Lagenda Properties to buy 422-acre land for RM92mil cash

KUALA LUMPUR: Lagenda Properties Bhd has proposed to acquire a 422-acre land in Perak for RM92.4mil cash in a related party transaction.

It said Taraf Nusantara Sdn Bhd, a wholly owned subsidiary of Blossom Eastland Sdn Bhd, which is in turn wholly owned by Lagenda has entered into a conditional sale and purchase agreement (SPA) with Ladang Awana Sdn Bhd for the acquisition of the 42 block titles of development/agricultural land measuring approximately 422 acres.

Lagenda said the land is adjoining Lagenda Teluk Intan, a master planned ongoing affordable township development by the group.

It added that the land is strategically located about 4km off West Coast Expressway (WCE) to its west. Geographically, the Teluk Intan town centre is located approximately 7km due north of Lagenda Teluk Intan.

“The proposed acquisition is undertaken to acquire the subject lands which are located adjacent to the group’s on-going affordable township development of Lagenda Teluk Intan and hence, are suitable for near-term development as future phases of the Lagenda Teluk Intan township.

“The projected GDV for the subject lands is expected to be around RM920mil over its development period and is expected to increase the revenue derived from Lagenda group’s property development business and contribute positively to the future earnings and profitability of the Lagenda group,” it said.