ACCORDING to recent reports, residential property prices in Malaysia are expected to increase by at least 5% to 20% before the year-end, which will undoubtedly further exacerbate the “affordable homes crisis” in Malaysia.
Even with the Selangor state Government’s plans to launch about 76,000 Rumah Idaman housing units to help those in the bottom 40 (B40) group get up the property ladder, there are still a large number of Malaysians who will not be able to own a home within the state.
In a bid to tackle the shortage of affordable housing in the state and assist the B40 and middle 40 income group (M40), property developer Lagenda Properties Bhd has partnered with investment holding company Kumpulan Hartanah Selangor Bhd (KHSB) to develop the first large-scale landed affordable township in Selangor.
Lagenda, through its wholly-owned subsidiary Blossom Eastland Sdn Bhd, recently entered into a development joint venture with KHSB, a wholly-owned subsidiary of the Selangor Government, to develop a 191-acre plot of development land located in Bernam Jaya.
The development is located about 75km away from the Kuala Lumpur city centre and is easily accessible via the North-South Expressway.
Lagenda as the developer and KHSB as the landowner aim to develop the land into an affordable township with over 2,000 units of affordable landed homes priced at below RM250,000.
The Bernam Jaya township is expected to be launched by the fourth quarter of 2023.
Conscious of the urgent need for more affordable homes within Selangor given its high population, Lagenda and KHSB intend to dismantle the perception that landed homes within Selangor are out of reach for the public by providing landed homes that are not only affordable but also part of a sustainable and well-planned township.
In addition to making landed homes economical and turning home ownership dreams into a reality, the development also aims to showcase how tranquil green spaces can be incorporated to facilitate a communal and holistic living experience.
“Boost socio-economic growth”
Owing to Lagenda’s pricing strategy and lifestyle focus, the development will directly support the Government’s target of building 500,000 affordable homes as outlined in the 12th Malaysia Plan.
The township is also expected to significantly boost the socio-economic growth of the Selangor northern corridor through the development’s affordable and sustainable agenda.
After winning a competitive selection process carried out by KHSB, the Bernam Jaya development will be Lagenda’s first foray into Selangor and mark the group’s presence in another state within Malaysia after Perak, Kedah, Johor, and Pahang.
Lagenda remains committed to its aim of launching at least one new township per year and is aggressively expanding its horizons, soon after launching over 2500 units of affordable homes in Kedah in addition to the over 16,000 units of affordable homes launched in Perak thus far.
Commenting on the new project, Lagenda Properties Berhad managing director Datuk Jimmy Doh said the joint venture is a crucial step towards cementing its reputation as being at the forefront of affordable housing.
He added that Lagenda was established to provide Malaysians with much-needed affordable homes.
“We genuinely care about making a difference, changing lives for the better and enabling Malaysians to realise their home ownership dreams,” he said in a statement.
“We believe that once people have the security of owning their home, it enables them to alleviate home ownership concerns and plan their future with more confidence and optimism.”
He also noted that one of the main reasons Lagenda chose Selangor to develop its township is its large population and the lack of affordable landed homes. – Sept 11, 2022
Main photo credit: Lagenda Properties Bhd
