Lagenda acquires Kuantan parcel for township development

KUALA LUMPUR: Lagenda Properties Bhd and its subsidiairy has entered into a conditional sales and purchase agreement with SST Development Sdn Bhd for the purchase of a 2.03mil sq ft parcel of leasehold land in Mukim Penor, Kuantan for RM33mil.

It said in a filing with Bursa Malaysia that the land is situated off Jalan Kuantan-Pekan about 16k due south west of Kuantan town centre.

Lagenda intends to undertake a sustainable affordable township deveopment with a diverse mix of affordable housing and commercial buildings supported by infrastrcuture as well as a variety of facilities and public amenities, it said.

The estimated gross development value of the proposed development is about RM1bil and it is expected to commence by 2023.

"As the Proposed Development is still at preliminary planning stage, the gross development cost cannot be ascertained at this juncture.

"The source of funding for the Proposed Development will only be determined after the finalization of the details and cost of the development," said Lagenda.
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