Contact Us

General

Helpdesk

Virtual Fair

What’s HOT

Menu
Menu

Proposed Development Of Housing, Tourism And Commercial Center Projects In Genting Permai, Bentong, Pahang

Erfan Sakib on July 22, 2022

22 July 2022

LBS Fabulous Extra 2022/23

Erfan Sakib on July 15, 2022

lbs-fabulous

LBS Fabulous Extra Lucky Draw – Terms & Conditions

LBS Fabulous Xtra Lucky Draw Campaign (“hereinafter referred to as “Campaign”) is organised by LBS Bina Group Berhad (“hereinafter referred to as “the Organiser”). This Campaign is open to purchasers who purchase selected properties developed by LBS Bina Group of Companies subject to the terms and conditions contained herein (“Campaign Terms”). In order to qualify for this Campaign, the purchasers irrevocably and unconditionally agree to be bound by the Campaign Terms.

The Eligible Purchasers (as defined below) and Lucky Draw Winners (as defined below) agree that the Organiser may change, amend, delete, vary and/or add to the Campaign Terms without any prior notice to the Eligible Purchasers and Lucky Draw Winners, and they are advised to visit this page from time to time to be updated of the latest Campaign Terms.

In the event of any inconsistencies between any terms and conditions stipulated in any of the Organiser’s marketing or promotional materials including but not limited to any brochures, leaflets, buntings, and/or otherwise any other platforms and the Campaign Terms, the Campaign Terms shall prevail.

TERMS AND CONDITIONS :

  1. ELIGIBILITY OF ENTRY

1.1. The Campaign is open to purchaser(s) who: –

1.1.1. Have purchased property priced from RM300,001.00 and above from any of the LBS Bina Group of Companies’ selected projects (“Eligible Unit”) directly from the Organizer or its subsidiary companies;

1.1.2. Have executed a valid Sale and Purchase Agreement of the Eligible Unit between 1st July 2022 to 31st December 2023 (“hereinafter referred to as “SPA”);

1.1.3. Have made the deposit payment for the purchase of any Eligible Unit;

1.1.4. Have not defaulted and/or breached any provisions of the SPA; AND

1.1.5. Are not employees of the Organiser and/or its affiliated and/or related companies.

(hereinafter collectively known as “Eligibility Criteria”)

For the avoidance of doubt, any sellers and/or buyers of a sub-sale properties developed by LBS Bina Group of Companies shall not be eligible to participate in the Campaign. Purchasers that fully satisfy the Eligibility Criteria stipulated above shall hereinafter be referred to as “Eligible Purchasers”. Each successful purchase and/or SPA signed by the purchaser(s) of an Eligible Unit that meets the above Eligibility Criteria shall only be entitled for One (1) lucky draw entry with a chance to win One (1) lucky draw prize (“Prize”) under the Campaign.

  1. DISQUALIFICATION

2.1. In the event the SPA is terminated and/or cancelled and/or rescinded and/or the Eligible Purchaser defaults on any payment due and payable under the SPA and/or breaches any terms and conditions under the SPA for any reason whatsoever, that Eligible Purchaser shall be and/or shall be deemed disqualified from participating in the Campaign without any notice from the Organiser (“Disqualified Purchaser”), and any prizes won by the Disqualified Purchaser under this Campaign shall be automatically revoked.

2.2. In the event a Prize has been collected by a Disqualified Purchaser, the Disqualified Purchaser shall pay the retail price of the Prize and all costs incidental to and arising from the same (“Retail Prize”) to the Organiser within Seven (7) days upon the Organiser’s demand. Notwithstanding the above, the Organiser reserves the right to initiate legal action against the Disqualified Purchaser for the Retail Price of the Prize in the event the Disqualified Purchaser fails, omits and/or neglects to make such payment in full within the above stipulated timeline.

