BY JAROD LIM
Let’s shake on it: Maybank local corporate group (client coverage) managing director Hasli Hashim (left) shaking hands with BDB Group managing director Datuk Izham Yusoff (right) while Mukhriz (middle) looks on.
Construction and property company Bina Darulaman Bhd (BDB) has signed a RM320mil term loan deal with Malayan Banking Bhd (Maybank) and OCBC Al-Amin Bank Bhd to expedite property development projects in the Bandar Darulaman township in Jitra, Kedah as well as to finance a new quarry and road maintenance projects in the state.
The property development arm of BDB, BDB Land Sdn Bhd inked a RM280mil financing deal with Maybank.
Meanwhile, the construction and quarry arm of BDB, BDB Infra Sdn Bhd signed a RM40.4mil agreement with OCBC Al-Amin for an Islamic financing facility to set up a new premix plant and quarry facilities at Sungai Ular, Kulim, as well as road maintenance project in six districts.
BDB managing director Datuk Izham Yusoff said the two financing deals bear significance in speeding up property development projects in Taman Tunku Intan Safinaz (TTIS) in Bandar Darulaman in Jitra.
“The TTIS township has a gross development value (GDV) of RM538mil and it will be the final township for Bandar Darulaman,” he said during and event to mark the signing of the credit facilities and Hari Raya held at a hotel in Bangsar.
Also present were Kedah Mentri Besar Datuk Seri Mukhriz Mahathir his wife Tok Puan Norzieta Zakaria.
The TTIS township will feature a commercial hub, a mosque, a recreational park, and residential units. The company is set to build 715 units of single- and double-storey semi-detached houses and bungalows, as well as low-cost apartments with a GDV of RM202mil this year. The company says it plans to build 611 units of affordable apartments and houses with a GDV of RM193mil in the township next year, and 289 housing units with a GDV of RM143mil in 2017.
Izham said the company would use half of the proceeds from the Islamic financing facilities from OCBC Al-Amin to expand BDB Infra’s quarry business.
“The remaining portion of the working capital will be used for state-wide road maintenance projects in districts including Kota Setar, Kuala Muda, Kubang Pasir, Kulim, Pendang and Baling.
“BDB Infra was awarded the RM209.9mil contract for the project by the Kedah state government, the biggest contract to-date for the company,” he said.
The event also saw the preview and soft launch of phase three of the Darulaman Lakehome development. Located in Bandar Darulaman, the luxury residential development consists of 90 units of bungalows. The official launch of the project is expected to the held on Sept 16.
