NuProp Team

PROPERTY NEWS: Lagenda and the Selangor government will collaborate to build a large-scale, affordable township.

Key takeaway: A 191-acre plot of development land in the Bernam Jaya township will be developed by a joint venture between Lagenda Properties Blossom Eastland Sdn Bhd and Kumpulan Hartanah Selangor Bhd (KHSB), a fully owned subsidiary of the Selangor government.

The Selangor government and Lagenda Properties Bhd have collaborated to develop Bernam Jaya, the state's first sizable, reasonably priced landed township.

The real estate developer announced in a statement that Blossom Eastland Sdn Bhd, a wholly-owned subsidiary of the Selangor government, has formed a joint venture with Blossom Eastland Sdn Bhd to develop a 191-acre plot of development land in the township.

After Perak, Kedah, Johor, and Pahang, Lagenda claimed that the group's presence in Selangor would be its first in that state.

Lagenda claimed that KHSB and the joint venture were chosen through a competitive selection process by the state-owned company. The township of Bernam Jaya is scheduled to open by the fourth quarter of 2023, it was added.

The joint venture, according to Lagenda managing director Datuk Jimmy Doh, is an essential step in cementing the company's reputation as being at the forefront of affordable housing as it continues to roll out more affordable townships nationwide.

“We genuinely care about making a difference, changing lives for the better and enabling Malaysians to realise their home ownership dreams. Our continued growth through established partnerships with like-minded organisations enables us to provide everyone with an opportunity to own their own home,” he said.

In light of the state's substantial population and general lack of reasonably priced housing, Doh said that Lagenda decided to develop the township in Selangor.

“We believe that once people have the security of owning their home, it enables them to alleviate home ownership concerns and plan their future with more confidence and optimism,” he added.

On Tuesday, September 6, Lagenda's shares finished three sen, or 2.46%, higher at RM1.25, giving the company a RM1.05 billion market capitalization.

© September 7th, 2022, Lagenda Properties Berhad on Facebook

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