Lagenda Properties Bhd intends to develop an affordable housing project in Perak with a projected gross development value (GDV) of RM920 million.
The project will be developed across 422 acres, which it is buying from a company called Ladang Awana Sdn Bhd for RM92.4 million cash.
Taraf Nusantara Sdn Bhd, a wholly owned subsidiary of Blossom Eastland Sdn Bhd, which is in turn wholly owned by Lagenda has entered into a conditional sale and purchase agreement with Ladang Awana concerning the proposed acquisition.
In a filing with Bursa Malaysia, Lagenda stated that the exercise covers 42 block titles of agricultural and development land that are all located within Mukim Durian Sebatang in the Hilir Perak district of Perak.
The land is adjoining Lagenda Teluk Intan, a master-planned ongoing affordable township development by Lagenda, and is located about 4km off West Coast Expressway (WCE).
Geographically, Lagenda Teluk Intan is located around 7 kilometres to the north of the Teluk Intan town centre.
"The proposed acquisition is undertaken to acquire the subject lands which are located adjacent to the group's ongoing affordable township development, and hence, are suitable for near-term development as future phases of the Lagenda Teluk Intan township," it said.
According to Lagenda, 4,510 residential units of RM863 million were available in Phases 1 and 2 of Lagenda Teluk Intan, with a take-up rate of over 98 per cent as of the end of June 2022.
It said that the exercise is anticipated to be completed in the first half of 2023, pending receipt of all necessary clearances.
The acquisition will be funded by bank borrowings and domestically produced cash.
