Lagenda Properties Bhd managing director Datuk Doh Jee Ming
PETALING JAYA: Lagenda Properties Bhd
is eyeing growth opportunities from special economic zones (SEZs) such as the Johor-Singapore SEZ.
Group managing director Datuk Jimmy Doh said the Johor-Singapore SEZ is an exciting prospect for the company and offered “strong potential” for the property developer.
“When economic activity accelerates in such zones, there will naturally be more demand for housing, particularly affordable homes for Malaysians working in and around these areas.
“While our projects in Mersing and Kulai (Johor) are slightly beyond the immediate vicinity, our target market values connectivity and essential amenities above all,” he told StarBiz.
In particular, Doh explained that Kulai benefits from being surrounded by established industrial properties, which creates a steady catchment of workers and families seeking affordable homes within commuting distance.
Additionally, Doh said land costs around SEZs may increase and could intensify competition. “But the economic spillover will create more demand for affordable homes. That’s where Lagenda’s model fits well – our strength lies in scale, efficiency and in building self-sustaining townships that offer long-term value to families.
“So, while the SEZ presents a growth opportunity, our broader strategy remains the same – identifying underserved markets where affordable housing is most needed; and replicating our proven model in a way that uplifts not only homebuyers, but also the surrounding communities.”
For the second quarter ended June 30, 2025, Lagenda’s net profit eased 6.5% year-on-year to RM45.24mil, primarily due to higher administrative expenses arising from increased staff cost as the group expanded its presence into Johor, Selangor and Pahang over the past year.
Revenue during the quarter stood at RM238.89mil, a slight decline from RM245.83mil in the same quarter last year.
For the six-month period ended June 30, 2025, net profit dipped to RM89.82mil from RM91.10mil in the previous corresponding period, while revenue grew to RM503.29mil from RM471.45mil a year earlier.
Commenting on the company’s earnings, Doh said Lagenda’s performance this year has been steady and largely in line with expectations, despite the challenging market environment.
“We remain focused on our core strength, namely, developing affordable, self-sustaining townships that cater to the needs of the underserved communities.
“While rising construction costs and global economic uncertainties have created headwinds, we have been able to sustain healthy sales momentum and maintain our margins through disciplined cost management, land banking strategy and continuous improvements in operational efficiency.”
Doh said Lagenda is targeting 30% sales growth in financial year 2025 (FY25) compared to FY24, with a sales target of RM1.5bil. “We are on track to achieve it,” he said. Lagenda currently has a presence in six states, namely, Perak, Selangor, Johor, Kedah, Pahang and Negri Sembilan.
When asked which state was the most profitable for the company, Doh said: “We don’t disclose performance by state, but our strength lies in diversification given the shortage of affordable landed homes throughout Malaysia.
“This diversification helps us manage risk while positioning us to capture opportunities that arise from policy decisions and shifts in the property market.”
Doh said Lagenda’s roots in Perak have been the foundation of the company’s growth, giving it both the landbank and financial strength to expand.
“Today, we are actively replicating our self-sustaining affordable township model in other states, always aligning with national policies and growth corridors.
“For example, Bernam Jaya in Selangor taps into the Automotive High Tech Valley initiative, Kulai leverages the Johor-Singapore SEZ and Senawang in Negri Sembilan is set to benefit from the industrial development within the Malaysia Vision Valley 2.0.”
Doh emphasised what’s clear to Lagenda is that the need for affordable housing isn’t limited to just one particular region.
“It’s a nationwide demand. Our strategy is to replicate our self-sustaining township model while adapting it to the unique needs of each community, so that families across Malaysia can enjoy not just affordable homes, but a better quality of life.”
With that in mind, Doh said Lagenda has plans to expand to other locations.
“Yes, expansion into new states is on our radar, as our aim is to provide affordable housing across Malaysia. We are exploring potential land opportunities in various regions, including Sabah and Sarawak although any move will require careful collaboration with local stakeholders and authorities.
“At the same time, further feasibility studies are needed to assess affordability levels and ensure that developments in new areas are both viable and sustainable.”
Looking ahead for the remainder of the year, Doh said Lagenda remains positive on the outlook for the property market, particularly in the affordable housing segment.
Doh believes underlying demand continues to be supported by population growth, urbanisation and government focus on homeownership.
“The affordable segment should benefit from supportive policies, sustained demand from the B40 and M40 groups and an improving economic environment with stable employment and income growth. That said, we remain mindful of challenges such as rising construction and compliance costs, a tighter labour market and the need to balance affordability with sustainable margins.”
