MGB Bhd, a subsidiary of LBS Bina Group Bhd is proposing to develop affordable housing homes under Rumah Selangorku Idaman scheme on two pieces of leasehold land in Dengkil, Selangor.
The group, its indirect wholly-owned subsidiary Idaman Aktif Sdn Bhd and the consortium of PNSB Construction Sdn Bhd have entered into a Joint Venture Agreement (JVA) with Abadi Man Nien Sdn Bhd (AMNSB) to jointly develop the land measuring 8,743 square (sq) metres and 15,769 sq metres.
The development land with a 99-year lease is located in Abadi Heights @ Puchong, about 25km from Dengkil town, MGB said in a recent filing with Bursa Malaysia.
Abadi Heights, which has the backing of AMNSB is spread across 84 acres and comprises 10 parcels of residential developments including apartments, cluster homes, terrace houses, and semi-detached.
MGB said the proposed JVA fits into the group’s business strategy and draws on its strength in building affordable housing and diverse complementary revenue streams.
The gross development value of the proposed JVA is about RM128.25 million, it said.
MGB said, within three months from the proposed JVA agreement the parties should fulfill the first phase conditions precedent where the consortium will secure and obtain the approval from Lembaga Perumahan dan Hartanah Selangor (LPHS) to convert the “Rumah Selangorku scheme” to “Rumah Idaman scheme” on the development land.
The group said there will be no less than 513 units of affordable homes under this development scheme.
"The units with the semi-furnished concept will sell at a maximum of RM250,000 each. As such, the pricing set is expected appeal to and within the reach of middle-income group in Malaysia," it said.
The development land is nearby to residential, commercial, medium industrial and educational institutions, and easily accessible through North–South Expressway Central Link (ELITE), and Putrajaya – Cyberjaya Highway and Maju Expressway (MEX).