LBS Bina, Oriental Holdings ink MoU for RM7bil GDV mixed-use industrial project in Melaka
MELAKA: Property developer LBS Bina Group Bhd has signed a memorandum of understanding (MoU) with diversified conglomerate Oriental Holdings Bhd to collaborate on a mixed-use industrial development project.
In a statement, LBS Bina said that the project, which has an estimated gross development value (GDV) of over RM7 billion, is located in Klebang, here.
"Klebang was chosen due to its strategic location within the Straits of Melaka Waterfront Economic Zone (SM-WEZ), which offers high growth potential through coastal access, expanding infrastructure, and alignment with Melaka's long-term economic transformation agenda.
"The primary focus of this mixed-use industrial development is to cater to the needs of small and medium enterprises (SMEs), particularly in sectors such as oil and gas production, manufacturing, food and beverage supply chains, as well as logistics and warehousing,' said LBS Bina.
The MoU was signed between LBS Bina executive director Datuk Seri Daniel Lim and Oriental Holdings executive chairman Datuk Loh Kian Chong at a ceremony here today.
The ceremony was witnessed by Melaka Chief Minister Datuk Seri Ab Rauf Yusoh.
"The presence of the chief minister further strengthens confidence in this project and reflects the government's strong commitment to ensuring its success as a key driver of Melaka's future prosperity,' LBS Bina said.
It emphasised that since the project is situated along the main access road, the industrial units will also have commercial value and will function as retail showroom warehouses.
This proposed development will cover an area of approximately 227 hectares and will be carried out in four phases.
Specific details regarding the location and land area breakdown are to be finalised through definitive agreements to be mutually agreed upon by all involved parties.
Currently, Melaka ranks sixth among Malaysian states in terms of industrial real estate transactions. The transactions of vacant land and semi-detached properties have seen double-digit growth, driven by high demand from investors and the consumer market for self-use.
Additionally, the West Coast Expressway (WCE), which is currently in the planning stage, will connect Banting, Selangor, to Gelang Patah, Johor.
This route is expected to serve as an alternative to the North-South Expressway and is projected to alleviate existing traffic congestion.
Once the WCE alignment is finalised, it will serve as a catalyst for the development of coastal areas nearby, such as Klang, Port Dickson, Melaka, Muar, and Batu Pahat, thereby generating a positive economic impact. - Bernama
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