PETALING JAYA: LBS Bina Group Bhd, through its indirect subsidiary Biz Bina Development Sdn Bhd, entered into a joint development agreement with YPJ Plantations Sdn Bhd yesterday for a proposed development in Johor which has a gross development value (GDV) of RM2.6bil.
YPJ Plantations is the owner of the 541.4-acre leasehold land and is entitled to 7.5% of the proposed development’s GDV, or a minimum guaranteed sum of RM194.9mil.
In a filing with Bursa Malaysia yesterday, LBS Bina said the agreement would enable the group to participate in a viable development project without having to bear the substantial upfront cost of land acquisition.
“The proposed development is mainly targeted at the medium to medium-high income group.
In addition, the joint development agreement augurs well for LBS Bina’s property development strategy in enhancing its portfolio in township development, as well as further strengthening its presence by allowing the capitalisation of its branding in Johor.
According to the initial plan, the proposed development will be a mixed township comprising residential and commercial units.
These units include Perumahan Rakyat Johor, which takes the ‘Dasar Perumahan Rakyat Johor’ policy by the Johor State Government into consideration.
The development will also incorporate plans in relation to a dynamic Bandar Akademi YPJ. The land is located in Mukim Sg Tiram, Daerah Kota Tinggi, which is an estimated 46km from the Johor Baru town and approximately 29km from the Senai International Airport.
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