For the avoidance of doubt, only the Eligible Purchasers named in the SPA shall be eligible to participate in the Campaign. In the event a winning lucky draw entry has more than one (1) name listed in the SPA, the Prize given to any of the purchasers listed in that SPA shall be deemed as given to all of them as a whole and/or shall be shared equally among the purchasers listed in the SPA of the winning lucky draw entry or be nominated wholly to any of the Eligible Purchasers of the winning lucky draw entry. The Prizes shall not be nominated, transferred or assigned to any third-party other than the purchaser(s) stated in the SPA and/or be exchangeable for cash payment without the Organizer’s express written consent.

  1. THE CAMPAIGN

3.1. The Eligible Purchasers’ lucky draw entries shall be randomly drawn via a computerised system and witnessed by independent observers on a date(s) to be determined, allocated and announced by the Organiser (“Allocated Draw Date”). The Eligible Purchasers acknowledge and agree that by engaging independent observers, the Organiser has discharged its duty of care to ensure the transparency and full and frank disclosure for the Campaign and the Eligible Purchasers further waive any and all rights of complaints, actions, and/or disputes on the integrity of the Organiser throughout the Campaign.

3.2. The Organiser may at its sole and absolute discretion change and vary any of the Allocated Draw Date at any time without any prior notice to be given to the Eligible Purchasers. The Eligible Purchasers are advised to visit this page from time to time to be updated of the latest Allocated Draw Date.

3.3. The Organiser reserves the right to reject and/or limit any Lucky Draw Entries at its sole and absolute discretion without having to assign any reason whatsoever.

3.4. The Organiser reserves the right to substitute or replace any of the Prizes with any other prize of similar valuewithout any prior notice.

  1. TAX AND DISBURSEMENTS FEES

4.1. All transportation, personal expenses, insurance, stamp duties, transfer fees, taxes, any other duties and/or any other costs, fees and/or related expenses incurred pertaining to the Prizes shall be the sole responsibility of the winners of lucky draw prizes (“Lucky Draw Winners”). The Organiser shall not reimburse any claims and/or be held responsible for any costs and expenses incurred by the Lucky Draw Winners.

4.2. All Lucky Draw Winners shall be solely responsible to declare their respective Prize winnings with the relevant tax authorities and pay for any levy, duty, charges and tax that is imposed (if any). The Organiser shall not in any way be held liable to pay any charges, tax, levy, fines and/or duty that are imposed on the Lucky Draw Winners by the relevant tax authorities for the Prize winnings.

5. EXCLUSION OF LIABILITY

5.1. The Organiser shall not be liable and/or responsible for any mishap, injury, damage, claim or accidents resulting from the Eligible Purchasers and Lucky Draw Winners’ participation in the Campaign and from the use of the Prizes. The Lucky Draw Winners and Eligible Purchasers agree to indemnify and hold harmless the Organiser, its affiliates, agents and any other third parties facilitating the Campaign against any liability and claims and agree to indemnify the Organiser completely against any claims, damages, losses and liability arising from and/or in relation to their conduct or omission while participating the Campaign and from the use of the Prizes.

5.2. The Lucky Draw Winners agree and acknowledge that the Organiser has not made any representation or
warranty of any kind whatsoever in respect of the quality, usability, reliability and condition of the Prizes. Any warranty (if any) that is made available in relation to the Prize(s) shall be between the Lucky Draw Winners and the suppliers and in all such cases, the Lucky Draw Winners shall refer any such warranty directly to the relevant suppliers. The Organiser shall not be liable to compensate and rectify any defect or other faults in relation to the Prizes.

  1. PRIVACY

6.1. All information provided by each Eligible Purchaser shall be collected, stored, used and retained by the Organiser in accordance to the Organiser’s Personal Data Protection Notice. The Eligible Purchasers are to read, acknowledge and accept the Organiser’s Personal Data Protection Notice which is incorporated by reference herein and can be found at https://lbs.com.my/pdpa-notice/. Therefore, by participating in this Campaign, all Eligible Purchasers hereby warrant that all personal details provided by them are true, correct, accurate and complete.

