MGB Berhad, a construction and property development solutions provider and subsidiary of LBS Bina Group Berhad, has announced that its indirect wholly-owned subsidiary MGB International For Industry has accepted two purchase orders from Sany Alameriah worth RM119.5mil.
This is in relation to a contract signed between Sany Alameriah and SALD Industrial Company for the supply and installation of precast elements, which include walls, staircases, beams and hollow-core slabs for 400 villas in the ROSHN Alarous development located north of Jeddah.
These orders were made under the joint venture agreement signed between MGBI and Sany Alameriah on July 27 last year, wherein Sany Alameriah will secure a minimum order of 270,000cu.m of precast concrete products within three years.
MGBI expects to complete the orders within 14 months from the date it receives the approved shop drawing or advance payment, whichever is later.
The ROSHN Alarous development is a highly prestigious project that extends over four million square meters and will offer more than 18,000 residential units once all phases have been fully developed.
The first phase of Alarous – nicknamed the The Bride of the Red Sea – will offer more than 2,200 single family units, with pedestrian-friendly streets and green spaces alongside retail, sports and other recreational amenities.
ROSHN is a national real estate developer that is backed by the Public Investment Fund of Saudi Arabia.
The Public Investment Fund is Saudi Arabia’s sovereign wealth fund, which is among the largest sovereign wealth funds in the world with over US$700bil in assets under management.
In support of Saudi Arabia’s vision 2030, ROSHN aims to make available 400,000 homes by 2030, of which 30% will be new housing stock.
“The orders represent the progress MGB has made in expanding its brand internationally,” says MGB group executive chairman Tan Sri Ir Dr Lim Hock San.
“By firmly establishing ourselves in Jeddah, we look forward to delivering quality workmanship and products to our clients.
“At the same time, we continue to seek opportunities to promote our expertise as a total construction solutions provider through the use of value-driven technology.
“We thank Sany Alameriah for their support and partnership in our joint venture thus far,” he says.
About MGB Bhd
Established in 2007, MGB Berhad has evolved into a construction and property development solutions provider primarily focusing on providing efficient and cost-effective solutions across a wide range of industries, in particular building mass market and affordable living spaces for generational living in Malaysia.
Through its subsidiaries, MGB provides a full range of design, construction and development services including design and build, project management, civil engineering, value engineering, geotechnical specialisation, and manufacturing in Industrialised Building System (IBS) precast concrete products.
MGB has a track record of more than 15 years in design-and-build to general construction for residential, commercial and industrial buildings as well as infrastructure works.
MGB has successfully completed more than 25,000 units of properties, particularly in the affordable homes segment.
In addition, MGB has also completed more than 10,000 homes using its IBS precast technology.
For more information, go to www.mgbgroup.com.my