LBS Bina unit in JV to develop Johor land, GDV RM815m

by **Cals** Mon 21 Apr 2014, 20:02

Business & Markets 2014

Written by Jeffrey Tan of theedgemalaysia.com

Monday, 21 April 2014 14:14

KUALA LUMPUR (Apr 21): LBS Bina Group Bhd said its unit via a joint venture (JV) will develop land in Johor Bahru, Johor for an estimated gross development value (GDV) of RM815 million.

In a statement to Bursa Malaysia, the property developer said its 60%-owned unit Koleksi Sigma Sdn Bhd had yesterday entered into a joint development (JDA) agreement with YPJ Multi Ventures Sdn Bhd to develop the land.

According to LBS Bina, the land measuring a total of 14.2 acres, will see the development of service apartments, sewerage treatment plant and residential units.

The development is expected to commence early next year, with expected completion of the service apartment and residential units within seven years and three years respectively.

The property developer said the JDA is not expected to contribute to its earnings for the financial year ending Dec 31, 2014.

“This JV fits into the group’s property development strategy in enhancing its land bank and a good move to tap the red hot demand for properties in the economic zone of Johor,” said LBS Bina.

“It also fulfills our pledge of building quality affordable homes in support of the various government efforts in ensuring homeownership for all Malaysians.”

LBS Bina said the property prices will fall in the mid range segment with prices range between RM150,000 and RM600,000 per unit.