6.2. In addition to clause 6.1, the Eligible Purchasers and Lucky Draw Winners agree that the Organiser shall have the exclusive right to use their names and/or photographs as marketing campaign materials for the purposes of advertising, trade and/or publicity without any prior notice thereto and/or permission thereof. The Eligible Purchasers and Lucky Draw Winners shall not be entitled to claim ownership and/or compensation on the materials. The Eligible Purchasers and Lucky Draw Winners hereby give their consent to and authorize the Organiser to disclose their particulars to any third-party service providers and/or partners engaged by the Organiser for purposes of the Campaign and/or any customer survey in understanding the Eligible Purchasers and Lucky Draw Winners purchasing behaviour

  1. HOW TO REDEEM PRIZES

7.1. The Organiser will notify the respective Lucky Draw Winners of their prize redemption arrangements via email or phone call or any modes of communication deemed appropriate by the Organiser.

7.2. Subject to clause 2, the Prizes shall only be redeemable and/or claimable by the respective Lucky Draw Winners upon fulfilment of the following conditions:

(a) For Housing Loan Purchaser(s):

Upon execution and stamping of the facilities/housing loan agreement between the Eligible Purchasers and the financier for the Eligible Unit; or

(b) For Cash Purchaser(s):

Upon receipt by the Developer / Organiser of the payment equivalent to Fifty Percent (50%) of the purchase price of the Eligible Unit pursuant to the SPA.

7.3. All Lucky Draw Winners shall be required to furnish their identification documents i.e., NRIC or Passport to the Organiser for verification purposes during and/or prior to the collection of the Prizes. The Organiser shall have the right to withhold or forfeit any Prize from any Lucky Draw Winners who fails to provide identification documents for the collection of the Prize and/or to collect the Prize within Sixty (60) days upon being notified by the Organiser of the redemption date of the Prizes.

7.4. All costs and expenses incurred by the Lucky Draw Winners to claim their respective prizes shall be borne by the respective Lucky Draw Winners accordingly, and the Organiser shall not be responsible for suchcosts and expenses.

8. VEHICLE PRIZE WINNER(S) (WHERE APPLICABLE)

8.1. All winner(s) of the vehicle prizes (including but not limited to cars and/or motorcycles) shall:–

8.1.1. Fulfil, abide and comply to all the terms and conditions stipulated in this Campaign Terms, SPA, and Facilities Agreement (if applicable),

8.1.2. Not authorize any third parties to act as a representative to collect the vehicle prizes on his or
her behalf,

8.1.3. For Housing Loan Purchaser(s), withhold and refrain from assigning and/or transferring the
vehicle prizes to any other person(s) until the first drawdown of the loan sum by the financier as
stated in the Facilities/Housing Loan Agreement in respect of the purchase of the Eligible Unit,

8.1.4. Liaise and perfect all necessary documents, forms, and/or procedures solely with including but
not limited to the Malaysian Jabatan Pengangkutan Jalan (JPJ), Puspakom Sdn Bhd, and all other relevant authorities for the registration of the vehicle prizes and the purported assignment and/or transfer,

8.1.5. Fully bear the vehicle registration fee, road tax, insurance coverage and any other miscellaneous
costs relating to the vehicle prizes as well as all costs and expenses in relation to the purported
assignment and/or transfer as stated in clause 8.1.3 and 8.1.4 above;

8.2. In the event of any breach of the above clauses and/or any of the terms and conditions stipulated in this
Campaign Terms, the Organiser shall have the rights and be entitled to claim and recover the total retail
price of the Vehicle Prizes, including but not limited to the recovery of all costs, expenses, damages, and
losses suffered by the Organiser in connection to the above.

9. MISCELLANEOUS

9.1. Any pictures/photos/videos of the Prizes shown in any advertisement and promotional materials are solely
for illustration purpose and may defer from the actual prizes.

