Bina Darulaman to launch RM900m worth of projects in FY17

KUALA LUMPUR (Dec 5): Bina Darulaman Bhd (BDB) is targeting RM900 million in gross development value (GDV) of property launches for the financial year ending Dec 31, 2017 (FY17), with the group maintaining its focus on the affordable housing segment.

Its group managing director Datuk Izham Yusoff said 80% of the group's launches next year will comprise affordably priced homes, which includes a pocket development in Kuala Kangsar, Perak, BDB's first development outside Kedah.

"BDB group has always been dependent on BDB Land for its revenue and profit. Going into 2017, besides the townships we are doing, we will also be having another subsidiary, Kedah Holdings, to look into property development in the pocket development segment.

"For FY17, we are looking to launch a pocket development in Kuala Kangsar sometime in January 2017, which will comprise affordable residential units," he told the media at a briefing today.

Izham said Kedah Holdings will be actively looking at potential pocket developments in other areas.

"[We] like pocket developments because we can get returns in 24 months, compared to townships which can take up to 36 months. This is a strategy to also complement our business model.

"There are a lot of demand for properties but on a smaller scale. Pocket developments tend to be quick and enjoy better margins as well," he said. — theedgemarkets.com