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MGB will build affordable houses worth RM366mil in Johor, says its chief.

Published: Saturday, 25 September 2021
MGB Bhd group executive vice-chairman Tan Sri Lim Hock San said that the Zenit Molek project will have a gross development value of RM366 million. Courtesy image

LBS Bina Group Bhd's subsidiary, MGB Bhd, will build an affordable housing project with a gross development value of RM366 million in Molek, Johor.

MGB group executive vice-chairman Tan Sri Lim Hock San said the Zenit Molek project will be built on a 2.6-acre freehold land.

Lim said MGB through its subsidiary, Multi Court Developers Sdn Bhd (MCDSB) had signed an agreement to take over the role of Angsana Abadi Sdn Bhd (AA), a subsidiary of LBS to develop the project together with Advance Profits Sdn Bhd.

According to him, the project will consist of 988 apartment units compressed into two blocks.

The price starts from RM313,000 and the sale of properties is expected to commence in the second quarter of 2022," he said in a statement recently.

Lim said, based on MGB's vast experience and technical knowledge in the field of construction and development management, he was upbeat the project will commence within the stipulated time.

MGB, via its wholly-owned subsidiary MGB Construction & Engineering Sdn Bhd also signed a turnkey construction agreement with Retro Court Sdn Bhd to jointly develop an industrial land measuring about 1,000 acres in Kertih, Terengganu.

The Kertih Project is part of the Kertih Biopolymer Park which is set to be Asia's largest second-generation bio-refinery complex with a GDV of RM680 million.

"With the addition of these projects, we expect the increase in bookings for construction and property development projects to be very encouraging as well as strengthen the company's revenue for the coming financial years," he said.

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