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Lagenda Properties Berhad’s First Flagship Development Beyond Perak Through Joint Venture with Bina Darulaman Berhad to Build Affordable Housing in Kedah

 

Lagenda Properties Berhad (“Lagenda'' or “the Group”) is pleased to announce that LPB Development Sdn Bhd (formerly known as DBE Development Sdn Bhd) (“LDSB”) (a wholly-owned subsidiary of Lagenda) and BDB Land Sdn Bhd (“BLSB”) (a wholly-owned subsidiary of Bina Darulaman Berhad) had entered into a Joint Venture cum Shareholders’ Agreement (“JVSA”) to incorporate a joint venture company named BDB Lagenda Sdn Bhd (“BDBLSB”).

BDBLSB will undertake an affordable housing development project known as Darulaman Putra on 5 parcels of lands, all located at Bandar Amanjaya, Kedah, with a land size of approximately 229.99 acres. Each party will have a 50% stake respectively in BDBLSB.

From left; Mohd Iskandar Dzulkarnain Bin Ramli, Executive Vice President & CCO, BDB, Faris Najhan Bin Hashim, President & Group CEO, BDB, Dato Marcus Doh, Non Independent Non Executive Chairman, Lagenda Properties, Dato Jimmy Doh, Managing Director, Lagenda Properties, Dr. Paul Lim, Independent Non Executive Director, Lagenda Properties.

The development is situated next to the North-South Expressway with an estimated population of 200,000. It will predominantly consist of single-storey terrace houses, coupled with some elements of commercial development to be built in phases which are only 10 minutes away from the Sungai Petani City Centre. The expected gross development value for the project is approximately RM565 million.

President & Group Chief Executive Officer of Bina Darulaman Berhad, Faris Najhan, said in his speech that Lagenda’s record of achievement as a property developer company with experience in developing affordable townships will be able to assist BLSB in ensuring that the development of Darulaman Putra will be a success.

Faris Najhan Bin Hashim, President & Group CEO of BDB speaking at the event.

“We can leverage on BLSB’s expertise in property development, combined with Lagenda’s strong track record in developing large-scale housing projects specialising in affordable housing. This partnership demonstrates BLSB’s commitment in providing opportunities to Kedah citizens to own affordable homes. In addition, BLSB will continue to aim to be the catalyst for affordable township development in Kedah and will continuously support the government in providing affordable housing to the people in Kedah,” added Faris Najhan.

Faris Najhan expressed his hope that the joint venture between BLSB and Lagenda will be able to help more people from the B40 and M40 income group to own their dream home at an affordable price. BLSB is also expecting positive spill over effects from this affordable township development, which will boost the state's economy through the commercial and services sectors.

Dato Jimmy Doh, Managing Director, Lagenda Properties addressing the guests at the signing ceremony.

 “Kedah is one of the states with the highest B40 income group by ratio, the Group intends to expand its land bank in this state via acquisitions or joint venture deals in order to build 20,000-30,000 houses within the next 10 years for the much-underserved community. Lagenda specialises in developing affordable townships with hundreds of acres of land and the Group will be able to offer some help in solving the mismatch of house prices for the state government. However, it would be impossible for us to solve this conundrum alone. I urge the landowners in Kedah to join forces with Lagenda to contribute in solving this national crisis as well,” remarks Lagenda’s Managing Director, Dato’ Jimmy Doh. 

“BDBLSB intends to launch the houses at below RM200,000 during the first phase in 2022 and envisage this project to boost the top and bottom lines of Lagenda, starting from 2023. It will give us three years of earnings visibility on top of the contribution from our existing townships,” added Dato’ Jimmy Doh.

“We strongly believe in empowering every Malaysian family to own a home regardless of income levels and this social cause is what drives us as a company. We remain very committed in our vision of One Home for One Malaysian. Therefore, we will continue to expand our business blueprint in other states of Malaysia," added Dato’ Jimmy Doh.

ABOUT LAGENDA PROPERTIES BERHAD

LAGENDA PROPERTIES BERHAD (“Lagenda”) is a property developer listed on the Main Market of Bursa Malaysia. We started our journey in affordable housing development in early 2018 focusing on our main core expertise of developing self-sustainable townships, prioritising community-based facilities & public amenities that meet the needs of most Malaysian home buyers that fall into the B40 and the M40 income groups. Our goal is to build economical & affordable homes while our long-term objective is to become a sustainable developer in Malaysia.

 

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