KUALA LUMPUR: Shares in Bina Darulaman Bhd (BDB) rose in early trade Wednesday after signing a 30-year concession with Langkawi Development Board (LADA).
The engineering and construction services company rose 3.45%, or 1.5 sen to 45 sen. The counter has risen about 13% so far this year.
BDB’s joint venture (JV) with Menteri Besar Kedah Inc (MBI Kedah) has entered into a concession agreement for a mixed development of premium brand outlets, with boutique hotels and other amenities in Bandar Padang Mat Sirat, Langkawi.
BDB president and group chief executive officer Faris Najhan Hashim said the project, in collaboration with LADA, would be developed on 16.58 hectares of land in Padang Matsirat, next to Langkawi International Airport.
“The project is divided into several phases, and BDBMBI will focus on the development of Phases 1 and 2 first with the gross development value amounted to RM817mil while the remaining phases are for future development,” he said.
The development of Phase 1 known as ‘Malaysia Designer Outlets’ where local fashion outlets, fusion cuisine restaurants with an exclusive concept, or ‘fine dining as well as coffee houses will begin its development next month and is expected to be fully completed in July 2022.
This phase will also involve the construction of 37 business outlet units on an area of 1.65ha.
The premium outlet, spanning 29 acres, forms part of Phase 2. Development for the outlet is expected to complete by March 2024.
LADA will grant the concession company BDBMBI exclusive possession and rights over the project site for a concession period spanning 30 years from May 1, 2021.