PR1MA due diligence to be completed in June


PERBADANAN PR1MA Malaysia (PR1MA) said it is currently embarking on transformation exercise to turnaround the company, amid reports that it may be dissolved.

In a statement yesterday, PR1MA said due diligence is currently being undertaken and it is slated for completion in June.

The transformation, it said, is part of the housing body’s strategy to ensure it is better aligned with the government’s national housing agenda.

“As a government entity, PR1MA is committed to ensure that its obligation with stakeholders including homebuyers is honoured, while at the same time, we are also embarking on a transformation exercise that will enable PR1MA to maximise the effectiveness of the change effort that is taking place within the organisation to further improve our business and operations,” PRIMA acting CEO Mohd Nazri Md Shariff said in the same statement yesterday.

Prior to this The Malaysian Reserve reported that only 16,682 units, or 1.6% of the one million homes were completed between 2013 and 2018, while 1.42 million has registered for PR1MA.

The housing body has turned into a financial flop due to exorbitant land acquisition costs, poor management and unsuitable sites.

PR1MA chairman Tan Sri Eddie Chen also stated that the housing programme may be dissolved but it depends on its diligence and turnaround plan.

“We found it very challenging because of the business model is numbers driven. It was given a big number to build and very little land to work on,” he was quoted as saying in an English daily.

According to PR1MA, currently 43,137 units are under construction. It added that PR1MA has secured up to 10,200 sales booking with a value of RM2.56 billion in the government’s ongoing Home Owner ship Campaign 2019.