KUALA LUMPUR (Sept 13): LBS Bina Group Bhd has teamed up with the Selangor state government to jointly undertake a mixed development township in Ijok, Selangor, with an estimated gross development value (GDV) of RM3.43 billion. LBS Bina said the development land currently is a vacant land overgrown with shrubs and bushes and the category of land use condition is for building purposes. "Part of the development land is charged to Malaysia Building Society Bhd (MBSB) as security for the loan granted by MBSB to PNSB Development Bhd," the filing read. According to LBS Bina, the mixed development township will comprise majority landed residential units to be priced at affordable range; and Rumah SelangorKu would also be included in the development plan. Nevertheless, the management planned to finance the relevant development cost through the combination of internally-generated fund and/or bank borrowings," LBS Bina said.

Source: The Edge Markets September 13, 2016 03:00 UTC