PKNS to launch property projects with RM1.5b GDV in 2025

• Group chief executive officer Datuk Mahmud Abbas “PKNS has evolved significantly from its early days of building flats 50 to 60 years ago. Today, we are moving into the higher and mid-level market segments, a shift necessitated by the competitive nature of the industry.”

CYBERJAYA (Nov 23): The Selangor State Development Corporation (PKNS) is set to launch about 12 projects with a gross development value (GDV) of RM1.5 billion in 2025, reflecting its commitment to advancing Selangor’s property market, said group chief executive officer Datuk Mahmud Abbas.

Speaking at the PKNS Pilih Karnival at the Selangor Cyber Valley (SCV) here on Saturday, he said six projects are slated for launch in the first half of 2025, followed by another six in the latter half.

For 2024, the corporation targets a GDV of between RM800 million and RM1 billion, further strengthening its presence in the real estate sector.

“PKNS has evolved significantly from its early days of building flats 50 to 60 years ago. Today, we are moving into the higher and mid-level market segments, a shift necessitated by the competitive nature of the industry,” he said, adding that the focus now is to cater to diverse community needs.

Mahmud explained that PKNS had developed three types of housing products in Cyberjaya to meet various demographic needs.

They include affordable apartments priced between RM300,000 and RM400,000 each that cater to young buyers or smaller households, he said.

The ongoing PKNS Pilih Karnival serves as a platform to promote the corporation’s projects and create awareness of its transformation in property development.

“This carnival highlights how PKNS has transitioned into a developer of mid-tier and high-end housing while continuing to uphold its commitment to community needs,” Mahmud added.

Moving forward, PKNS plans to concentrate its development efforts in Cyberjaya while expediting other essential projects across Selangor.

This year alone, the state-owned development arm has three more project launches in the pipeline.

“We are on track to ensure sustainable growth while maintaining profitability. Our strategy includes leveraging subsidiaries to build homes in the RM500,000 to RM600,000 range, meeting demand in various segments,” he said.

In July this year, Mahmud was reported as saying that PKNS planned to grow its revenue, totalling RM2 billion at present, by fourfold by 2030 through the growth of its various businesses.

The corporation was established on Aug 1, 1964.

The two-day carnival at the SCV sales gallery, which ends on Sunday, marks the last leg of the PKNS Pilih Karnival series for 2024 after being held at various locations in Selangor over the past five months.

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