Lagenda Properties Berhad (Lagenda) announced that its subsidiaries – LPB Development Sdn Bhd (LDSB) and BDB Land Sdn Bhd (BLSB) had engaged in a Joint Venture cum Shareholders’ Agreement (JVSA) to incorporate a joint venture company named BDB Lagenda Sdn Bhd (BDBLSB). BDBLSB will take on the affordable housing development project, Darulaman Putra, on 5 parcels of land, all located at Bandar Amanjaya, Kedah, summing up to an approximate 229.99 acres of land. Each party will own 50% of the stake respectively in BDBLSB.
The affordable housing project will be strategically placed next to the North-South Expressway with an estimated population of 200,000. It will be made up of mostly 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.
“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 specializes 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 to solving this national crisis as well,” said 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,” he added.
