LBI Cap to buy Tempat Genting Highlands plot for RM5.5m

KUALA LUMPUR: LBI Capital is acquiring a piece of leasehold commercial land in Tempat Genting Highlands for RM5.5 million.

In a filing to Bursa Malaysia on Wednesday, Oct 13, the company said its unit Triple Equity Sdn Bhd had on Tuesday entered into a conditional sale and purchase agreement with Space Passage Sdn Bhd for the acquisition the 5.35-acre land held under PM 1174, Lot 11844, Tempat Genting Highland, Mukim Bentong, Daerah Bentong, Pahang Darul Makmur.

The lease of the land is expiring on Nov 21, 2089. It is located near Gohtong Jaya, Genting Highlands, and is easily accessible through the main road leading to Genting Highland and lies approximately 60 kilometres from the Kuala Lumpur city centre.

The developer added that the purchase consideration will be satisfied by way of cash from internally-generated funds and bank borrowings.

"The property acquisition is to enhance LBI's property development activities in view of the completion of most of its projects. Triple Equity plans to develop the said land into resorts and hotel suites.

"The acquisition will increase the development land of the Group and will contribute higher earning in the near future," it noted.