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LBS Bina buys RM63 mil land in Seri Kembangan for mixed development project

KUALA LUMPUR (July 26): LBS Bina Group Bhd is buying eight acres of leasehold land in Seri Kembangan, Selangor, for RM63 million for a mixed development project.

The group plans to develop four towers of serviced apartments with an estimated gross development value of RM600 million on the land it is buying from Stratmont Development Sdn Bhd.

"The residential units would be priced at affordable range targeted for first time homebuyers, working professionals and young families," LBS Bina said in a filing to Bursa Malaysia.

It expects work to start in 2018 with the project developed over an eight-year period.

At 4.10pm, LBS Bina shares were unchanged at RM1.97, giving it a market capitalisation of RM1.6 billion. — theedgemarkets.com

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