PETALING JAYA: Lagenda Properties Bhd
, which recently acquired a new plot of land in Negri Sembilan, plans to launch its maiden development in the state by next year.
Group managing director Datuk Jimmy Doh (pic) said the expansion into Negri Sembilan marks an important milestone in the property developer’s growth strategy.
“We are in the process of carrying out the necessary planning submissions for the development as we expect to launch the project next year,” he told StarBiz.
Last month, Lagenda announced that its wholly-owned subsidiary, Vivafirst Sdn Bhd, had acquired 138.17 acres of land in Seremban, Negri Sembilan, for RM60.19mil.
The acquisition has an estimated gross development value (GDV) of RM550mil.
In a statement, Lagenda said the land is strategically situated in the heart of Senawang, close to key industrial parks and established residential areas.
The company noted that the site is ideally positioned to tap into the strong demand for affordable housing in the surrounding region.
With this latest acquisition in Negri Sembilan, Lagenda’s total landbank now stands at 5,201 acres, solidifying its presence across key states including Perak, Selangor, Johor, Kedah and Pahang.
Doh said the company has seen strong contributions from all five states.
However, for financial year 2024 (FY24), Perak and Johor were the largest contributors, with each state accounting for more than 30% of total sales.
“Moving forward, we foresee Johor, Kedah and Pahang to be the key contributors to our growth for the next two to three years.”
In FY24, the group achieved record-breaking annual sales of RM1.13bil, representing a 9% growth compared to FY23.
As of end-FY24, Lagenda had an unbilled sales of RM896.3mil and total bookings of RM473.4mil.
Its landbank stood at 5,063 acres, with a potential GDV of RM13bil, bolstering its long-term development pipeline.
The group maintained a balanced land acquisition strategy and prudent cash flow management, with a net gearing ratio of 0.42 times as of Dec 31, 2024.
For FY24, the group’s net profit surged 24.6% to RM184.6mil, up from RM148.11mil in the previous year, while annual revenue expanded by 18.4% to RM988.77mil from RM834.87mil.
Going forward, Doh said he remains optimistic about the outlook for the affordable housing segment in the second quarter of 2025 and beyond.
While the current market faces challenges such as global trade tariff tensions, potential economic fluctuations and rising construction costs, he said the group remains confident that fundamental demand for affordable housing will persist, in line with the government’s focus on providing accessible homes for first-time buyers and the bottom 40% (B40) and middle 40% (M40) income groups.
“With our strategic focus on affordable, practical and sustainable integrated township, we are confident that Lagenda’s offerings will remain practical and attractive to buyers. We are also confident that positive market conditions will contribute to sustained growth in the coming months.”
Doh said the affordable housing sector has maintained positive momentum in recent years.
“We believe in the continuity of this sector for the years to come. Such strong demand is supported by the ongoing government initiatives aimed at addressing the nation’s housing needs.
“With increasing efforts to provide accessible and quality homes for Malaysians, we’ve seen both public and private sector projects continue to expand.”
Doh said the sector remains a key focus area, especially with the rising emphasis on ensuring that affordable housing solutions are available for first-time homebuyers and the B40 and M40 income groups.
