LBS Bina Group Berhad which is among the contingent accompanying the Prime Minister to China has announced that it has entered into a Memorandum of Understanding with SANY Group Co., Ltd. to explore the potential development of 10,000 units of properties across Asia and plan for a port in Malacca.
Based in China, SANY Group is the world’s second-largest heavy equipment manufacturer, known for its innovative and high-quality products. It is also 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, both parties are to collaborate 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 RM3 billion; and 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 of free trade zones, and 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 RM8 billion.
This MOU will be effective from 1 April 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.
LBS Executive Chairman Tan Sri Lim Hock San said, “We have had a long-standing fruitful relationship with the SANY Group, tracing back to 2017 when we entered into a joint venture with them to kickstart our IBS precast concrete plants. We are pleased to continue to collaborate with 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.”
