Lagenda buys Kedah land for RM148.98mil

KUALA LUMPUR: Lagenda Properties Bhd will purchase three plots of freehold land in Kuala Muda, Kedah, for RM148.98mil.

In a filing with Bursa Malaysia, Lagenda said its wholly-owned subsidiary Blossom Eastland Sdn Bhd has entered into a sale and purchase agreement (SPA) with Hock Lean Rubber Estate Sdn Bhd to acquire the plots of land totalling 346ha.

It said the proposed acquisition presents an opportunity for the group to augment land resources to enhance its presence in Kedah as a property developer in the niche segment of affordable township development.

“Given the location of the subject land near the Kedah-Penang border, the proposed acquisition allows Lagenda Group to further capitalise on high buyer demand from both Kedah and Penang, as showcased by the high demand for the group’s Darulaman Lagenda development,” it said. — Bernama