KUALA LUMPUR: Bina Darulaman Bhd (BDB), Kedah’s only public-listed government-linked company, is selling one-third or 323 units of its Taman Insaniah affordable housing development in Bandar Kuala Ketil, Kedah to PR1MA Malaysia Corp (PR1MA) for RM72 million.
“The total gross development value of the [Taman Insaniah] project is RM220 million, and the portion we are selling to PR1MA is worth about RM72 million,” said BDB managing director Datuk Izham Yusoff at the signing of the master en bloc purchase agreement between BDB subsidiary, Darulaman Realty Sdn Bhd, and PRIMA yesterday.
Taman Insaniah is a 949-unit development within the 1,100-acre (404.7ha) township of Darulaman Utama, which is located about 750m from the Kuala Ketil town in Baling. Work on the project is 60% complete and will be fully completed in the fourth quarter of 2015.
Izham said out of the 949 units, about 100 units remain unsold.
“The [presence] of Kolej Universiti Insaniah (KUIN) about 1km away from Taman Insaniah, is expected to be the catalyst for the development of the surrounding area,” he said.
The project, work on which commenced on Nov 10, 2011, had started off as a 435-unit development, and was initially meant to be sold to KUIN to serve as students’ accommodation.
However, a proposal was made in February this year to sell the 435 units to PR1MA, but the number was later reduced to 323 units to comply with PR1MA’s requirement for its “gated and guarded” concept.
“In line with our vision to be a leading housing and property development player in Kedah, we are confident that this project will be the beginning of a strategic collaboration between BDB and PR1MA to provide Kedahans with the opportunity to buy affordable housing,” said Izham.
He said BDB had recently acquired five parcels of land totalling 485ha from Perbadanan Kemajuan Negeri Kedah, which are located in Kg Kisap in Langkawi, Pokok Sena, Sungai Lalang in Kuala Muda, Sungai Ular in Kulim and Hosba in Kubang Pasu.
“This brings our total land bank to over 1,200ha, which offers us the opportunity for future collaborations with stakeholders who share a common interest and commitment to provide affordable housing developments for the benefit of the people,” said Izham.
PR1MA chairman Tan Sri Dr Jamaludin Jarjis said PR1MA will be rolling out its PR1MA “Rumah Ibu” concept in Kedah and Perak next year.
“PR1MA Rumah Ibu allows single-child families, or those who are newly married, to purchase landed properties in selected PR1MA developments,” he said, adding that the project will start with a one-room unit first, with an option to expand the number of rooms later once people can afford to do so.
This article first appeared in The Edge Financial Daily, on September 12, 2014.
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