logo
LBS Bina's unit MGB hands over completed Rumah Idaman Melur to proud owners

LBS Bina's unit MGB hands over completed Rumah Idaman Melur to proud owners

KUALA LUMPUR: Rumah Idaman Melur, the second project under the Rumah Idaman MBI initiative, has reached a significant milestone with the official handover of completed units to proud new homeowners.
The ceremony was officiated by Selangor Menteri Besar Datuk Seri Amirudin Shari, marking a pivotal step in the state's mission to provide accessible and high-quality housing for its people.
Located in the Cybersouth township, Idaman Melur is a collaboration between Permodalan Negeri Selangor Bhd (PNSB), through its subsidiary PNSB Construction Sdn Bhd, and MGB Bhd, a leading construction and property development solutions provider under LBS Bina Group Bhd.
Spanning 4.885 hectares, the RM406 million development comprises two 23-storey residential blocks offering 1,448 semi-furnished units.
Each home, priced from RM250,000, includes three bedrooms and two bathrooms with a minimum built-up area of 1,000 square feet.
The units come equipped with essential furnishings and appliances, including air conditioners, kitchen cabinets, wardrobes, refrigerators or televisions and water heaters, offering exceptional value in the affordable housing market.
Strategically linked to major highways such as Elite and MEX, Idaman Melur offers both convenience and comfort, nestled within a peaceful, green environment.
Datuk Seri Amirudin shared that the project forms part of the broader Rumah Idaman MBI initiative, which comprises six developments totalling 7,210 affordable units across Selangor.
Upcoming phases include Bukit Jelutong, which is set to offer 1,400 units, and Sabak Bernam, with 1,260 units scheduled for completion in 2026.
All homes under the initiative are constructed using MGB's in-house Industrialised Building System (IBS) precast concrete technology, ensuring efficient build times and high-quality standards.
Amirudin said: "Our commitment remains strong in ensuring the well-being of the people of Selangor through the provision of high-quality, comfortable homes equipped with essential amenities."
"We are confident in the success of Rumah Idaman BSP and other Rumah Idaman MBI projects, as their strategic locations, affordable pricing, and inclusion of necessary appliances will greatly enhance the quality of life for our residents."
Meanwhile, LBS Bina executive chairman Tan Sri Ir. Dr. Lim Hock San praised the strength of the public-private collaboration behind the initiative.
"The Rumah Idaman projects reflect a shared commitment to social responsibility and construction excellence.
"We are proud that Idaman Melur achieved a QLASSIC score of 79 per cent by CIDB and was delivered ahead of schedule, just like Idaman BSP in 2024. Demand has been overwhelming, reaffirming this segment as a core focus for MGB.
"The same IBS technology used here is being applied internationally, including in our ROSHN Al-Arous Phase 1 project in Jeddah, Saudi Arabia," Lim added.
PNSB chief executive officer Raja Ahmad Shahrir Iskandar Raja Salim said the collaboration showcases how the state and private sector can work together to create impactful, people-centric developments.
"We are proud to play our part in realising the state's vision for inclusive, quality housing," he added.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

MGB records RM24mil net profit for first half 2025
MGB records RM24mil net profit for first half 2025

The Star

time2 hours ago

  • The Star

MGB records RM24mil net profit for first half 2025

MGB Bhd executive chairman Tan Sri Ir Dr Lim Hock San. PETALING JAYA: Construction and property development solutions provider MGB Bhd (MGB) announced its second quarter results on Aug 18 for the financial year ending Dec 31, 2025. The group, which is a subsidiary of LBS Bina Group Berhad, posted a profit before tax (PBT) of RM17.1mil and profit after tax (PAT) of RM12mil for the quarter under review, on the back of revenue amounting to RM216.4mil. Revenue from the construction and trading segment remained relatively stable year on-year at RM118.6mil, representing 54.8% of the total revenue. The property development segment accounted for the remaining 45.2%, with revenue of RM97.8mil. For the first half of 2025, the group recorded cumulative revenue of RM444.1mil, generating a PBT of RM34.1mil and PAT of RM24.0mil. It retained a solid financial position as of June 30 with RM59.0mil in cash and bank balances and a low net gearing ratio of 0.1 times. This reflects the group's stable financial footing and prudent capital management, ensuring both operational agility and flexibility to pursue strategic investments, while safeguarding its financial stability. Tan Sri Ir Dr Lim Hock San, MGB group executive chairman remarked, 'We are committed to deliver affordable, high quality homes for all Malaysians, with our Rumah Idaman setting a new benchmark for accessible housing in Selangor. We recently celebrated the topping-out of Idaman Sari in Puchong, our fourth Rumah Idaman project to complete this stage, underscoring our focus on timely delivery and quality.' Lim further emphasised the group's strategic focus on diversifying its project mix and expanding into high-potential markets, both domestically and overseas. MGB is strengthening its capabilities in securing more external contracts, exploring recurring income opportunities, and enhancing cost efficiency through better supply chain management. He added, 'We are delighted to win the RM186mil contract from Japan's Creed Group affiliate CI Medini Sdn Bhd, for the construction of serviced apartments in Medini, Iskandar Puteri. This win reinforces our growth trajectory and reflects our ability to deliver on our commitments while strengthening our foothold in key growth markets. With this win, our construction order book now stands at RM1.21bil. 'Moving into the remainder of 2025, we aim to sustain the current momentum supported by our unbilled property sales of approximately RM452mil (as at July 31, 2025), while remaining mindful of the uncertainties in the broader market landscape.' Established in 2007, MGB evolved into a construction and property development solutions provider, primarily focusing on providing efficient and cost-effective solutions across a wide range of industries, in particular building mass market and affordable living spaces for generational living in Malaysia. It provides a full range of design, construction and development services including design and build, project management, civil engineering, value engineering, geotechnical specialisation, and manufacturing in Industrialised Building System precast concrete products.

