PR1MA Successfully Addresses 18 'Sick' Projects Since MADANI Gov't Takeover - Nga

GEORGE TOWN, Oct 5 (Bernama) -- A total of 18 out of 24 projects by Perbadanan PR1MA Malaysia (PR1MA) classified as 'sick' or problematic have been resolved since the MADANI government assumed control.

Housing and Local Government Minister Nga Kor Ming said six additional projects in Melaka, Kedah, Negeri Sembilan, and Kelantan are expected to be completed by year-end.

“As of August, PR1MA has 88 projects, comprising 54,137 units in various stages of development. Of these, 61 projects totaling 41,321 units have been completed, while 27 projects with 12,816 units remain under construction or planning,” he told reporters after the key handover ceremony for Bukit Gelugor Ideal Residency, which consists of 1,218 units, here today.

This project is a collaboration between PR1MA and Ideal Capital Venture Sdn Bhd, and it was completed ahead of its scheduled date of August 2025.

To prevent overhang properties in the future, Nga said KPKT is developing Big Data Analytic Software. This tool will be made available to developers, enabling them to understand housing needs and costs in their respective areas.

KPKT aims for the real estate sector to achieve RM200 billion in sales by year-end, boosting the economy and positively impacting 200 related industries, including construction, furniture, and banking.

"The real estate sector continues to grow healthily, and we are grateful that, in the first half of the year, we reached the key performance indicator (KPI) with a sales target of RM100 billion,” said Nga.

He added that total sales in the domestic real estate sector hit RM115 billion in the first six months. If trends continue, it is projected that the sector will reach nearly RM200 billion in sales this year, creating more opportunities in affordable housing and job creation.

-- BERNAMA