KUALA LUMPUR, Aug 14 (Bernama) — AmBank Group has inked loan facilities and end financing deal with Lagenda Properties Berhad, formerly known as D.B.E. Gurney Resources Berhad.
The official exchange of documents ceremony was held today at Sheraton Hotel in Petaling Jaya. Representing AmBank Group was Mr. Christopher Yap, Managing Director, Business Banking while Lagenda Properties Berhad was represented by its Managing Director, Dato’ Jimmy Doh Jee Ming.
The exchange of documents ceremony was witnessed by Chairman of AmBank (M) Berhad, Mr. Voon Seng Chuan, Non-Independent Non-Executive Chairman of Lagenda Properties, Dato’ Marcus Doh Tee Leong and Group Chief Executive Officer of AmBank Group, Dato’ Sulaiman Mohd Tahir.
“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 optimised financing facilities that best suit the needs of our 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 Berhad to partner.”Dato’ Sulaiman Mohd Tahir, Group Chief Executive Officer, AmBank Group
The group hope the bank’s confidence in their affordable township development reflects their capabilities and expertise in undertaking such large township projects.
Today’s official exchange of financing facilities documents will enable us to help meet the high demand for affordable homes.
“Many Malaysians are looking for such homes, while at the same time helping the government to resolve a nationwide affordable housing issue in Malaysia.
“Furthermore, our unique business model allows us to sell up to 30% below the nearest comparable houses (pricing less than RM200,000) while maintaining a double-digit (profit after tax) margin for the Lagenda Properties group.
“We will continue to create more townships that are affordable and to grow Lagenda Properties. Concurrently, we will continue to explore complimenting business opportunities to further augment our market presence throughout Malaysia,” said Dato’ Jimmy Doh Jee Ming, Managing Director, Lagenda Properties Berhad..
Lagenda Properties Berhad has its name changed recently from D.B.E. Gurney Resources Berhad, with an unchanged stock code.
The group completed the acquisition of three companies namely, Blossom Eastland Sdn Bhd, Rantau Urusan (M) Sdn Bhd and Yik Wang Trading Sdn Bhd on August 12.
The affordable housing development arm has scaled up significantly with a remaining aggregate gross development value of approximately RM2.1 billion.
It also has unbilled sales of RM532 million together with a sizeable land bank of around 1,200 acres to be developed.
Lagenda Properties now has two major affordable housing township projects known as Bandar Baru Setia Awan Perdana and Lagenda Teluk Intan.
Since 2012, AmBank Business Banking division has approved a total of RM480 million loan facility, including the recent facility amounting RM150 million.
AmBank Business Banking division aims to maintain its position as Lagenda’s primary financing partner in Lagenda’s next growth phase.
“In addition, we are looking to expand our facilities to Lagenda’s business partners including their contractors and suppliers with our working capital and contract financing facilities,” says a media release.
Meanwhile, AmBank Retail Banking is looking to approve up to RM300 million worth of end financing for the group’s various ongoing and future project.
This includes the building of the first three phases of new township – Lagenda Teluk Intan with an estimated 6,390 units of affordable homes.
AmInvestment Bank Berhad is the Principal Adviser to Lagenda Properties for their recent acquisition of real estate assets worth RM823 million.
AmInvestment is also the sole Placement Agent for Lagenda Properties’ upcoming placement exercise.
AmBank Group will remain steadfast and continue to support Lagenda Properties, specifically on affordable house schemes in order to play our role as a responsible and caring Financial Institution.