,LBS executive chairman Tan Sri Lim Hock San (pic) said the RDA will provide the group with an opportunity to procure sizable tracts of land within the coastal area of the Straits of Melaka, which is one of the busiest shipping lanes in the world.
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PETALING JAYA: LBS Bina Group Bhd has inked a deal with the Melaka state government to reclaim and develop part of the Melaka Waterfront Economic Zone (M-WEZ).
In a statement, the property developer said its indirect, 70%-owned subsidiary, Leaptec Engineering Sdn Bhd, had signed a reclamation and development agreement (RDA) for the rights to reclaim and develop an area measuring about 1,200 acres.
Following the reclamation works, LBS said it intends to develop an industry hub with port facilities for logistics and warehousing, manufacturing, liquefied natural gas, port-related business and such other developments or economic activities on the site.
“LBS also plans to seek smart partnerships or mutually beneficial collaborations with other parties with regards to this reclamation and development project.
“This project is in line with LBS’ plans to enlarge its land bank in other states particularly in states with strong growth potential such as Melaka.”
LBS said the land is strategically located at Tanjung Bruas, Bandar XLV, Daerah Melaka Tengah. The M-WEZ spans an area of 25,000 acres located on the coastline of Melaka.
In consideration of the rights granted, LBS said the state government shall be paid a cash consideration of RM94.86mil, which will be funded via a combination of internally generated funds and/or bank borrowings.
“Upon successful completion of the reclamation works, LBS shall be entitled to four-fifths of the reclaimed land whereas the state government will be entitled to the remaining one-fifth of the area.”
In the same statement, LBS executive chairman Tan Sri Lim Hock San (pic) said the RDA will provide the group with an opportunity to procure sizable tracts of land within the coastal area of the Straits of Melaka, which is one of the busiest shipping lanes in the world.
“This will enable the group to establish a dominant presence in this area with access to a new market catchment, particularly in the industrial and commercial segments.
“With the group’s strong presence and foothold in Guangdong province, China, we will be able to further leverage on the “Friendly State and Province” relationships between Melaka and Guangdong to explore bilateral investment corporations and establishments.”
Lim said the RDA also augurs well for its listed subsidiary, MGB Bhd, which will benefit from potential construction works to be carried out for the project.