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PETALING JAYA: Perak-based property developer Lagenda Properties Bhd, which is on an aggressive expansion drive, is eyeing property launches in Kedah, Johor and Pahang.
Managing director Datuk Doh Jee Ming said there is a shortage of affordable homes across most states in Malaysia, which will lead to a large addressable market for Lagenda.
“For this financial year, we are planning to launch nearly 6,000 homes with a gross development value of approximately RM1bil, including maiden launches outside Perak.
“Our first project in Sungai Petani, Kedah, is slated for launching in a few weeks time, followed by Mersing (Johor) by year-end and Kuantan (Pahang) in 2023. This will put us on the pathway of being a nationwide affordable housing developer,” he told StarBiz.
Currently, around 40% of the buyers for Lagenda’s projects in Perak are from other states, said Doh.
“This signals demand for our homes across the country, hence we are confident of the take-up for these new projects.
“We are optimistic and are still very much a young and growing company with a scalable business model.”
As the group continues to build more houses, Doh said Lagenda aims to achieve higher and better efficiency in every township.
“We will achieve this by replicating the existing framework and adapting what we learn along the way.
“We hope to widen our footprint into more states and are currently in negotiations to acquire additional land banks.”
Despite the discontinuation of the Home Ownership Campaign (HOC) this year, Doh said Lagenda’s projects continue to record robust take-up rates.
“We offer affordable landed homes with integrated townships at unbeatable prices of between RM150,000 and RM250,000 which are within the B40 group’s affordability.
“Due to the very affordable pricing, we do not provide further discounts through external campaigns and focus on delivering value directly to our buyers via referral programmes, for instance.”
To help spur the property market, the government introduced the HOC in June 2020 under the Penjana initiative.
The campaign ended on Dec 31, 2021. Many industry observers and property players believed that the HOC was indeed a huge help to the market and urged the government to extend the campaign period into 2022.