In a signing ceremony on 14 August 2020, AmBank supports Lagenda Properties Berhad (formerly known as D.B.E. Gurney Resources Berhad) with loan facilities and end financing deals for the development of affordable townships.
Lagenda Properties currently has two major affordable housing township projects, known as Bandar Baru Setia Awan Perdana and Lagenda Teluk Intan, and has acquired three companies, 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.
Meanwhile, AmBank Retail Banking is looking to approve up to RM300 million worth of end financing for Lagenda Properties' future projects. This includes the building of Lagenda Teluk Intan, with an estimated 6,390 units of affordable homes.
"We are impressed by Lagenda Properties Berhad's commitment to affordable housing and are happy to support them in line with AmBank Group's efforts to continually provide optimized financing facilities that best suit the needs of our clients," said Dato' Sulaiman Mohd Tahir, Group Chief Executive Officer of AmBank Group.
Dato' Jimmy Doh Jee Ming, Managing Director of Lagenda Properties, said, "Today's official exchange of financing facilities documents will enable us to meet the high demand for affordable homes which many Malaysians are looking for while helping the Government attain affordable houses nationwide in Malaysia. Our unique business model allows us to sell up to 30% below the nearest comparable houses (pricing less than RM200,000) while maintaining a profitable profit margin for the Lagenda Properties Group."