Ambank Group signs financing deal with Lagenda Properties Bhd

PETALING JAYA (Aug 14): AmBank Group has inked a loan facilities and end financing deal worth about half a billion with Lagenda Properties Bhd, formerly known as D.B.E. Gurney Resources Bhd.

Lagenda received RM150 million today, bringing the total to RM480 million disbursed earlier.

AmBank Group chief executive officer Datuk Sulaiman Mohd Tahir said the bank was happy to support Lagenda Properties Bhd as regards the latter’s commitment to affordable housing, with optimised financing facilities that best suit the needs of its valued clients.

“We are keen to be part of their growth story and we look forward to many more opportunities for AmBank Group and Lagenda Properties Bhd to partner," he told reporters at the signing ceremony here today.

Representing AmBank Group was business banking managing director Christopher Yap while Lagenda Properties Bhd was represented by managing director, Datuk Jimmy Doh Jee Ming.

With the construction of more affordable homes, Sulaiman said the bottom 40 per cent household income (B40) and middle 40 per cent household income (M40) communities would have the opportunity to own their own homes.

“Providing affordable housing to the rakyat is very important and this would be an opportunity,” he said.

He also said AmBank supports the recent reintroduction of the home ownership campaign under the National Economic Recovery Plan (PENJANA) that offers stamp duty waivers and low lending rates, and would continue to participate in such programmes.

Meanwhile, Doh said Lagenda’s unique business model allows it to sell the houses for up to 30 per cent below the nearest comparable pricing (less than RM200,000) while maintaining a double-digit (profit after tax) margin for the group.

Lagenda Properties have acquired three companies namely, Blossom Eastland Sdn Bhd, Rantau Urusan (M) Sdn Bhd and Yik Wang Trading Sdn Bhd.

Its affordable housing development arm has scaled up with a remaining aggregate gross development value of approximately RM2.1 billion, unbilled sales of RM532 million together with a landbank of around 485.62 hectares.

Lagenda Properties currently has two major affordable housing township projects known as Bandar Baru Setia Awan Perdana and Lagenda Teluk Intan.

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