KUALA LUMPUR (Oct 10): Construction and property development company MGB Bhd (KL:MGB) said it will undertake mixed development and residential projects on 26 acres of land in Taman Bukit Serdang, Seri Kembangan with a combined gross development value (GDV) of RM861.35 million.

The company, which is 57.98%-owned by LBS Bina Group Bhd (KL:LBS), said it is teaming up with Talam Transform Bhd (KL:TALAMT) to develop 16.5 acres of land for a mixed development project that includes commercial shop lots and affordable housing under the Rumah Selangorku scheme.

MGB also signed a deal with Kandis Permai Sdn Bhd to develop 9.5 acres of Malay reserved land in the area into residential units exclusively for Bumiputera homeowners, the company said in a statement.

 “We are excited to contribute to addressing the growing need for affordable housing in the Klang Valley while expanding our portfolio across both residential and commercial properties,” said MGB executive chairman Tan Sri Dr Lim Hock San.

“Through our developments, we incorporate IBS (industrialised building system) precast concrete technology, which is both efficient and cost-effective, delivering high-quality and comfortable homes. With each successful development, we move closer towards achieving our commitment to build up to 10,000 units of Rumah Selangorku within the state of Selangor,” he said.

With a construction order book of RM1.19 billion and unbilled property development sales amounting to RM693 million from ongoing projects as of Sept 30, along with the recent delivery of vacant possession for Idaman BSP, Lim said MGB is well-positioned for sustained growth in the second half of the year.

He added that MGB's 19 ongoing projects are expected to generate an estimated future revenue of RM4.02 billion in the coming years.

“Additionally, we have acquired 32 acres of land in Puchong to further replenish our existing land bank for future development projects. We remain committed to strengthening our reputation in the development and construction of affordable housing for all citizens,” he added.

Shares of MGB closed unchanged at 81.5 sen on Thursday, giving the company a market capitalisation of RM482.2 million.