Johor is looking very attractive for developers as the state continues to expand economically, the latest being Lagenda Properties which has already built townships in Kedah, Perak and Pahang now is making its foray into the Southern zone.
The mostly low and medium home builder is acquiring 431.1 acres of land in Mersing from Sunrise Mersing for a cash consideration of RM45.1 million translating to approximately RM2.40 per square foot. According to Lagenda, the land is supposedly just 10 minutes away from the main town and strategically located within a mature residential development area with surrounding developments such as Taman Mersing, Taman Wawasan/Bandar Baru Mersing and Taman Wawasan Indah and is easily accessible from Federal Route 3.
Lagenda intends to undertake an affordable township development, with estimated gross development value of approximately RM985 million. This will be Lagenda’s sixth affordable housing township after its foray into Perak, Kedah and Pahang as it executes its plan towards being nationwide affordable housing provider.
Managing Director Dato’ Jimmy Doh is keeping to his pledge of one new township per year, he has already acquire land in Pahang and now Johor. The group is on its growth trajectory with a total GDV now in excess of RM6 billion.
Project in Johor will enhance Lagenda’s portfolio as a formidable affordable housing developer in Malaysia, the B40 segment has been struggling to own a home due to high price ceilings. Dato Jimmy reportedly told that most of the price of the properties developed will be kept within reach of the segment. On going and completed houses are priced around RM200,000 for the Kedah project.
