“MGB Bhd to develop mixed-use and residential projects in Seri Kembangan, enhancing affordable housing with a GDV of RM861.35 million across 26 acres.“
Kuala Lumpur, 10th Oct 2024, 04.56pm – MGB Bhd, a construction and property development firm, announced plans to carry out mixed development and residential projects across 26 acres in Taman Bukit Serdang, Seri Kembangan, with a total gross development value (GDV) of RM861.35 million.
As a 57.98%-owned subsidiary of LBS Bina Group Bhd, MGB is partnering with Talam Transform Bhd to develop 16.5 acres of land for a mixed-use project that will feature commercial shop lots and affordable housing under the Rumah Selangorku scheme.
Additionally, MGB has inked an agreement with Kandis Permai Sdn Bhd to transform 9.5 acres of Malay reserved land in the same area into residential units intended exclusively for Bumiputera homeowners, the company said in a statement.
“We are thrilled to play a role in addressing the rising demand for affordable housing in the Klang Valley while broadening our portfolio in both residential and commercial sectors,” said MGB executive chairman Tan Sri Dr. Lim Hock San.
He emphasized that MGB utilizes the industrialized building system (IBS) precast concrete technology in its projects, which enhances efficiency and cost-effectiveness, resulting in high-quality, comfortable homes. “With every successful project, we get closer to fulfilling our goal of constructing up to 10,000 Rumah Selangorku units in Selangor,” he added.
As of September 30, MGB has a construction order book worth RM1.19 billion and unbilled property development sales of RM693 million from ongoing projects. Along with the recent handover of vacant possession for Idaman BSP, Lim expressed confidence that MGB is well-positioned for continued growth in the latter half of the year.
He further mentioned that MGB’s 19 ongoing projects are projected to generate approximately RM4.02 billion in future revenue over the next few years.
“In addition, we have acquired 32 acres of land in Puchong to expand our current land bank for upcoming developments. Our focus remains on reinforcing our position in the development and construction of affordable housing for all Malaysians,” he stated.
On Thursday, MGB’s shares remained steady at 81.5 sen, bringing the company’s market capitalization to RM482.2 million.
