Berjaya Land forms joint venture with MBI for river initiatives in Klang Valley – SelangorJournal

Berjaya Corp Bhd’s subsidiary (BCorp) Berjaya Land Berhad (BLand) has set up a joint venture with Landasan Lumayan Sdn Bhd (LLSB), a subsidiary of Menteri Besar Selangor (Incorporated), or MBI, to undertake river initiatives include river cleaning, river rehabilitation and river developments in the Klang Valley.

In a statement yesterday, it is stated that BLand will hold a 55 per cent stake in the joint venture company, dubbed as Landasan Lumayan Berjaya Sdn Bhd (LLB), while LLSB has the remaining 45 per cent.

Among the river initiatives that LLB will undertake is the Selangor Maritime Gateway, a high economic impact project that will see approximately 600 acres of land along about 56 kilometres of Sungai Klang to be developed over the next year eight years.

“In 2022, LLB will launch the development of about 2,000 units of affordable housing and 1,400 units of other types and by 2030, some 26,000 housing units to be completed along Sungai Klang, of which 50 per cent would be affordable homes. The project is expected to have an estimated gross development value (GDV) of RM10 billion over eight years, with an average GDV of RM1.25 billion per annum.” the statement read.

In response to the initiative to develop affordable housing, BCorp chairman Tan Sri Vincent Tan said building affordable homes in urban locations close to transportation hubs would translate into lower purchase prices for low-income house owners.