KUALA LUMPUR: Lagenda Properties Bhd is teaming up with Inta Bina Group Bhd to form a joint venture company (JV Co), Lagenda Inta Sdn Bhd to carry out the construction activities of the company of the former.
In a joint statement, it said the JV was synergistic as it taps into Inta Bina’s construction expertise to scale and expand Lagenda’s affordable township development nationwide in the most expeditious manner.
Aside from Perak, Lagenda Properties will be launching projects in Kedah, Johor and Pahang.
The JV Co will facilitate Lagenda Properties in its construction activities for affordable township development outside Perak instead of relying on various third-party contractors.
Lagenda Properties managing director Datuk Jimmy Doh said the JV would benefit both companies and would help to preserve profit margins.
"As we roll out more affordable townships nationwide, we believed that this JV is a crucial step towards cementing our reputation as one of the formidable affordable housing developers in Malaysia.
“Our 50% equity interest in the JV Co is also expected to enhance our earnings moving forward,” he added.
Inta Bina managing director Paul Lim Ooi Joo said: “We will be able to provide our construction expertise to ensure good quality and timely completion of the projects awarded by Lagenda Properties to the JV Co.”
“This joint venture is in line with the 12th Malaysia Plan where more affordable houses will be constructed nationwide. I believe the joint venture will augur positively to both groups.,” he said.