54 ENRA GROUP BERHAD ANNUAL REPORT 2024 Sustainability Report (Cont’d) c. Property Development The property market locally has gradually increased in 2023, higher after the downturn in 2020 due to the COVID-19 pandemic. A total of 399,008 transactions worth RM196.83 billion were recorded, each showing an increase of 2.5% and 9.9% respectively compared to 2022, which recorded 389,107 transactions worth RM179.07 billion. As the national economy is projected to remain in the range of 4.0% to 5.0% in 2024 which is supported by resilient domestic growth prospects, the property market performance is expected to remain cautiously optimistic given the unpredictable external environment. The accommodative policies, continuous Government support, well-executed measures outlined in Budget 2024, and the proper implementation of strategies and initiatives under RMK-12 are expected to continue supporting growth in the property sector. The Group’s affordable homes segment has demonstrated a stronger performance in the last financial year. Our second project, Taman Vista Impian in Dengkil, achieved an encouraging sales rate of 56% and progressed with construction reaching 44%. With a gradual improvement in market sentiment, the Group is now gearing up to launch its third project in Telok Panglima Garang. As the UK economy is showing positive progress towards reducing inflation, the Group continues to seek the best outcome for its project in Rugby. The team has been refining the sales strategy and assessing project feasibility. Considering the property outlook and the current market conditions, the Group is cautiously optimistic about its focus and efforts to successfully develop and sell its products in a timely manner. INNOVATION AND TECHNOLOGY Innovation remains a cornerstone of ENRA’s operations, driving enhancements across crucial aspects of the business, including product quality, capacity, customer service, and communication. This commitment to innovation strengthens the core of ENRA’s business model. ENRA places a strong emphasis on adaptability, relevance, and competitiveness in the ever-evolving external landscape. Through a culture of innovation, the company stays attuned to market demands and seizes opportunities to enhance efficiency. This approach ensures that the Group consistently delivers top-tier products and experiences to its customers while upholding its sustainability commitments. ENRA fosters a culture of employee involvement in the innovation process. This is facilitated through action-based learning projects, idea contributions, and the formation of taskforces to address specific focus areas identified through data-driven insights. Company leadership plays an active role in championing digital transformation initiatives at all organisational levels. These insights, gathered collectively from across the Group, enable ENRA to strategically deploy innovation where it matters most, enhancing the Group’s resilience in response to the prevailing operating environment. As exemplified by the post pandemic era, ENRA has embraced fresh opportunities in digitalisation. The subsequent sections of this Report will delve deeper into these initiatives.
RkJQdWJsaXNoZXIy NDgzMzc=