by sschong92 » Wed Oct 29, 2014 7:59 am
no vested
LBS Bina subsidiary in RM815mil tie-up
Tuesday, 22 April 2014
LBS executive director, Dato' Sri Daniel Lim Hock Sing with LBS managing director, Dato' Sri Lim Hock San introducing LBS' latest premium landed residential development, Barrington Homes, at the LBS signature sales gallery at Brinchang Square, Cameron Highlands. - File pic
LBS executive director, Dato' Sri Daniel Lim Hock Sing with LBS managing director, Dato' Sri Lim Hock San introducing LBS' latest premium landed residential development, Barrington Homes, at the LBS signature sales gallery at Brinchang Square, Cameron Highlands. - File pic
PETALING JAYA: LBS Bina Group Bhd’s 60%-owned subsidiary Koleksi Sigma Sdn Bhd has joined hands with YPJ Multi Ventures Sdn Bhd (YPJMV) to develop medium-cost serviced apartments in Taman Tampoi Utama, Pulai, Johor with a gross development value (GDV) of RM815mil.
Managing director Datuk Seri Lim Hock San told StarBiz: “While most developers are building high-end houses, we see strong demand for medium-cost houses there for the middle-income group.”
The high-rise project, which consist of 2,311 serviced apartments and 240 residential units, were indicatively priced at RM450 to RM500 per sq ft, he added.
The serviced apartments and residential units to be built on a 5.7-ha land are expected to be completed in seven years and three years, respectively.
According to Lim, the company is waiting for the approval of the development plan. The project is expected to be launched in early 2015. As the project is surrounded by mature development, Lim is confident of the take-up once it is launched.
“This is one of the rare parcels surrounded by landed properties. Hence, we decided to plan for a high-rise development with facilities,” he said.
The company said in a statement the project should commence within a year. Some of the infrastructure and amenities closest to it include Senai Airport, Pasir Gudang Highway and LegoLand.
The company also told Bursa Malaysia that the total development cost of RM587.6mil was to be financed through the combination of internal fund and/or bank borrowings.
“The project should contribute positively to the group for four years upon its launch,” Lim said.
Meanwhile, its partner YPJMV would be entitled to 10% of the GDV or RM81.5mil, which would be paid over three tranches. YPMJV, the land owner, is a wholly-owned subsidiary of Yayasan Pelajaran Johor.
Lim said the project would be its second in Johor, after its ongoing development in Bandar Putera Indah, Batu Pahat.
Source:The Star
Last edited by
sschong92 on Wed Oct 29, 2014 8:02 am, edited 1 time in total.