KUALA LUMPUR: LBS Bina Group Bhd
is pushing ahead with its plans to build more affordable home with the proposed purchase of nearly eight acres of land in Seri Kembangan, Selangor for RM63mil for the project.
The company said on Wednesday its indirect unit Utuh Aspirasi Sdn Bhd had inked a sale and purchase agreement with Stratmont Development Sdn Bhd to buy 7.977 acres of vacant leasehold land.
LBS Bina said the land was in Kinrara Uptown, LP7, Taman Lestari Perdana, a mixed township development in Seri Kembangan.
It proposed to undertake a mixed development consisting four towers of service apartments totaling about 1,323 units with an estimated gross development value of about RM600mil.
The development would span over eight years. The residential units would be priced at affordable range targeted for first time homebuyers, working professionals and young families.
LBS said the purchase consideration was at RM181.31 per square ft based on the current indicative market value of land in the vicinity; availability of convenient connectivity, ready amenities and infrastructure.
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