LBS unit inks deal with district council

PETALING JAYA: LBS Bina Group Bhd’s subsidiary Casa Inspirasi Sdn Bhd (CISB) has signed a supplemental agreement with the Cameron Highlands District Council to formalise an agreement for a joint venture made by the two parties on March 31, 2021.

In a filing with Bursa Malaysia, LBS said the council requested that a five-acre plot of property that was part of Zone 8 development land to be realigned and given to Perbadanan Kemajuan Cameron Highland.

In exchange, CISB will receive development land in Zone 1 for its use, resulting in a 6% decrease in the group’s overall development land area, bringing the estimated gross development value for the proposed project there to RM1.4bil from RM1.5bil.