LBS BINA TO DEVELOP RM1.5B PROJECT

Firm inks deal with Cameron Highlands District Council for mixed-use development

LBS Bina Group Bhd’s wholly owned subsidiary, Casa Inspirasi Sdn Bhd, has signed a joint-venture agreement with the Cameron Highlands District Council to develop a piece of Tanah Rata leasehold land with RM1.5 billion in gross development value.

In a filing with Bursa Malaysia, LBS Bina said it will be a mixeduse development comprising residential and commercial properties including service apartments, retail shops and landed residential units.

The project is expected to be completed over a span of 10 to 15 years.

The development, which will commence within one year from the date of the joint-venture agreement, will be financed through a combination of internally-generated funds and bank borrowings.

“It is expected to contribute positively to the group’s future revenue stream and profitability.

“With its strategic location and improving positive demand, the management is confident that the proposed development will be well received.”

Cameron Highlands District Council president Datuk Zainal Abidin Md Amin (centre) and Casa Inspirasi Sdn Bhd director Datuk Seri Wan Adnan Wan Mamat (second from right) at the signing ceremony in Cameron Highlands, Pahang, yesterday.