KUALA LUMPUR, Feb 17 — LBI Capital Bhd has proposed to develop properties, which are expected to be launched in the fourth quarter of 2021, in two phases with gross development value (GDV) of between RM220 million and RM240 million.
In a filing with Bursa Malaysia on Wednesday, the property developer said the first phase comprising 17 units shop offices, 156 units of Rumah Selangorku (RSKU) and 140 units of double-storey terrace houses, while the second phase consisting of 224 units of double-storey terrace houses.
“Subject to market condition, it is expected that whole project will be completed in five years’ time.
“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 February 9, 2021, the company proposed to acquire Rising Alliance Sdn Bhd (RASB) and entered into a sale and purchase agreement (SPA) with Jernih Kejora Sdn Bhd (vendor) to obtain a freehold land measuring 13.76 hectares in Kuala Selangor for RM3 million cash.
On the development order (DO), LBI Capital said it will be working on securing the conversion of the land followed by the building plan approval, advertisement permit and development licence by the end of the third quarter of 2021, 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 type 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 January 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.
—- Bernama
