KUALA LUMPUR, May 21 — Lagenda Properties Bhd (LBP) will purchase three plots of freehold land in Kuala Muda, Kedah, for RM148.98 million.

In a filing with Bursa Malaysia today, LBP said its wholly-owned subsidiary, Blossom Eastland Sdn Bhd, has entered into a sale and purchase agreement (SPA) with Hock Lean Rubber Estate Sdn Bhd to acquire the plots of land totalling 346 hectares.

It said the proposed acquisition presents an opportunity for the group to augment land resources to enhance LPB’s presence in Kedah as a property developer in the niche segment of affordable township development.

"Given the location of the subject lands near the Kedah-Penang border, this proposed acquisition allows LPB Group to further capitalise on high buyer demand from both Kedah and Penang as showcased by the high demand for the group’s Darulaman Lagenda development,” it said.

The group also said the subject lands’ strategic location near the Kedah-Penang border is poised to drive the potential development of a large-scale affordable housing township to generate sustainable earnings over the development horizon.

It said the proposed acquisition is not expected to have any material effect on the earnings and net assets per share of the company and the group for the financial year ending December 31, 2024. — Bernama