Wednesday, December 29, 2010

LBS Bina unit buys stake in Astana Modal

LBS Bina Group Bhd unit LBS Bina Holdings Sdn Bhd has signed a share sale agreement with Meh Kok Chau for the acquisition of 75,000 shares, which represent 30 per cent equity interest of Astana Modal (M) Sdn Bhd (AMMSB), for RM22.136 million cash.In a filing with Bursa Malaysia, LBS said the acquisition would raise its equity stake in AMMSB to 65 per cent. "The proposed acquisition is in line with the group's strategy of moving towards developing more medium high-end to high-end properties," it said.AMMSB, a property developer, has signed a joint venture agreement with Kumpulan Darul Ehsan Bhd to develop a piece of land in Sepang with a gross development value of RM2.9 billion. The project is tentatively known as D’Island Residence. Phase I of the project is planned to be launched to public in February/March 2011. Site clearance and earthwork on Phase I of the project site has commenced in August 2010. The project is tentatively planned to be a self-contained township which consists of the following mixed developments, spanning over an estimated project period of 8 years and is expected to end in year 2018:
i) Superlink House
ii) Semi-Detached unit
iii) Bungalow
iv) Condominium
v) Commercial hub
vi) Club House

source: BTimes

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