LBS Bina Group intends to build a mixed-use project in Seri Kembangan with a gross development value of about RM600 million, reported the Sun Daily.
Based on initial plans, the development will consist of four towers with a total of 1,323 service apartments that will be offered at “affordable” prices. These will cater to first-time buyers, young families and working professionals.
Construction work is targeted to start in 2018 and the entire mixed-use development is expected to take eight years to complete.
In line with this, a unit of LBS Bina has agreed to pay RM63 million to buy a 7.98-acre land at Daerah Petaling in Negeri Selangor where it shall build the project. The land has a leasehold tenure of 99 years that expires on 4 September 2112.
According to a filing with Bursa Malaysia on Wednesday (26 July), the buyer is LBS Bina’s indirect wholly-owned subsidiary Utuh Aspirasi Sdn Bhd (UASB), while the seller is Stratmont Development Sdn Bhd.
“The proposed acquisition is in line with the group’s expansion plan. It presents an opportunity for the company to enhance the overall existing project plan, while enlarging the group’s land banks in the Klang Valley, which is one of the areas that has strong growth potential in Malaysia,” said LBS Bina in a statement.
“The land is strategically located in Kinrara Uptown, LP7, Taman Lestari Perdana, a township development in Seri Kembangan, which situated within the border of the state of Selangor. It is located about 4 km on the south west of Seri Kembangan town centre, about 6 km to the south east of Pusat Bandar Puchong, and approximately 30 km from the Kuala Lumpur city centre.”
The company also revealed that Seri Kembangan is expected to benefit from several highway projects like the proposed Kinrara-Damansara Expressway, Serdang-Kinrara-Putrajaya Expressway and Seri Kembangan interchange at MEX Highway.
As of 10am today (27 July), LBS Bina Group’s share price remains at RM1.97, valuing the company at approximately RM1.33 billion.
Image sourced from LBS Bina