KUALA LUMPUR: LBS Bina Group Bhd
’s wholly owned subsidiary, Sejuta Bina Sdn Bhd has signed a joint venture agreement (JVA) with Saga Tunas Sdn Bhd to jointly develop six pieces of freehold vacant Malay Reserved Land.
In a filing with Bursa Malaysia, LBS said the land measuring 6.97 acres (304,408 square feet) held under six individual titles all in Mukim Kuala Lumpur, Tempat Sungai Penchala, Daerah Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur.
LBS said the development land is strategically located within landmarks such as Empire Damansara, IKEA Damansara, eCurve, Bandar Utama, Mont Kiara and Sri Hartamas. It is approximately 8km and 7km away from Mont Kiara and Sri Hartamas respectively.
“The proposed development, planned to be commenced within 12 months from the JVA become unconditional, will be funded through a combination of internally generated funds and bank borrowings.
“This project is planned to be carried out in phases and spanned over a development period of five years and is estimated to have a gross development value of RM1bil,” LBS said.
The group said the proposed development is expected to contribute positively to the group’s future revenue stream and profitability.
“With the strategic location and improving positive demand, the management is confident that the proposed development will receive optimistic demand and growth potential. This mixed development is anticipated to contribute positively to the future earnings of LBS Bina Group and its subsidiaries,” it said.
