KUALA LUMPUR, September 13 — LBS Bina Group Bhd’s subsidiary, Kemudi Ehsan Sdn Bhd, and Worldwide Property Management Sdn Bhd have signed a development rights agreement with Menteri Besar Selangor (Incorporated) (MBI) to develop a township in Ijok, Kuala Selangor.
In a filing to Bursa Malaysia today, LBS Bina said, the development would cover 367.86 hectares of leasehold land expiring on Feb 15, 2111.
“The land will be developed into a mixed development township comprising the majority landed residential units to be priced at an affordable range, which will also include Rumah SelangorKu, as well as, various amenities such as surau, community hall, school, playground and park.
“Based on the preliminary plan, the estimated gross development value (excluding Rumah SelangorKu units) to be generated from the development land is approximately RM3.43 billion,” it said.
On Aug 4, Kemudi Ehsan Sdn Bhd and Worldwide Property Management signed a conditional consortium agreement to set out all obligations, costs and liabilities arising from or in connection with the development land.
Following the agreement, Kemudi Ehsan will hold 53.33 per cent stake in the consortium and Worldwide Property Management 46.67 per cent.