Lagenda Properties Bhd managing director Datuk Jimmy Doh.
PETALING JAYA: Lagenda Properties Bhd
remains upbeat on the outlook of the affordable housing segment in Malaysia, underpinned by consistent, high demand for such properties.
Managing director Datuk Jimmy Doh said this is evident from the various incentives introduced in Budget 2025, aimed at spurring homeownership among first-time buyers and strengthening the affordable housing segment.
“These measures reinforce the critical role affordable housing plays in addressing the nation’s housing needs and we are actively exploring opportunities to expand our presence nationwide to meet this demand.
“In 2025, we plan to debut the first phase of our affordable housing project in Kulai, Johor.
“This landmark development spans over 1,000 acres and will set new benchmarks for affordability and quality in the region,” he told StarBiz.
Additionally, Doh said Lagenda will maintain its momentum with ongoing project launches in Selangor and Pahang, while continuing to develop its existing townships in Perak and Kedah.
“We are also always on the lookout for opportunities to grow our land bank.
“We are in active negotiations to expand our land bank further, ensuring a strong pipeline of projects for the future.”
Furthermore, Doh said Lagenda is planning to expand into new states.
“Based on our studies, there are still many areas in Malaysia where housing affordability remains a significant issue.
“At Lagenda, our goal is to address this gap by venturing into new states and extending our business model to areas that need affordable housing the most.
“By focusing on underserved regions, we aim to make a meaningful impact in bridging the affordability gap and providing quality homes for Malaysians across the country.”
For the third quarter ended Sept 30, 2024, Lagenda’s net profit rose to RM47.27mil from RM38.77mil in the previous corresponding quarter, while revenue grew to RM283.42mil from RM217.89mil a year ago.
In a Bursa Malaysia filing on its performance during the quarter, Lagenda said the property development segment registered a 50.5% increase in revenue, attributed to the successful launches of new projects such as Darulaman Lagenda Phase 3A, Lagenda Suria Phases 1A and 1B, Puncak Warisan Phase 1 and Lagenda Aman.
“Additionally, ongoing construction activities for projects like Darulaman Lagenda Phase 2 and Lagenda Teluk Intan Phase 3B contributed positively to the segment’s growth.
“Pre-tax profit for the same quarter of the previous year included an intercompany dividend of RM30mil.
“Excluding this dividend, pre-tax profit would be RM37.1mil, translating to 71.4% growth in pre-tax profit to RM63.6mil for the current financial quarter.”
Lagenda said its construction segment’s revenue grew by 51.1%, from RM112.7mil to RM170.2mil, reflecting higher progress in work activities across various property development projects.
Doh said 2024 was an encouraging year for Lagenda.
“On the financial front, our year-to-date revenue and net profit for the first nine months is almost on par with our full-year profit for 2023.
“This reflects the resilience of our business model, which continues to be well-received by the market.
“In addition, our construction progress has been steady across all the states we operate in, ensuring that we deliver on our promises to homeowners.”
On the sales front, Doh said Lagenda achieved its highest quarterly confirmed sales in the its history with RM349mil achieved in the third quarter of 2024.
“We also expanded our presence with new launches in Selangor and Pahang, both of which have received positive responses from homebuyers.
“With these additions, we are now operating in Perak, Kedah, Johor, Selangor and Pahang.
“While 2024 has been a fruitful year, we believe there is always room for improvement and we are committed to continuously enhancing our operations and offerings to better serve our homebuyers.”
Looking ahead, Doh said he remains optimistic on the property market in 2025, particularly for the affordable housing sector.
Doh emphasised that the continued focus by the government, as reflected in Budget 2025 incentives, on supporting first-time homebuyers and promoting housing affordability, will provide a strong foundation for sustained demand in this segment.
“In 2025, we will play a pivotal role in this landscape with key projects like the debut of our Kulai township in Johor and the expansion of our developments in Selangor and Pahang.
“While the market may face challenges such as cost pressures and economic uncertainties, we are confident that our strong focus on affordability and strategic planning positions us well for sustainable growth,” he said.
