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Lagenda Properties is still bullish on the affordable housing market

Published: Friday, 26 November 2021
Lagenda Properties Bhd will remain focused on providing affordable housing for the bottom 40 per cent and middle 40 per cent income groups.

Lagenda Properties Bhd continues to focus on providing affordable housing for the bottom 40 per cent and middle 40 per cent income groups, which is drawing a lot of attention, according to the company's managing director, Datuk Jimmy Doh.

Doh said the strong demand shows that affordable housing remains an underserved market.

"We are confident in maintaining healthy take-up rates for our launches. Over the next 12 months, we plan to launch nearly 6,000 units," he said in a statement.

Doh said Lagenda is confident in meeting its RM1 billion sales target by the end of the year.

He said that the company's total sales and bookings through the fourth quarter were RM1.2 billion.

Unbilled sales stood at RM591 million, providing the company with strong cash flow visibility, according to him.

Lagenda Properties Bhd managing director, Datuk Jimmy Doh

Doh said that the company will continue to seek suitable and potential land banks in order to expand its property development business in the affordable housing segment throughout the country.

Lagenda's net profit for the third quarter ended September 30, 2021 (Q3 2021) fell 8.58 per cent to RM45.54 million, from RM49.81 million in the same quarter last year.

Revenue fell 4.9 per cent to RM185.21 million from RM194.73 million, it said in a filing with Bursa Malaysia.

For the nine months ended June 30, 2021, Lagenda's net profit rose 52.57 per cent to RM144.04 million from RM94.4 million in the previous corresponding period. Nine-month revenue increased 37.98 per cent to RM584.44 million, from RM423.56 million.

According to Lagenda, lower revenues were recorded as a result of a higher recognition of intragroup adjustment to the company's revenue resulting from the acquisitions of Blossom Eastland Sdn Bhd, Rantau Urusan (M) Sdn Bhd, and Yik Wang Trading Sdn Bhd during the previous year's corresponding quarter ended.

It said that revenue from the construction division also narrowed to RM12.79 million in Q3 2021 from RM28.96 million in Q3 2020, owing primarily to the implementation of the Movement Control Order (MCO).

Lagenda said that the increase in property development revenue to RM145.11 million in Q3 2021 from RM129.12 million in Q3 2020 was primarily due to the acquisition of a subsidiary, Maxitanah Sdn Bhd.

The company's situation improved after Perak entered Phase 2 of the National Recovery Plan (NRP) in July 2021.

"Perak was one of the first states to enter NRP Phase 2, and the outlook for the remaining months of 2021 was brightened when it entered Phase 3 in October," the company said.

According to the company, the construction division has been operating at full capacity under strict SOPs since October.

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