ALOR SETAR, Nov 2 — Bina Darulaman Bhd’s (BDB) wholly-owned subsidiary, BDB Land Sdn Bhd (BDB Land), has signed a memorandum of understanding (MoU) with Lagenda Properties Bhd (LPB) to jointly developed the Darulaman Putra affordable township in Sungai Petani, Kedah.
In a statement today, president and group chief executive Faris Najhan Hashim said the development proposal involved an area of 93 hectares with a gross development value (GDV) of RM550 million.
“The signing of the MoU is an effort by BDB Land to develop affordable housing in an area of 59.8 hectares and further expand its business and industrial network, as well as supporting each other in projects that benefit both parties.
“BDB Land and LPB will also explore the opportunity to develop a 33.1 hectares of land in the same area by focusing on commercial development, as well as affordable housing and this plan is expected to add value to the affordable township,” he said.
He said Darulaman Putra would be developed within five years, consisting of affordable residential units, commercial buildings and equipped with community centres.
Faris Najhan said the development of the township is the first of its kind by BDB Land to meet the property market target at a selling price of RM350,000 and below.
He said the township location, which is opposite of the North-South Expressway, made it a strategic location with high potential for rapid growth in the future.
“LPB’s extensive experience in developing affordable township can be utilised for residential development, specifically for the B40 and M40 groups in Kedah.
“BDB Land wants to become the catalyst in the development of affordable township in Kedah, especially those that can help the government in providing housing to the people in this state,” he added.
The MoU was signed between BDB Land and LPB. BDB Land director Mohd Iskandar Dzulkarnain Ramli signed on behalf of the company, while LPB was represented by its managing director, Datuk Doh Jee Ming.
— Bernama
