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PETALING JAYA: Majuperak Holdings Bhd (MHB), through its subsidiary Nexusbase Development Sdn Bhd (NDSB), is breaking ground with its maiden Klang Valley residential development, which is also its first property development outside Perak, with a total gross development value (GDV) of RM122mil.

The property, situated on 2.2 acres of land, is slated to begin construction in the last quarter of this year, and it is expected to be completed in 2026.

In April 2022, MHB acquired 51% equity interest in NDSB to further strengthen its property business and set the tone for more property launches in the short and medium term.

In a groundbreaking ceremony of the residence yesterday, MHB executive director and group CEO and NSDB chairman Nizran Noordin said the acquisition led to the development of the residential project.

Meanwhile, MHB executive chairman and Perak State Development Corp (PKNP) chief executive Datuk Redza Rafiq Abdul Razak, who officiated the groundbreaking ceremony, said the residential project, Nexus Residences, is in line with the government’s initiative of the Home Ownership Programme (Hope) 2022.

However, Redza noted Nexus Residences, a freehold low-density residential project of 153 units, is intended to attract the M40 and young generation category.

The units range from 1,309 sq ft to 5,511 sq ft starting at RM803,400.

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Speaking of the benefit of the dual key concept, NDSB director and CEO Datuk Lee Seng Khoon said buyer’s monthly installments can be reduced greatly, by renting out a part of the unit without compromising much of their privacy.

Additionally, commenting on the property price, Lee said Nexus Residences is approximately RM200 per sq ft cheaper compared to its surrounding property prices.

Redza added that NDSB is tapping on the experience, competence and reputation of Sloane Infinity Asia-Pacific Sdn Bhd, the owner of the Nexus brand.

Recently completed projects of NDSB include the Bangsar Trade Centre, 591 Damansara SA, Quattro Premiera and Quattro Regency Butterworth, with a GDV of RM500mil, RM55mil, RM30mil and RM50mil, respectively.

According to Nizran, the group has a land bank of about 3000 acres in Perak.

MHB is a 49.81%-owned subsidiary of PKNP.

Year-to-date, MHB shares dipped by about 14% to 31 sen as of yesterday’s close.