In a filing to Bursa Malaysia today, LBS said, it was entering the venture via its indirect unit, Biz Bina Development Sdn Bhd, which has entered into a joint development agreement (JDA) with YPJ Plantation.
LBS said the development of the land, about 46 kilometres (kms) from Johor Bahru town and approximately 29 kms from Senai International Airport, would take over eight to 10 years.
“This JDA fits into the group’s property development strategy in enhancing its portfolio in township development and further strengthen its presence by allowing capitalisation of its branding Johor,” it said.
The JDA would also enable the group to participate in viable development project without having to bear the substantial upfront cost of acquiring land, it said.
It said the proposed development, which mainly targeted at medium- to medium-high income groups, was expected to create greater economic value and positive earnings potential for the group in the medium to longer term.