LBI Capital to develop properties with GDV of RM240m

by BERNAMA / pic by TMR FILE 

LBI Capital Bhd has proposed to develop properties, which are expected to be launched in the fourth quarter of 2021 (4Q21), in two phases with gross development value (GDV) of between RM220 million and RM240 million.

In a filing to Bursa Malaysia yesterday, the property developer said the first phase comprises 17 units of shop offices, 156 units of Rumah Selangorku (RSKU) and 140 units of double-storey terrace houses, while the second phase will consist of 224 units of double-storey terrace houses.

“Subject to market condition, it is expected that the whole project will be completed in five years.

“This development project will be funded by a mixture of internally generated fund and bank borrowings,” it said.

LBI Capital said the gross development cost (GDC) is approximately RM120 million, of which the GDV is evenly balanced between the two phases, whereas the GDC would be more in the first phase.

On Feb 9, 2021, the company proposed to acquire Rising Alliance Sdn Bhd and entered into a sale and purchase agreement with Jernih Kejora Sdn Bhd (vendor) to obtain a freehold land measuring 13.76ha in Kuala Selangor for RM3 million cash.

On the development order (DO), LBI Capital said it will be working on securing the land’s conversion followed by the building plan approval, advertisement permit and development licence by the end of the 3Q21, since the amended DO was obtained on Jan 25.

It said the first DO was obtained on June 9, 2020, comprising 331 units of double-storey terrace houses, 192 units of high-rise apartment RSKU Types A, B & C (in equal proportion), and 17 units of double-storey shop offices.

“The vendor has applied to vary the first DO, and the amended DO was approved on Jan 25, 2021, which now comprises 364 units of double-storey terrace houses, 156 units of low-rise RSKU Type E (three-storey townhouses) and 17 units of double-storey shop offices,” it said.