Bina Darulaman targets RM193 million GDV from TTIS project

KUALA LUMPUR: Kedah-based property developer Bina Darulaman Bhd (BDB) is targeting to realise a gross development value (GDV) of RM193 million next year, from its Taman Tunku Intan Safinaz (TTIS) township, via the development of 611 units of affordable apartments and houses.
The TTIS township, which is targeted to be fully completed by 2021, entails the development of TTIS commercial hub, mosque, recreational park, as well as low-cost and affordable apartments.
BDB yesterday signed a financing agreement worth RM320 million with Malayan Banking Bhd and OCBC Al-Amin Bank Bhd to assist the TTIS projects, expand its quarry business and undertake the state-wide road maintenance project.
Some RM230 million of the proceeds will be utilised for the construction cost and development expenses for the re-development of Bandar Darulaman (Darulaman 2.0) in Jitra, RM50 million for Cash Line-I, and RM40.4 million for its quarry business expansion towards southern Kedah, Penang and northern Kedah.
Speaking at the signing ceremony, group managing director Datuk Izham Yusoff said the group is expecting the TTIS township to register an estimated GDV of RM202 million this year, from the development of 715 housing units, and RM143 million GDV from 289 housing units in 2017.
"The financial facilities offered to us would largely enhance our capability to roll out and expedite our next phases of development process of Darulaman 2.0 concurrently, as this would be part of our goals to provide quality homes and facilities to cater for the needs of existing customers and potential buyers in Kedah," Izham added.
Meanwhile, Kedah's Mentri Besar Datuk Seri Mukhriz Mahathir said the Kedah state government is targeting to build 40,000 housing units for all income groups by the year 2018.
"We are all aware that the demand for these houses in Kedah is much higher compared to other states as a large number of its people are still in the low income bracket," Mukhriz said, adding some 28,081 units homes have been approved and are currently under construction in Kedah.
BDB, the sole public-listed government-linked entity in Kedah engaged in development of residential and commercial properties, quarrying and road paving work, as well as building and general construction.
BDB, which draws its earnings largely from property development, road works and construction business, currently has an orderbook value of RM438 million.