by TMR / pic credit: ANNUAL REPORT
LAGENDA Properties Bhd via its wholly-owned subsidiary, LPB Development Sdn Bhd, acquired 500 acres of land in Kuantan, Pahang, for a cash consideration of RM33 million which is approximately RM1.51 per square feet.
In a statement today the property developer said it intends to undertake a self-sustainable and affordable township development, which offers a diverse mix of affordable housing and commercial building such as single storey semi-detached houses, single storey terrace houses and shop offices, supported by infrastructure as well as a variety of facilities and public amenities.
The estimated gross development value is approximately RM1 billion and Lagenda expects to commence part of the development by 2023.
The land is 16 kilometres due southwest of Kuantan town centre and is easily accessible via Gambang-Kuantan Highways.
It is also in close proximity to Pusat Latihan Kejenteraan Pertanian Kuantan, Jabatan Penjara Penor, Kolej Islam Pahang, and Rumah Kanak-kanak Sultanah Hajjah Kalsom as well as public amenities such as schools.
“This land acquisition represents part of our continuous efforts to increase presence in more states in Malaysia by identifying viable land banks to deliver sustainable growth to Lagenda.
This is consistent with the Group’s strategy to acquire landbank in areas with resilient demand for homes at affordable prices of below RM200,000 and is supported by infrastructure improvements in the surrounding area,” said Managing Director of Lagenda, Datuk Jimmy Doh.
The cost of this land is circa 3-4% of the GDV, which will ensure Lagenda continues to deliver exceptional profit margins ranging between 25% to 30%.