KUALA LUMPUR (Aug 25): Lagenda Properties Bhd has appointed clean energy specialist Solarvest Holdings Bhd as its solar photovoltaic (PV) system partner to build the largest sustainable affordable township in Malaysia.
In a filing with the stock exchange today, the affordable housing and integrated township developer said for a start, Solarvest will instal 1,000 residential solar PV systems across three township projects developed by Lagenda Properties in Perak.
Upon completion of the project, the three townships will potentially produce approximately 2.8GWh of clean electricity, which neutralises about 1,950 tonnes of carbon emissions per year, the group said.
“These solar-ready homes are in line with the Malaysian government’s recent launch of the NEM Rakyat programme.
“As solar energy is rapidly gaining traction in Malaysia, demand for solar-powered homes is also increasing as more Malaysians are spending time working from home.
“The PV system can generate up to 98% of the monthly electricity usage,” it said.
Meanwhile, Lagenda Properties Bhd managing director Datuk Jimmy Doh Jee Ming said the sustainable township is designed to cater for the bottom 40% (B40) and the middle 40% (M40) income groups, and the group will continue to incorporate elements that can improve their quality of life at an affordable rate.
“We saw numerous households facing the challenge of increased electricity bills during the MCO (movement control order) period and this prompted us to find an alternative solution.
“Partnering Solarvest allows us to leverage economies of scale to deliver the greatest value to our house buyers.
“With savings from utility bills over the long term, Lagenda Properties' homebuyers will ultimately enjoy lower cost of living, adding to the attractiveness and affordability of our projects,” he said in a statement today.
Separately, Solarvest group chief executive officer (CEO) Davis Chong Chun Shiong shared that the Perak township by Lagenda Properties is by far its single-largest residential solar project.
“We aim to replicate such partnerships with more property developers across the regions to create a holistic living environment for the communities in Malaysia.
“It is a win-win situation to include solar in the blueprint for township development as it helps property developers to fulfil their environmental goals as well as provide customers with self-sufficient homes.
“Our intention is in line with the government’s push for solar adoption in the property sector and we hope more industry players will take advantage of such initiatives,” he added.
At the noon break today, shares in Lagenda Properties closed two sen or 1.35% lower at RM1.46, valuing the property developer at RM1.19 billion. Year to date (YTD), the stock has risen by 13.18%.
Shares in Solarvest, meanwhile, traded unchanged at RM1.35, giving it a market capitalisation of RM896.34 million. Since the beginning of the year, the stock has surged by 9.76%.