LBS Bina, YPJ in RM2.6b township project

PETALING JAYA: LBS Bina Group Bhd is undertaking a joint venture with YPJ Plantations Sdn Bhd for the development of a leasehold land measuring 541.4ha in Kota Tinggi, Johor, with an estimated gross development value (GDV) of RM2.6 billion.

The development will run for between eight and 10 years.

LBS Bina told Bursa Malaysia yesterday that its unit Biz Bina Development Sdn Bhd has entered into a joint development agreement with YPJ Plantations Sdn Bhd for the proposed development of a mixed township comprising residential and commercial units including Perumahan Rakyat Johor.

The group said the project fits into its property development strategy in enhancing its portfolio in township development and further strengthen its presence by allowing capitalisation of its branding in Johor.

LBS Bina said the project would also enable the group to participate in a viable development project without having to bear the substantial upfront cost of acquiring land.

The proposed development, which is mainly targeted at the medium to medium-high income group, is expected to create greater economic value and positive earnings potential for the group in the medium to longer term, it added.