NAIM Cendera Holdings Bhd, which posted a strong set of third quarter results, plans to embark on property investment and management next year.

Chief executive officer Datuk Hasmi Hasnan said with property development and construction as its mainstay, the new activities would provide the company with much-needed recurring income.

''We have plans to own a set of prime commercial properties nationwide to cater to our property investment activities and in future, we can take advantage of the real estate investment trust as well,'' he told a press conference in Kuala Lumpur yesterday.

Hasmi said in line with the proposed venture into property investment, Naim was looking at spreading its wings to Sabah, Labuan and Brunei as well as developing commercial properties for its flagship project, Bandar Baru Permyjaya in Miri.

Naim, a leading property developer and construction company in Sarawak, posted a pre-tax profit of RM81mil for the nine months ended Sept 30, up 45% from that recorded in the corresponding period of 2003.

The profit was achieved on a turnover of RM243mil, which was 38% higher than previously.

Hasmi said the strong performance was mainly due to brisk sales of Naim’s properties. Property development accounts for 60% of revenue while construction contributes 34%.

''Naim has sold 1,071 units of mostly terrace houses in the Bandar Baru Permyjaya project and in Desa Ilmu in Kota Samarahan near Kuching during the period under review, from 861 previously,'' he said.

The company also sold RM151mil worth of residential and commercial properties in the first nine months of this year compared with RM168mil for the whole of last year.

Bandar Baru Permyjaya is a self-contained township that will have some 18,000 mixed properties when fully developed by 2018. Some 8,200 units have been completed.

Based on its strong performance, Naim is confident of achieving another record performance for 2004.

Hasmi said three of the company's construction projects - the Institut Latihan Perindustrian Sarawak in Miri, the Dewan Undangan Negeri in Kuching and the Saberkas Complex in Kuching - would contribute positively to Naim’s bottomline in the fourth quarter of 2004.

The company has announced an interim dividend of 5 sen per share.

Source : The Star  29/10/2004