LBS Bina receives approval for China projects worth RM2.2bil

KUALA LUMPUR: LBS Bina Group Bhd (LBS) has received approval from China’s Development and Reform Bureau of Gaoxin District for its latest projects totalling US$526mil (RM2.2bil).

In a statement, LBS said the projects were in relation to the memorandum of understanding on the proposed Zhuhai International Circuit Ltd Upgrading and Transformation Plan, which was announced on Sept 21, 2015.

It said the latest development involved 106.84 hectares which were currently being used for the racing circuit which had been approved for additional use as proposed under the transformation plan.

“Under the approval, the land is divided into two plots – East Land and West Land West Land – with an area of 862,395.38 square metres have been approved for further development,” it said.

LBS said the bureau has approved the construction of a China-Malaysia Cultural Centre, racing circuit amenities (inclusive of race car servicing centre, exhibition hall, research and development centre, petrol kiosk, first aid centre), theme park, commercial area and tourist visiting tower on the West Land plot.

The approval has also been granted for additional development comprising a Malaysia Cultural Village, China-Malaysia Cultural Museum, Cheng-Ho Cultural Hall, Malaysia economic and trade building, themed business area, theme hotel block, shopping arcade and daily amenities on East Land, it said.

Subsequently, it said, the group must obtain the relevant approvals from the local authorities latest by November 2019 for the West Land, and November 2020 for the East Land, prior to commencing the construction works. — Bernama