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PETALING JAYA (July 8): Kedah-based oil palm plantation and property group Bina Darulaman Bhd (BDB) is planning to launch four projects in Langkawi with a total gross development value of RM1.5 billion to be realised over the next five to seven years, reports The Edge Financial Daily today.
This was announced by BDB group managing director Datuk Izham Yusoff.
The first project will be an affordable housing development of 500 apartment units in Kuah by the end of the year. The other three include the development of a 200-acre (80.9ha) piece of hillside land and the development of another 13-acre tract near the island’s mangrove area for ecotourism villas.
Meanwhile, BDB is expecting a top-line growth of 10% for its financial year ending December, 2015, mainly driven by its affordable housing projects in Kedah.
In a press conference yesterday, Izham said the company will focus on affordable housing development as local demand remained strong.
“In Kedah, the slowdown in the property market is not as bad as in the Klang Valley,” he said, adding that the group’s latest launch of its Taman Tunku Intan Shafinaz project in Jitra, Kedah, saw a take-up rate of 70%.
The group has about 2,000 acres of undeveloped land in Kedah, after replenishing its landbank with the recent acquisition from its substantial shareholder, Perbadanan Kemajuan Negeri Kedah, in the vicinity of key cities in Kedah.
“The acquisitions give us a bit more flexibility to launch new products,” said Izham.
