KUALA LUMPUR (Feb 11): MGB Bhd (KL:MGB) has secured a contract worth RM194.72 million to undertake the construction of a 22-storey serviced apartment in Cameron Highlands.
This raises the construction and property developer’s outstanding order book to RM1.27 billion, according to its bourse filing on Monday.
MGB — in which LBS Bina Group Bhd (KL:LBS) owns a 57.7% stake — said the contract was awarded to MGB’s wholly-owned unit MGB Construction & Engineering Sdn Bhd by LYK Architect Sdn Bhd, on behalf of Casa Inspirasi Sdn Bhd.
The contract is deemed a related-party transaction as Casa Inspirasi is an indirect subsidiary of LBS Bina, while LBS Bina’s group executive chairman and largest shareholder Tan Sri Lim Hock San is also MGB’s group executive chairman.
Hock San’s brother Datuk Wira Lim Hock Guan is currently group managing director at both LBS Bina and MGB. Hock San’s son Lim Kim Hoe, meanwhile, is deputy chief executive officer at MGB and director at MGB Construction.
The project, developed on a 4.12-acre land, will include a two-storey fast-food restaurant, underground parking, shops, private restaurants and a rooftop garden area.
Construction is expected to commence on Feb 17 and continue for 28 months until June 2027.
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Source: EdgeProp.my
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