PETALING JAYA: Lagenda Properties Bhd is confident of achieving its RM1bil property sales target in 2021, after securing higher bookings in the second quarter of the year despite the movement restrictions.

       The Perak-based property developer said in a filing with Bursa Malaysia that up to June 30, its total confirmed sales was RM295mil with additional total bookings of RM400mil.

       For the second quarter (Q2) ended June 30, Lagenda Properties posted a stunning year-on-year jump in net profit to RM42.9mil from RM2.6mil a year ago while revenue skyrocketed 1,531% to RM170.5mil.

       The results were mainly due to asset acquisitions which were completed in August 2020, which resulted in revenue from Blossom Eastland Sdn Bhd, Rantau Urusan Sdn Bhd and Yik Wang Trading Sdn Bhd contributing significantly to the group revenue in Q2.“As of June 30, 2021, our unbilled sales stand at RM561mil, providing strong cashflow visibility to the group,” said Lagenda Properties, adding that recent land acquisitions in Pahang and Johor increased its landbank by 931 acres earmarked for two new affordable housing townships.

       The group said it remained focused on the affordable housing segment and is planning the upcoming launch of Lagenda Tapah in Perak.

       However, it noted that the movement restrictions had caused disruptions to construction works at its project sites.

       With Perak entering phase two of the National Recovery Plan, the group was allowed to resume its selling and marketing activities.

       Lagenda Properties has declared a single- tier interim dividend of three sen per share, with the ex date on Sept 6 and payment date on Oct 5.