PETALING JAYA: Lagenda Properties Bhd
will focus on carrying out its planned launches this year, while executing its landbanking strategy of acquiring affordable land in strategic locations.
In a filing with Bursa Malaysia, the property developer said its nationwide presence will allow it to cater to a wider audience and significantly contribute to fulfilling the housing needs of communities across Malaysia.
For the first quarter ended March 31, 2024 (1Q24), Lagenda’s net profit rose to RM42.72mil from RM39.34mil in the previous corresponding quarter, while revenue improved to RM225.62mil from RM180.95mil a year earlier, translating to a basic earnings per share of 5.10 sen versus 4.70 sen previously.
Lagenda said the improved earnings were due to strong sales momentum and growing construction progress from various projects, most notably Lagenda Teluk Intan, Lagenda Tropika, and Darulaman Lagenda.
“The majority of sales was driven by Lagenda Suria in Johor and the newly launched Lagenda Aman in Perak.
“Further, bookings were recorded at RM230.7mil which provide a solid pipeline for future sales conversion. Revenue visibility for 2024 was underscored by unbilled sales amounting to RM633.7mil, which will mostly be recognised as revenue in 2024 as construction activities continue to escalate across various projects in the coming months.
In the same statement, managing director Datuk Jimmy Doh Jee Ming said the group has seen a good start to the year, setting the tone for a fruitful 2024 as the company looks to increase its momentum over the coming quarters.
“Looking ahead, we expect our confirmed sales to grow over the upcoming quarters as we will ramp up our launches. We had only launched over 500 units in 1Q24 and so far as of May 2024, that figure has now reached over 3,000 units.
“Our goal is to launch more than 8,000 units overall across Perak, Johor, Selangor and Pahang over the course of the year, which will expand our presence to five states in Malaysia inclusive of Kedah.”
Doh said this marked a significant increase from the 3,600 homes launched in 2023 and reflected the company’s commitment to addressing the growing nationwide demand for affordable housing.
“Based on our target launches this year, over 75% of our launches in 2024 will be outside our initial homebase of Perak.
“With our proven track record and strong take-up rates to date, we are confident that the new launches will be well-received by the market.”
