Vizione Holdings, a developer specialising on affordable homes, is optimistic that its expertise on this property segment will help it secure projects from the new government, which has pledged to build one million low-cost dwellings within two terms, reported The Edge.
“We believe we can remain competitive in our niche market, which is in the construction of affordable homes… in line with the Pakatan Harapan government’s promise to build affordable homes,” said its Managing Director Datuk Ng Aun Hooi.
Currently, the company has an order book of RM3.75 billion that is expected to last until 2021. Of this, nearly half involves government residential developments. It also has long-standing ties with major private developer Sunway Group.
“As we now have a new government, they may need time to stabilise. We are lucky that we have a big order book as it may take time for government tenders to be called, and for us to replenish government housing contracts.”
“For the time being, in order to (increase) our order book, we may need to secure more projects from the private sector, as well as from my own private developments,” he said.
Notably, Ng leads two private real estate developers known as KL Northgate and Midlands Edu City.
Although most of Vizione’s government residential projects were clinched during the prior administration, he is confident that the RM465 million Federal Territories Affordable Housing project in Gombak will proceed as planned.
“The Rumawip project in Gombak is already enforced and sales are 95 percent done, and we have completed about 35 percent of the foundation,” he said, adding that they are not among the developers who benefited from DBKL’s controversial sales of 64 land parcels in Kuala Lumpur during the term of former federal territories minister Datuk Seri Tengku Adnan Tengku Mansor.
Meanwhile, Ng revealed that Vizione is keen to take part in the RM6.3 billion Penang undersea tunnel and Outer Ring Road (ORR) project by Consortium Zenith Construction.
It is understood that the company is in the process of taking part in one the sub-projects before the ORR was temporally halted earlier this year.
“We shall await the new (Penang) Chief Minister and his team on the direction of the ORR. Vizione believes the project should proceed again following the election, and will participate in any tender for this project,” he added.
Image sourced from Edge Property
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