Entrepreneurial pair building up new firm
A NEW business offering customisable and affordable new home options is starting to make inroads into the Cairns building industry.
Inder Saundh and Ram Singh started Five Rivers Construction last year and currently have 15 homes under construction and another six about to start.
Mr Singh said even though the whole country was “feeling the pinch” in terms of a contracting economy, Cairns was still attractive to investors and first-home buyers.
In fact, first-time property owners made up the bulk of the business’ clients.
“There is a lot of negative news but Far North Queensland will see growth, particularly given the number of favourable state and federal policies focusing on our region and trying to boost population growth,” Mr Singh said.
“I personally believe there is a strong future, it just might take some time.
“We have a lot of first-home buyers coming to us at the moment because of our customisable, medium-budget homes.
“None of our floor plans are similar.
“We are trying to focus on those who are keen to build to invest as well.”
New builds with the company start at $199,000 and most are located in the new estates of Redlynch, Smithfield, Mt Sheridan and Kanimbla.
The support from firsthome buyers mirrors June housing finance data from the Australian Bureau of Statistics, which showed they now represented a larger share of the owner-occupier home loan market than at any time since the start of 2012. During June, the first-home buyer share increased to 28.9 per cent.
Master Builders Australia chief economist Shane Garrett said earlier this month the country was in the first stages of a housing recovery.
Mr Singh said Five Rivers Construction was due to start more builds on the southside in coming months.
Units, townhouses, and demolition and rebuild projects were also part of the business’ portfolio.
The fledgling company, which derives its name from the five rivers flowing through its founders’ home state of Punjab in India, will also start building up its property management and real estate sales services. Mr Saundh and Mr Singh both migrated to Australia in 2006 and moved to Cairns a few years later.
Mr Saundh found work as an engineer in the Far North, while Mr Singh followed a career in sales and marketing.
“This is home for us now,” Mr Singh said.
“We want to do anything to help Cairns grow.
“We want the community and the businesses in the region to know we are here to support them.”
Five Rivers Construction is also supporting sporting groups on the southside and the city’s multicultural festivals.