Lagenda to collaborate with BDB Land on affordable home development

"PBF Energy, along with the entire oil industry, has been significantly, unexpectedly, and negatively impacted from the wellhead to the pump by the COVID-19 pandemic, primarily through demand destruction for transportation fuels related to lockdowns that throttled back the economy," Nimbley said

KUALA LUMPUR: Lagenda Properties Bhd has entered a memorandum of understanding with Bina Darulaman Bhd subsidiary BDB Land Sdn Bhd to establish a joint venture for the development of affordable homes.

The parties are currently in preliminary discussion over a partnership for development to be carried out at 230 acres of land in Darulaman Putra, Kedah.

The group said in a filing with Bursa Malaysia that the collaboration will leave open the possibility of a recurring partnership between the parties.

"The Joint Venture would be a strategic opportunity for the Company to further expand its affordable housing development business and replicate the success of its two notable affordable housing townships, namely Bandar Baru Setia Awan Perdana in Sitiawan, Perak and Lagenda Teluk Intan in Teluk Intan, Perak.

"The Board believes that the Joint Venture shall contribute positively to the Group’s future earnings and strengthen its financial position moving forward," said Lagenda.
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