KUALA LUMPUR: Bina Darulaman Bhd’s subsidiary, Aman Lagenda Sdn Bhd (ALSB), has entered into a joint venture and shareholders agreement (JVSA) with Seterra Holdings Sdn Bhd to develop a premier international hub for retirement, senior living and assisted living services.
In a filing with Bursa Malaysia, Bina Darulaman said the JVSA is contingent on the fulfilment of several condition precedents (CPs) with both ALSB and Seterra committed to undertaking the necessary steps to meet them.
It added that the CPs must be fulfilled within six months from the date of the agreement, with an automatic six-month extension if needed.
The JVSA forms part of the progress following Bina Darulaman’s venture into the silver economy through elder care services in Langkawi, which was announced on Aug 8, 2024.
“The company will provide regular updates on the progress of the JVSA,” it said in the filing.
In a separate filing, Bina Darulaman said it has unveiled Aman Seterra Sanctuary, the world’s first international islamic-inspired retirement sanctuary.
Its group executive director Raja Shahreen Raja Othman said the project, situated in Kuala Temoyong, Langkawi, is in line with the rapidly growing silver economy, which is expected to surpass US$9.1 trillion by 2029.
“This visionary project spans 12.42 acres and is the first in Malaysia tailored to serve both international retirees and local senior citizens. It integrates independent living, assisted care, and long-term support in a single, purpose-built community.
“Aman Seterra Sanctuary will incorporate eco-friendly design principles, community gardens, and open green spaces, offering retirees a serene, resort-style environment with the comforts of modern living, at an affordable price point,” he said.
