by RAHIMI YUNUS / pic by TMR FILE

BINA Darulaman Bhd’s (BDB) wholly owned unit, BDB Land Sdn Bhd, signed a memorandum of understanding (MoU) with Lagenda Properties Bhd (LPB) to jointly develop an affordable township called Darulaman Putra in Sungai Petani, Kedah.

BDB president and CEO Faris Najhan Hashim said the partnership is an ongoing effort by BDB Land to develop an affordable housing in an area of 148 acres (59.9ha), and expand its business network and support each other on projects that benefit both parties.

“Darulaman Putra is the first township of its kind that will be developed by BDB Land to meet the affordable property segment at a selling price of RM350,000 and below.

“Certainly with the vast experience possessed by LPB in developing affordable townships, it could benefit the residential development specifically for the bottom 40% (B40) and middle 40% income groups in Kedah,” Faris Najhan said in a statement yesterday.

LPB is the property developer of affordable townships of Bandar Baru Setia Awan Perdana, Sitiawan and Lagenda, Teluk Intan in Perak.

Faris Najhan said BDB Land and LPB will also explore opportunities to develop an 82-acre plot of land in the same area with a focus on commercial development and affordable housing.

He said the plan is expected to add value to the affordable township which has an estimated gross development value of about RM550 million. The Darulaman Putra development, expected to take place within five years, will include affordable housing, commercial buildings and a community centre.

The township is located in Sungai Petani and faces the North-South Expressway, making it a strategic location with a high potential for rapid growth in the future.

Faris Najhan said the orientation of the property market today is focused on the development of affordable housing, and thus BDB Land will explore the segment further via BDB Land in the future.

“BDB Land aims to be the catalyst for affordable township development in Kedah, and supports the government in providing housing to the people in this state,” he added.