Latest news with #RM2.6mil
The Star
30-05-2025
- Business
- The Star
LSH Capital proposes RM17.4mil land acquisition for Titiwangsa serviced apartment project
KUALA LUMPUR: Lim Seong Hai Capital Bhd (LSH Capital) has proposed to acquire three parcels of land along Persiaran Titiwangsa 3 in Kuala Lumpur, for RM17.4mil cash. LSH Capital, in a filing with Bursa Malaysia, said its wholly-owned subsidiary, Lim Seong Hai Development Sdn Bhd (LSH Development), entered into a sale and purchase agreement (SPA) with Lim Seong Hai Holdings Sdn Bhd (LSH Holdings) to acquire Lot 19, a freehold parcel measuring approximately 910.51 sqm, for RM7.6mil. LSH Development also entered into a conditional SPA with LSH Holdings to acquire Lot 20009, a leasehold parcel of about 286 sqm, for RM2.6mil. Separately, it also entered into an SPA to acquire Lot 20, a freehold parcel measuring approximately 1,241.84 sqm, from the executors of the estate of the late Lim Tee Hui for RM7.2mil. The proposed acquisitions are expected to be financed fully via internally generated funds. LSH Development intends to amalgamate and submit a development order consisting of all the lands to the relevant authorities, including to Kuala Lumpur City Hall, to undertake a property development project consisting of approximately 240 units of serviced apartments. The application for approval is expected to be submitted in the second half of 2025. 'The proposed Titiwangsa Development is expected to have a gross development value (GDV) of RM130mil and, subject to obtaining all relevant approvals, the construction for the project is expected to commence in 2027 and to be fully completed by 2030,' it said. The LSH Capital Group is also expected to be appointed as the design and build contractor for the proposed Titiwangsa Development with an estimated GDV of RM103.1mil. The cost of development for the proposed Titiwangsa Development will be funded via a combination of internally generated funds, bank borrowings and/or sale proceeds from the proposed Titiwangsa Development itself after taking into consideration LSH Development's gearing level and working capital requirement. LSH Capital said the proposed acquisitions would also allow the group to expand its construction portfolio and orderbook when the proposed Titiwangsa Development commences. 'With the addition of the proposed Titiwangsa Development, the group's portfolio will also carry an additional property development project, thereby increasing the total property development GDV of the group to RM1.68bil which is expected to provide earnings visibility until 2029. 'In addition, the proposed Titiwangsa Development is also expected to contribute to LSH Capital Group enlarged secured construction orderbook amounting to RM2.09bil with an overall outstanding orderbook of RM1.54mil,' it said.
The Star
21-04-2025
- Business
- The Star
Prizes worth RM2.6mil for golden jubilee golf tourney
Thai King (third from left) receiving a pledged prize from sponsor Michael Tiong of Dai Lieng Group of Companies. Tieng is second from right. RIMBUNAN Hijau Group of Companies is offering attractive prizes totalling RM2.6mil for its hole-in-one golf tournament in Sibu, Sarawak. The competition on May 10 and 12 at the Sibu Golf Club is held in conjunction with the group's 50th Golden Jubilee celebration. Organising chairman Datuk Thomas Tieng said the prizes worth RM2.6mil was biggest for such tournament in the country. He said this at a press conference after receiving the prizes from the main sponsors. The six main prizes for the hole-in-one included a mid-luxury car and heavy machinery such as excavators. He added the competition was open to only golfers with a handicap of below 24. 'We will only take in a total of 288 golfers for the two-day event. We will invite golf clubs from throughout the state to send their golfers, but participants must have a handicap of below 24. 'The first day of the competition is an open category while the second day is for VIP and invited guests,' said Tieng. Those who secure second to 15 positions from both categories, would receive several other prizes that would be known only during the competition day. Rimbunan Hijau Group managing director, Datuk Tiong Thai King expressed his heartfelt appreciation to all the sponsors. 'Thank you to all the sponsors for your great support as without you, we would not be able to organise it,' he said.
