KUALA LUMPUR: Main market-listed Bina Darulaman Bhd (BDB), a property and construction corporation, has recently attracted investor attention, increasing volume over the previous week despite overall market volatility.

According to market observers, the Alor Setar-based company has solid fundamentals, with projects and undeveloped landbank in choice areas of Kedah, such as the 2,200-acre Bandar Darulaman in Jitra and the 422.14-acre Darulaman Perdana in Sungei Petani.

The company also has cash, and bank balances close to RM60 million as of 31 December 2021.

BDB's largest shareholder is Perbadanan Kemajuan Negeri Kedah, the state development arm, which has control through the approximately 62 per cent of the outstanding shares held in the company as of 29 March 2022.

This relationship has benefitted BDB, which has consistently secured contracts from the state government, including an RM431 million project to upgrade the Pelubang water treatment plant was awarded in May 2021 and a concession to develop 41 acres of land owned by the Langkawi Development Board (LADA), an agency under the Ministry of Finance, awarded in September 2021.

The integrated project and concession would be carried out through BDBMBI Langkawi Ventures Sdn Bhd, the company's joint venture with Menteri Besar Kedah Inc (MBI), in which BDB has an 80 per cent stake and MBI the remaining 20 per cent.

The development's first two phases would have a gross development value of RM817 million, comprising premium and duty-free outlets and retail and food and beverage outlets.

Besides developing the project located in the western part of Langkawi Island, LADA has granted BDBMBI exclusive possession and rights to the project for 30 years from 1 May 2021.

"The Langkawi project will create job opportunities critical to the recovery of the island's economy while surrounding communities will also gain as there will be a ripple effect for existing businesses," BDB independent non-executive chairman Che Had Dhali said.

The recently appointed new chairman, Che Had Dhali, is a 33-year veteran of the property consultancy industry with experience in land acquisition and market and feasibility studies for large developments.

He has had advisory roles to the Kedah Menteri Besar and government-linked companies.

"The state government is revving up infrastructure projects delayed by two years of intermittent lockdowns implemented to curb COVID-19 infections.

"We expect the company to secure more projects and play an active role in the construction sector of Kedah while rolling out more phases of our ongoing property projects," Che Had Dhali said.

"We are also set to benefit from the reopening of the country's borders from 1 April while the Langkawi integrated the project will certainly gain from the recovery of tourism as the first phase will be completed by this July and the first of two premium outlets will be completed by March 2024," he said.