Lagenda Properties to ramp up its project launches

Lagenda Properties Bhd managing director Datuk Jimmy Doh

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 would 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.

“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,” he pointed out.

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