KUALA LUMPUR (Sept 11): Bina Darulaman Bhd (BDB), Kedah's only public-listed government-linked company, is selling one-third or 323 units of its 949-unit housing development in Taman Insaniah, Kuala Ketil to Perbadanan PR1MA Malaysia (PR1MA) for RM72 million.

“The total gross development value of the (Taman Insaniah) project is RM220 million, and the portion we are selling to PR1MA is worth about RM72 million,” said BDB managing director Datuk Izham Yusoff at the Master En-bloc Purchase Agreement signing ceremony between BDB’s subsidiary, Darulaman Realty Sdn Bhd and PRIMA today.

Izham said out of the 949 units, about 100 units remain unsold.

Meanwhile, PR1MA chairman Tan Sri Dr Jamaludin Jarjis declined to reveal pricing for the 323 units, but that it would be affordable and based on its motto of selling at 20% below market value.

Work on the Taman Insaniah project is 60% complete and will be fully completed in the fourth quarter of 2015.

The development of the Kolej Universiti Insaniah about a kilometre away from the project is expected to be the catalyst for its sales.

Recently, BDB had acquired five parcels of land totalling 485ha from Perbadanan Kemajuan Negeri Kedah in Kg Kisap in Langkawi, Pokok Sena, Sg Lalang in Kuala Muda, Sg Ular in Kulim and Hosba in Kubang Pasu, bringing its total landbank to 1,200ha.