Lagenda in Rm92.4mil Perak land purchase

PETALING JAYA: Lagenda Properties Bhd is acquiring agricultural land measuring 422 acres in Perak for Rm92.4mil cash.

In a filing with Bursa Malaysia yesterday, the property developer said Taraf Nusantara Sdn Bhd, a wholly-owned subsidiary of Blossom Eastland Sdn Bhd (which is in turn wholly-owned by Lagenda), entered into a conditional sale and purchase agreement with Ladang Awana Sdn Bhd for the proposed acquisition.

Lagenda said the land consists of 42 block titles of development/agricultural land, adjoining Lagenda Teluk Intan.

“Lagenda Teluk Intan is a master planned, ongoing affordable township development by Lagenda and its subsidiaries and is strategically located about four km off the West Coast Expressway to its west.

“Geographically, the Teluk Intan town centre is located approximately seven km due north of Lagenda Teluk Intan.”

Lagenda said its existing township development projects are all located in the state of Perak, which includes Lagenda Teluk Intan.

“The proposed acquisition is undertaken to acquire the lands which are located adjacent to the group’s ongoing affordable township development of Lagenda Teluk Intan and hence, is suitable for near-term development as future phases of the Lagenda Teluk Intan township.

“The gross development value (GDV) is expected to be around Rm920mil over its development period and is expected to increase the revenue derived from Lagenda Group’s property development business and contribute positively to the future earnings and profitability of the group.”

By undertaking the proposed acquisition now, Lagenda said it will be able to avoid the risk of having to increase the purchase consideration for the land in the event the market value appreciates in the future.

It said Phases 1 and 2 of Lagenda Teluk Intan offered 4,510 units of residential houses with a total GDV of Rm863mil with a take-up rate of over 99% as at the end of June 2022.