MGB completes topping out ceremony for fourth 'Idaman' project
MGB completes topping out ceremony for fourth 'Idaman' project

The Star

time5 days ago

  • The Star

MGB completes topping out ceremony for fourth 'Idaman' project

From left) Deputy chief executive officer Isaac Lim, Hock San and deputy chief executive officer Daniel Chew, members of MGB Bhd's senior management, witnessing the topping out ceremony of Idaman Sari. PETALING JAYA: MGB Bhd, under LBS Bina Group Bhd, has successfully completed its topping out for Idaman Sari, one of its six Rumah Idaman MBI projects under the same initiative. This milestone follows the recent successful handover of keys for Idaman Melur, which was held on July 3. Strategically located in Puchong, Idaman Sari comprises 513 residential units spread across 2.45ha of land, and is developed to support a sustainable and comfortable lifestyle for urban families. Each unit has a built-up area of at least 1,000 sq ft and comes with a layout of featuring three bedrooms and two bathrooms, two designated parking lots and modern home essentials including a television with cabinet, refrigerator, kitchen cabinet, three air conditioners, water heaters in both bathrooms and wardrobes in every bedroom and excellent access to amenities nearby. Prices for each unit of Rumah Idaman start from RM 250,000 onwards. Idaman Sari will be the fourth Rumah Idaman to complete its topping out after Idaman BSP, Idaman Melur as well as Idaman Cahaya 1 and 2 projects respectively. It is another step forward for MGB in supporting the Selangor state government's effort under the Rumah Idaman initiative to deliver up to 30,000 high-quality, affordable housing units across Selangor for its residents. To date, the success and progress of MGB delivering on its Rumah Idaman projects remains steady, starting with the handover of keys for Idaman BSP in August 2024 and the recent successful handover of keys for Idaman Melur, which was held last month. In line with MGB's mission to push boundaries and surpass expectation through quality, reliability and innovation, Idaman Sari is built using MGB's Industrialised Building System (IBS) precast technology, a construction method that uses precast concrete panels manufactured under strict quality control and consistency that has been proven to positively impact project timelines by reducing construction time by up to 33%. MGB Bhd group executive chairman Tan Sri Ir. Dr. Lim Hock San said, 'The topping out of Idaman Sari is MGB's statement on the progress we have made in providing well-built, affordable homes to Malaysians, especially those residing in Selangor. 'MGB continues to play a role in addressing housing affordability by delivering fully equipped, thoughtfully located homes to first-time homeowners on time and with quality that endures.'

MGB's latest job win on track to achieve firm's FY25 order book target
MGB's latest job win on track to achieve firm's FY25 order book target

The Star

time6 days ago

  • The Star

MGB's latest job win on track to achieve firm's FY25 order book target

PETALING JAYA: MGB Bhd 's latest contract win ensures earnings visibility and lifts its outstanding order book to RM1.2bil. This represents a healthy 2.1-times cover of Mercury Research's financial year 2025 (FY25) construction sector revenue forecast. Mercury Research maintains its FY25-FY26 earnings forecasts and RM700mil order-book replenishment target, as the latest contract win is within its expectations. Mercury expects MGB to remain on track to achieve its FY25 order-book replenishment target. This is supported by the upcoming LBS Bina Group Bhd 's planned RM2.6bil gross development value worth of property launches in the second half of FY25 and potential contributions from its own pocket land developments in Puchong and Cameron Highlands. Besides, MGB's first deal with Creed Group could pave the way for future wins from CI Medini's multi-phase Iskandar Puteri projects, diversifying its client base and strengthening revenue resilience. MGB has secured a RM186mil construction job from CI Medini Sdn Bhd to develop a two-phased serviced apartment in Iskandar Puteri, Johor. As the win is within Mercury's orderbook assumption, it has maintained its valuations. It reiterates its 'buy' call with an unchanged sum-of-parts-derived target price of RM1.09 a share. This values the construction division at 11 times the FY25 earnings per share and the property segment at a 40% discount to revalued net asset value. The research house continues to like MGB for its focus on affordable housing and healthy construction order book, complemented by its expertise in IBS solutions. The contract was secured from an external client rather than parent company LBS Bina Bhd.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store