ALOR SETAR: Bina Darulaman Bhd (BDB) is exploring the potential of developing high-rise projects in Sungai Petani and Kulim, to take advantage of the economic spillover from Penang.
BDB group executive director Raja Shahreen Raja Othman said BDB would conduct thorough research to ascertain demand before proceeding.
"For now, there is demand in Sungai Petani and Kulim due to the economic spillover from Penang. However, in Alor Star, there needs to be an assessment of the market," he said during a press conference after the 29th BDB annual general meeting at Raia Hotel here today.
BDB swung to a net profit of RM281,000 for the first quarter ended Mar 31, 2024 compared with a net loss of RM7.5 million for the same period in 2023, on the back of 44 per cent higher revenue from the engineering, construction & quarry (ECQ).
Raja Shahreen said the group remains cautiously optimistic of its prospects amid market uncertainties, emphasising sustainability and environmental, social and governance (ESG) principles.
"The company focuses on enhancing supply chain resilience, upskilling the workforce, and investing in renewable energy to position itself well for future growth," Raja Shahreen said.
He added that the ECQ segment is expected to benefit significantly from Budget 2024's record-high allocation for infrastructure development, particularly through major initiatives such as the Kulim Hi-Tech Park and the current water infrastructure project in Kedah.
"The property sector will gain from government initiatives supporting affordable housing. Our strategic projects in populous districts position us well to capitalise on these opportunities. In the leisure segment, our joint venture in eco-tourism development in Langkawi aligns with Tourism Malaysia's ambitious targets, promising significant growth.
"Our partnerships in the renewable energy sector, including solar and biomass projects, align with Malaysia's sustainability goals, presenting new business opportunities in residential, commercial, and industrial markets," he added.