LBS inks MoU with China’s SANY Group to collaborate on RM11bil projects - MIDA | Malaysian Investment Development Authority
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LBS inks MoU with China’s SANY Group to collaborate on RM11bil projects

LBS inks MoU with China’s SANY Group to collaborate on RM11bil projects

02 Apr 2023

PROPERTY developer LBS Bina Group Berhad has announced that it has entered into a memorandum of understanding with SANY Group Co Ltd, a global leader in the engineering machinery manufacturing industry.

China-based SANY Group, ranked by Forbes as the 468th largest company in the world, is the world’s second largest heavy equipment manufacturer and known for their innovative and high-quality products.

SANY Group is a leading high-end equipment manufacturer principally involved in general construction activities with over 20 R&D centres, automobile manufacturing, port machinery, new energy industries, architectural design, industrial internet, and the manufacturing of precast concrete products – with service networks in over 150 countries.

Under the terms of the MoU, LBS and SANY Group are to:

> Jointly explore SANY Group’s latest structural system for the development of 10,000 units of properties across Asia, with a total project value of approximately RM3bil.

> Jointly explore, research and plan for an intelligent deep-water port in Malacca and build a one-stop industrial 4.0 hub port in the Malacca Waterfront Economic Zone (M-WEZ) comprising free trade zones, oil and liquefied natural gas industrial park, and other port-related businesses using SANY Group’s expertise, that will amount to a total investment value of approximately RM8bil.

Present at the MoU signing ceremony were Prime Minister Datuk Seri Anwar Ibrahim, Transport Minister Anthony Loke, Local Government Development Minister Nga Kor Ming, International Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz, Science and Technology Minister Chang Lih Kang, Foreign Minister Datuk Seri Zambry Abdul Kadir, and Tourism Minister Datuk Seri Tiong King Sing.

This MoU shall be effective from April 1, 2023 and valid for a period of one year with an automatic extension for a further period of one year, unless extended or renewed by mutual agreement of the parties in writing.

“We have had a long-standing fruitful relationship with SANY Group, dating back to 2017 when we entered a joint venture with them to kickstart our IBS precast concrete plants,” says Lim.

“We are pleased to continue to collaborate SANY Group to explore our synergies in both property development across Asia and industry and port development in Malacca.

“We aim to work towards becoming a leading developer across the region which we hope to achieve through the use of IBS precast concrete.

“In addition, there is plenty of potential in Malacca and we are optimistic we would be able to contribute towards growing the economy within the state through the development of an industrial port,” he says.

Source: The Star