KUALA LUMPUR, July 23 — Leading Malaysian property developer LBS Bina Group Berhad has reportedly signed a land development agreement for two plots of land in Genting Permai, Bentong, Pahang for RM97.85 million.
It is located in a strategic area within notable landmarks such as Genting Highlands, Genting Premium Outlet, Awana Genting Golf Course and Gohtong Jaya.
The land, measuring 309.95 acres, is under leasehold titles for 99 years, expiring in March 2119.
The Edge Markets reported that LBS Bina Group, through its subsidiary Casa Inspirasi Sdn Bhd, has proposed to purchase the two pieces of land in Bentong, Pahang.
"The proposed acquisition in Genting Highlands marks the company's continuous effort to grow and expand its business activities," said the report quoting LBS Bina Group.
Following that, the report added that Casa Inspirasi signed the sale and purchase agreement with Pejabat Setiausaha Kerajaan Pahang according to a Bursa Malaysia filing on Friday.
According to the developer’s initial plans, LBS Bina Group intends to develop the land plots into a mixed development, including serviced apartments, double-storey terrace houses, town houses, bungalows, commercial units, tourism activities and amenities of schools and hospital.
The gross development value for the mixed development is estimated to be more than RM9 billion, which will be funded via internally generated funds and bank borrowings.
LBS Bina Group expressed its optimism about the demand and growth potential of the proposed development.
The report said shares of the main market-listed LBS Bina Group closed at half a sen or 1.19 per cent higher at 42.5 sen, giving it a market capitalisation of RM666.93 million.