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NewsLBI Cap, LBS units in JV property development; GDV RM370m
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LBI Cap, LBS units in JV property development; GDV RM370m
by Cals Thu 23 Jan 2014, 18:41
| LBI Cap, LBS units in JV property development; GDV RM370m |
| Business & Markets 2014 |
| Written by Ho Wah Foon of theedgemalaysia.com |
| Thursday, 23 January 2014 18:12 |
KUALA LUMPUR (Jan 23): LBI Capital Bhd announced that its wholly owned unit Triple Equity Sdn Bhd (TESB) has entered into a joint venture agreement with Equal Sign Sdn Bhd (ESSB) to develop a Bentong leasehold land, with gross development value (GDV) of RM370 million.
ESSB, a unit of LBS Bina Group Bhd, is engaged in property development.
The development land is located within Gohtong Jaya Township, along the main road to Genting Highland, Pahang. It is 30 minutes’ drive from Kuala Lumpur.
The proposed development will comprise 610 units of service apartments in 3 blocks of various sizes and a hotel block with 186 rooms.
“A preliminary estimate gross development value of this project is RM370 million. TESB has secured development order and building plan approval for this development,” said LBI Cap.
Under the agreement, the landowner (TESB) shall be entitled to 15% of the GDV of the said development in properties to be developed in the said development. ESSB will be the developer.
The proposed development shall be completed within five years with a further extension of two years, subject to interest of 6% per annum.
The original cost of investment to the landowner is RM5.5 million.
“The joint venture is expected to contribute positively to earnings and net tangible assets of the group for the near future,” it said.
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