PETALING JAYA: Construction and property group Gagasan Nadi Cergas Bhd has signed an en-bloc sale of all 523 affordable housing units at the Idaman Casuarina 1 condominium project to the Selangor Housing and Property Board (LPHS) for a purchase consideration of RM134.4 million.
LPHS will offer the units for rental to eligible Selangor residents under the state government’s Skim Smart Sewa initiative, which allows participants to rent a unit for two to five years, with 30% of the rent returned at the end of the contract to help fund the deposit for purchasing other affordable homes in the future.
The sale to LPHS will contribute positively to Gagasan Nadi Cergas’ financial performance from the second quarter of the financial year ending Dec 31, 2026 (FY26) until the completion of the project in 2028.
Gagasan Nadi Cergas Bhd group managing director Datuk Wan Azman Wan Kamal said: “The en-bloc sale of Idaman Casuarina 1 marks a significant step in our expanding footprint in the affordable housing sector, showcasing our ability to deliver housing units that combine prime locations with design quality and amenities that enhance residents’ quality of life.
The achievement also underscores our strong collaboration with the Selangor state government in delivering scalable and cost-effective housing solutions to support long-term housing security for Malaysia. With a robust RM3.8 billion GDV pipeline across three townships, we anticipate solid earnings visibility in the coming years.”
Units in Idaman Casuarina 1 have a built-up space of 1,000 sq ft with three bedrooms, complemented by recreational facilities and amenities.
The condominium will be a significant addition to City of Elmina, a compre-hensive mega township in Shah Alam, with extensive residential, commercial, and industrial zones.
Construction of the 33-storey condo-minium has commenced and is 23% complete. It is located adjacent to the 1,000-unit Idaman Amani project, also under construction, which had achieved a 36% take-up rate as at March 31, 2025.
Along with the yet-to-be-launched Elmina 12 project, located near the Elmina Lakeside Mall, Gagasan Nadi Cergas plans to deliver altogether three high-rise affordable housing projects in City of Elmina with a combined GDV of RM790.9 million, of which sales of RM235 million has been secured so far, including the en-bloc sale to LPHS.
Gagasan Nadi Cergas’ first Idaman project in Bukit Jelutong was fully taken up, and delivered to buyers last year. The group plans to deliver another 14,000 affordable homes across City of Elmina, Kwasa Damansara, and Bandar Rimbayu, with a total GDV of RM3.8 billion over the next seven years.
Beyond affordable housing, the group is also making steady progress on two open market projects in Ulu Yam namely Plaza Selindung Daun, comprising shop lots, and Tetra Residence featuring double-storey terrace homes, with a combined GDV of RM114.2 million.
Gagasan Nadi Cergas completed the financial year ended Dec 31, 2025 with a record high net profit of RM73.8 million, driven by the strength of its expanding property development portfolio.