Lagenda and Selangor govt to jointly develop large-scale affordable township

• Lagenda Properties Blossom Eastland Sdn Bhd, has entered into a joint venture with Kumpulan Hartanah Selangor Bhd (KHSB), a wholly-owned subsidiary of the Selangor government, to develop a 191-acre plot of development land in the township of Bernam Jaya.

KUALA LUMPUR (Sept 6): Lagenda Properties Bhd has joined hands with the Selangor government to develop the first large-scale landed affordable township within the state known as Bernam Jaya.

In a statement, the property developer said its wholly-owned unit, Blossom Eastland Sdn Bhd, has entered into a joint venture with Kumpulan Hartanah Selangor Bhd (KHSB), a wholly-owned subsidiary of the Selangor government, to develop a 191-acre plot of development land in the township.

Lagenda said the development will be the group’s first foray into Selangor and marks its presence in another state after Perak, Kedah, Johor and Pahang.

“Conscious of the urgent need for more affordable homes within Selangor, given its high population, Lagenda and KHSB intend to dismantle the perception that landed homes within Selangor are out of reach for the public by providing landed homes that are not only affordable, but also a part of a sustainable and well-planned township.

“Lagenda as the developer and KHSB as the landowner aims to develop the land into an affordable township with over 2,000 units of affordable landed homes that are priced at below RM250,000,” the property developer said.

Lagenda said the joint venture with KHSB came after it won a competitive selection process carried out by the state-owned firm. It added that it targets to launch the Bernam Jaya township by the fourth quarter of 2023.

Commenting on the joint venture, Lagenda managing director Datuk Jimmy Doh (pictured) said as the group continues to roll out more affordable townships nationwide, it believes that the joint venture is a crucial step towards cementing its reputation of being at the forefront of affordable housing.

“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.

Doh said Lagenda chose Selangor as its location to develop the township, given the state’s large population and lack of affordable homes.

“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.

Shares in Lagenda ended three sen or 2.46% higher at RM1.25 on Tuesday (Sept 6), giving the group a market capitalisation of RM1.05 billion.