property

MGB to undertake property development projects worth RM861mil in Seri Kembangan: Lim

KUALA LUMPUR: MGB Bhd, 57.98 per cent owned by LBS Bina Group Bhd, is set to undertake mixed development and residential projects in Taman Bukit Serdang, Seri Kembangan, with a combined gross development value (GDV) of RM861.35 million.

The construction and property development firm announced that its wholly owned subsidiary, Prisma Kasturi Sdn Bhd, will partner with Talam Transform Bhd to develop 16.5 acres of land for a mixed-use project, which will include commercial shop lots and affordable housing under the Rumah Selangorku scheme.

In addition, Prisma Kasturi has signed a joint venture agreement with Kandis Permai Sdn Bhd to develop 9.5 acres of Malay reserved land into residential units exclusively for Bumiputera homeowners.

"We are excited to contribute to addressing the growing need for affordable housing in the Klang Valley while expanding our portfolio across both residential and commercial properties," said MGB executive chairman Tan Sri Dr Lim Hock San.

Lim said that the two land parcels are strategically located, offering excellent access to amenities such as schools, universities, shopping malls, sports complexes, hospitals, and public transport via the Serdang KTM Komuter station and MRT Serdang Raya Utara.

The projects will also be well-connected through major highways like the Maju Expressway, KESAS Highway, Damansara Puchong Expressway, North-South Expressway, Sungai Besi Expressway, and Kuala Lumpur-Seremban Expressway.

"This strategic location with proximity to major townships of Putrajaya, Cyberjaya, and Kuala Lumpur city centre makes it ideal for homeowners."

He also emphasised MGB's use of IBS (Industrialised Building System) precast concrete technology, which enhances efficiency and cost-effectiveness, resulting in high-quality homes.

"With each successful development, we move closer towards achieving our commitment to build up to 10,000 units of Rumah Selangorku within the state of Selangor," he said.

MGB is optimistic about continued growth in the second half of the year, supported by a strong construction order book valued at RM1.19 billion and unbilled property sales amounting to RM693 million as of September 30. The recent handover of vacant possession for Idaman BSP also contributes to this outlook.

The company currently has 19 ongoing projects, which are expected to generate RM4.02 billion in future revenue. Additionally, MGB has acquired 32 acres of land in Puchong to replenish its land bank for future developments.

"We remain committed to strengthening our reputation in the development and construction of affordable housing for all citizens," he added.

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