As reported in The Star Online, LBS Bina Group Bhd's subsidiary and Worldwide Property Management Sdn Bhd (WPM) will undertake a township project in Ijok, Selangor with an estimated gross development value of RM3.43bil.
Property company LBS Bina said on Tuesday its subsidiary, Kemudi Ehsan Sdn Bhd (KESB) and WPM had signed a development rights agreement with Menteri Besar Selangor (Pemerbadanan) for the township project.
The development land comprises 10 parcels of land are with 99 years leasehold expiring in Feb 2111. KESB's portion of the land was 469.85 acres and WPM 439.16 acres.
LBS said KESB was in the initial stage of development planning and was unable to ascertain the expected cost required to develop the development land. Howver, it plans to finance the relevant development cost through the combination of internally generated fund and/or bank borrowings.
The development land is in the up-and-coming North West of Klang Valley, approximately 45km from Kuala Lumpur city centre, 40km from Petaling Jaya city centre and 18km from Sungai Buloh town centre.
LBS said based on the preliminary plan, the estimated GDV (excluding Rumah SelangorKu units) to be generated from the development land was about RM3.43bil over 12 years.
It said the projected non-Rumah SelangorKu GDV for KESB’s five parcels of land was RM1.83bil and the projected non-Rumah SelangorKu GDV for WPM’s five parcels of land was RM1.60bil only.
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