LBS Bina Group Bhd has proposed to purchase two pieces of land in Bentong, Pahang for a total consideration of RM97.85 million.
In a Bursa Malaysia filing on Friday (July 22), LBS Bina said its subsidiary Casa Inspirasi Sdn Bhd (CISB) signed the sale and purchase agreement with Pejabat Setiausaha Kerajaan Pahang on Friday.
Both plots of land — measuring about 309.95 acres, held under leasehold titles of 99 years expiring in March 2119 — are located within notable landmarks such as Genting Highlands, Genting Premium Outlet, Awana Genting Golf Course and Gohtong Jaya, according to the property developer.
“The proposed acquisition in Genting Highlands marks the company’s continuous effort to grow and expand its business activities,” said LBS Bina, which is 38%-owned by the family of Tan Sri Lim Hock San.
Based on a preliminary plan and subject to the approval of authorities, LBS Bina 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 is optimistic about the demand and growth potential of the proposed development, given its “strategic locations” and “a fervent tourist hotspot with high visitor traffic”.
Shares of Main Market-listed LBS Bina ended half a sen or 1.19% higher at 42.5 sen, giving it a market capitalisation of RM666.93 million.
Source: the edge