BDB Land, the township and property development arm of Bina Darulaman Group, is confident the property market in Kedah and the northern region will remain unfazed by the current economic situation.
Bina Darulaman group managing director Datuk Izham Yusoff said the market in Kedah was driven by potential first-time buyers looking to secure a place to reside.
“Unlike in Klang Valley or Johor, where the residential property market is partly driven by investors and speculators, demand in Kedah is fuelled largely by owner occupiers purchasing on a need basis,” he said.
Izham said while there was huge interest, the issue property buyers faced was access to financing, so there was a need to call for moderation in pricing.
“Affordable housing is not something new to us, we have been serving the people in Jitra, Sungai Petani and Kuala Ketil on this basis,” he said, adding that it was the company’s strong suit and they would continue to progress in this direction.
In light of that, BDB Land aims to launch 1,350 housing units for the whole year with a total target sales value of RM435mil.
The units will be from its ongoing township projects in Bandar Darulaman, Darulaman Perdana and Darulaman Utama, with 78%, 88% and 75% of units in each township respectively offering affordable homes priced RM500,000 and below.
“Our approach is to ensure we address market needs accordingly,” said Izham.
He said they would hold a string of property festivals to keep the public informed.
“Especially during this trying times, buyers need to know that they are going to developers that are reliable,” said Izham.
He said the property fests would rope in agencies such as EPF and banks so potential buyers could have their queries answered.
Izham said the company was optimistic as their first property event, held over two days in Jitra last month, recorded close to 1,000 interested registrants.
BDB Land will continue to actively participate in major property events as well as organise its own activities throughout the year, with the next scheduled to take place in Seberang Perai and Sungai Petani in March.
“We believe the market is there and what we offer is of people’s interest. That’s how we will enjoy the same kind of response as we have received in the past,” he said.
The property events will also become a venue for BDB Land to showcase its upcoming projects, such as Darulaman Saujana in Hosba and Darulaman Putra in Sungai Lalang.
Looking forward, BDB Land will also venture into Perak.
“We have been waiting to move from Kedah; for the past year we looked at land banks outside of the state and have since bought an 3.48ha land in Kuala Kangsar.
“We don’t want to jump the gun too far, so Perak was a natural choice for the company to grow organically,” said Izham.
The development will make up of Semi-Ds, terrance with a gross domestic value of RM39mil.
“We look to its completion in two years’ time,” he said.