LPB Development Sdn Bhd, a wholly owned subsidiary of Lagenda Properties Berhad has entered a joint venture with BDB Land Sdn Bhd 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 five parcels of lands, all located at Bandar Amanjaya, Kedah with land size approximately 229.99 acres.
Each party will have a 50 percent stake respectively in BDBLSB and the expected gross development value for the project is approximately RM565 million.
The project includes the development of residential and commercial which will be carried out in four development phases with immediate commencement of Phase 1 which consists of 282 units of product offerings below RM200,000.
The construction of Phase 1 is targeted to complete within two years from the commencement of construction works at site.
“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,” Lagenda’s Managing Director, Jimmy Doh said.
“The development will add to our performance starting 2022,” Doh told BusinessToday.
“BDB Land is expecting positive spillover effects from the township development which will help the state’s economy through the commercial and services sectors,” Faris Najhan Hashim, Group Chief Executive Officer and President of Bina Darulaman Berhad said.
He is also optimistic that the joint venture will be able to help more people from the B40 and M40 income group to houses at an affordable price.
With more than 500,000 population in Sg. Petani, both parties believe the development will cater to newly-weds, new parents as well as first-time homeowners in the state.