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- The sale covers one leasehold parcel (expiring in 2099) and one freehold parcel, both currently vacant. The land is zoned for building use and was acquired by Sinaran Restu in 2013 and 2014.
PETALING JAYA (Nov 11): Property developer LBS Bina Group Bhd’s indirect wholly owned subsidiary, Sinaran Restu Sdn Bhd (SRSB), is selling two parcels of land in Johor Bahru for RM110 million cash to Asiana Square Sdn Bhd.
According to its exchange filing today, the land measuring a total of 8,267 sq m is located along Jalan Dato’ Dalam in the city centre of Johor Bahru, about 700 metres from the Customs, Immigration and Quarantine (CIQ) Complex and near the Persada Johor International Convention Centre.
It is also well-connected via major highways, including the Tebrau Highway and Tun Razak/Senai–Skudai Highway.
The sale covers one leasehold parcel (expiring in 2099) and one freehold parcel, both currently vacant. The land is zoned for building use and was acquired by Sinaran Restu in 2013 and 2014.
Under the sale and purchase agreement signed on Nov 11, 2025, Asiana Square will pay 10% of the price upon signing, with the remaining 90% due by Sept 7, 2026. The deal is subject to approval from local authorities, which Sinaran Restu must secure by April 2026.
LBS said the disposal enables the group to realise gains from the land’s appreciation in value and redeploy capital into projects in the Klang Valley, where demand and infrastructure are stronger.
The move aligns with the group’s “8x8 Strategy” to optimise its landbank and enhance long-term value.
The company expects to record an estimated RM45 million gain from the disposal, based on the land’s book value of RM64 million as of Dec 31, 2024. The group’s gearing ratio is also expected to improve from 0.46 to 0.43 after the sale.
LBS said the transaction was conducted on a willing buyer, willing seller basis, taking into account an independent valuation of RM84 million. No shareholder or director has any interest in the deal, and shareholder approval is not required.
Barring unforeseen delays, the transaction is expected to be completed by Sept 7, 2026.
As Penang girds itself towards the last lap of its Penang2030 vision, check out how the residential segment is keeping pace in EdgeProp’s special report: PENANG Investing Towards 2030.
