Bina Darulaman, LPB to begin RM550 mln JV housing development in Q2 2022

ALOR SETAR, Sept 30 -- Bina Darulaman Bhd (BDB) and Lagenda Properties Bhd (LPB) will begin construction of their joint-venture (JV) affordable housing project on 229.99 acres (93.07 hectares) in Sungai Petani, Kedah, in the second quarter of next year.

BDB’s wholly-owned subsidiary BDB Land Sdn Bhd and PPB’s wholly-owned unit LPB Development Sdn Bhd inked a conditional JV cum shareholders’ agreement to develop the Darulaman Legenda township, which will have a gross development value (GDV) of about RM550 million, in April this year.

In a statement, BDB president and group chief executive officer Faris Najhan Hashim said the first phase of the project would involve the development of 282 units of affordable single-storey houses on 27.47 acres (11.11 hectares) with a GDV of RM57.6 million.

“The estimated selling price for the Phase 1 units is between RM180,000 and RM250,000,” he said.

Construction, scheduled to begin in the second quarter of 2022, is expected to take about two years to be completed.

“On completion of the first phase, BDB Lagenda Sdn Bhd (the JV company) will continue with the construction activities for the subsequent phases which cover 198 acres (80.1 hectares) and involve 2,212 units of affordable housing consisting of single-storey terrace and cluster houses, with an estimated GDV of RM500 million,” he said.

According to Faris Najhan, the demand for affordable housing in the Sungai Petani area far outweighs the supply and thus BDB Lagenda took the opportunity to cater to the demand.

“We are still facing the COVID-19 pandemic crisis which has also affected the real estate market.

“We expect a surge in the property market performance in the fourth quarter of 2021 due to the initiatives taken by the government through the National Recovery Plan,” he said.

Faris Najhan said Darulaman Lagenda would provide opportunities to locals, especially first-time home buyers, to purchase their own homes at affordable prices.

“Once the development of Darulaman Lagenda is completed, it will provide an estimated 2,500 units of affordable housing which will be the catalyst for similar township developments especially in the state of Kedah,” he said.

-- BERNAMA