MGB group executive chairman Tan Sri Lim Hock San.
PETALING JAYA: MGB Bhd
, through its indirect wholly-owned subsidiary, Prisma Kasturi Sdn Bhd, has entered into two separate joint venture (JV) agreements with Talam Transform Bhd and Kandis Permai Sdn Bhd to develop 16.5 acres and 9.5 acres of land respectively.
In separate filings with Bursa Malaysia, the construction and property development solutions provider and subsidiary of LBS Bina Group Bhd (LBS) said the combined gross development value (GDV) of the JVs is RM861.35mil located in Taman Bukit Serdang, Selangor.
In the first JV, MGB will jointly develop the parcel of land with Talam Transform, the landowner into a mixed development comprising of commercial units and affordable home units pursuant to affordable housing scheme implemented by the state government of Selangor.
The GDV of the JV is expected to be RM388.58mil.
Talam Transform will receive 12% of the total net sales value of the commercial units.
Additionally, the second JV will see MGB jointly developing four parcels of Malay reserve land (9.50 acres) with Kandis Permai into residential units exclusively for bumiputra homeowners.
The GDV of this JV will be about RM472.79mil. Kandis Permai is entitled to 8.2% of the total net sales value of the units of the development.
The land in the JV is strategically located with ample educational, healthcare, recreational, sporting facilities, public transportation, commercial shop lots, malls and supermarkets, places of worship and access to major highways.
MGB group executive chairman Tan Sri Lim Hock San said through the group’s developments, the company incorporate industrialised building system pre-cast concrete technology, which is both efficient and cost-effective, delivering high-quality and comfortable homes.
“With each successful development, we move closer towards achieving our commitment to build up to 10,000 units of Rumah Selangorku,” he said in a statement yesterday.
Lim added that with a robust construction order book of RM1.19bil and unbilled property development sales of RM693mil from ongoing projects (as of Sept 30, 2024), alongside the recent delivery of vacant possession for Idaman BSP, the group is poised for continued success in the second half of the year.
“With a total of 19 ongoing projects, we anticipate that the developments will generate an estimated future revenue of RM4.02bil in the coming years.
“Additionally, we have acquired 32 acres of land in Puchong to further replenish our existing land bank for future development projects. We remain committed to strengthening our reputation in the development and construction of affordable housing for all citizens,” he added.
