LBS to develop RM370m Pahang project

PETALING JAYA (Jan 24, 2014): LBS Bina Group Bhd plans to develop a property project worth gross development value (GDV) of RM370 million at Bentong, Pahang, currently owned by LBI Capital Bhd (LBI).

In a filing with Bursa Malaysia yesterday, LBI said its wholly-owned Triple Equity Sdn Bhd (TESB) had signed a joint venture agreement with LBS Bina's wholly-owned Equal Sign Sdn Bhd (ESSB), to develop its land in Bentong measuring 21,660 square meters with lease expiring on Nov 21, 2089.

The land is located within Gohtong Jaya Township, a matured development township along the main road to Genting Highland.

TESB and ESSB, being the landowner and developer have mutually agreed to develop the land where TESB will be entitled to 15% of the GDV of the properties to be develop.

The project will comprise of 610 units of service apartments under 3 blocks and a hotel block with 186 rooms.