling out acquiring strategic landbanks (in Klang Valley)," he said.
Redza said the launch of Nexus Residences was a bold step forward to take things to the next level, which will strategically expand MHB's foothold in the property sector.
He also said that MHB's foray into the Klang Valley reflected the vast potential that awaits the company as it creates value for the State of Perak.
"This move clearly cements Majuperak's continued agenda in involving and developing more projects for the benefit of society. We look forward to Nexus Development going from strength to strength, with more accomplishments in the future to complement and add further depth to our core business, and strengthening our long-term prospects," he said.
On Nexus Residences, Redza is confident the project will do well given its strategic location and product offering with quality finishes.
He said the project was in line with the Home Ownership Program (HOPE) 2022, which is intended to provide a solution for the B40, M40, and young people to own a home, based on the Government's aspirations of One Family, One Home.
According to Redza, Nexus Residences was intended to attract two out of the three targeted groups of HOPE.
HOPE was designed based on the 5K elements, namely availability, financial capability, financing ease, quality, and liveable housing.
"We know that young people who begin their jobs in the capital city confront housing challenges constantly, especially when they want to live comfortably while having access to nearby public transportation and other amenities. I believe Nexus Residences has the unique selling points that will be of value to this target segment and to the general public at large," he said
Nexus Residences is offering a rebate of up to RM80,000 with zero booking and a 10 per cent early bird discount.
Nizran Noordin, executive director-cum-group chief executive officer of MHB and chairman of Nexusbase Development said that the company wants to offer a high-quality residential property in line with today's lifestyle.
"With appealing facilities coupled with accessibility, Nexus Residences has strong potential to draw property owners while enabling MHB to expand our market segment. This is part of our steadfast commitment to develop attractive property options, in tandem with the nation's aspirations for homeownership for Malaysians," he said.