9.2. The Organiser reserves the right at its sole discretion to suspend, modify or terminate the Campaign at any time without prior notice.

9.3. All of the Organiser’s decisions in relation to the Campaign are final and any claims or requests or correspondence pertaining to the same shall not be entertained.

9.4. The Organiser shall not be responsible for any losses, damage, death or injury arising from usage of the prizes received.

9.5. The Organiser shall have the absolute right to disqualify any individual that it determines to be tampering
with the entry process or the operation of the Campaign, and/or to be acting in breach or potential breach
of this Campaign Terms and Conditions.

9.6. The Organiser reserves the right to cancel, modify suspend or delay the Campaign in the event of
unforeseen circumstances beyond its reasonable control.

9.7. Any Terms and Conditions applicable to this Campaign which is prohibited or unenforceable under any
law or regulation shall be ineffective to the extent of such illegality, voidness, prohibition or unenforceability
without invalidating the remaining provisions.

Perfection of Transfer and Perfection of Charge: Everything property buyers need to know!

Erfan Sakib on July 15, 2022

These two documents are essential for the property ownership transfer process. We will take a look at the differences between the Perfection of Transfer and Perfection of Charge, the costs and the processes involved. Buying your first home can be a cumbersome process that involves numerous steps. In this article, we will talk about two documents home buyers will encounter after signing the Sales and Purchase Agreement (SPA) – the Perfection of Transfer (POT) and Perfection of Charge (POC). The Perfection of Transfer is necessary for transferring ownership from the developer’s name to your name as the property owner whereas the Perfection of Charge is required to charge the property title to the bank. For a comprehensive view of the related documents involved in the entire house buying process, read this list of legal documents required when buying a house in Malaysia.
1. What Is Perfection of Transfer (POT)?

POT is a process to register a property title under the name of a property purchaser. This document is required in situations where an Individual title or strata title has yet to be issued for that property by the land office. This typically happens with new launch properties or primary units purchased from a property developer.

During construction of a landed housing development or a high-rise building, the entire property project will be under a master title as the developer owns the plot of land. This plot of land will then be divided into their individual building or parcel lots.

This means the entire development will remain under one big plan until divided into an individual share. The developer is required to apply for the strata titles or individual titles on behalf of the purchasers by submitting applications to the land office. Once approved by the land office, each property will have its individual or strata title. This revokes the previous master title and will allow the purchasers to register their names on the title. For a deeper understanding, read on the differences between master title, individual title and strata title.

Why is the Perfection of Transfer important?

If your name is not registered on the title, the land office swill not acknowledge you as the property owner. You will also not be regarded as the registered proprietor as per the National Land Code 1965 and would not be able to exercise all the rights as a registered proprietor.

  • Selling your property will be a lengthy process – you will have to request the developer to transfer the property to the new buyer.
  • You may have to bear additional costs when executing the Memorandum of Transfer or MOT (when applying for home loans with a bank) as the POT is used as an instrument of charge to banks for loans.
  • Without strata titles, owners of strata properties such as apartments, condominiums and serviced residences will not be able to initiate the formation of the management corporation (MC).
2. What is the Perfection of Transfer process like?

Step 1: The buyer pays legal fees, stamp duty and disbursements.

Step 2: The buyer appoints his/her lawyer.

Step 3: The lawyer sends a Letter of Authorisation to the property developer and liaises with the developer on necessary documents such as a copy of the title and the developer’s company documents.

Step 4: The lawyer prepares an MOT (Form 14A) which is signed by both the developer and the buyer.

Step 5: Once completed, the developer will deliver the original title to the lawyer to finalize the process of transferring property ownership to the buyer.

Step 6: The lawyer makes a dispute (adjudicates?) based on the MOT and the buyer then pays stamp duty to the Inland Revenue Board (IRB) according to the purchase price of the property.

Step 7: The lawyer presents and registers the MOT and finalises the transfer of ownership at the land office.

3. How is the cost for Perfection of Transfer calculated?

A Perfection of Transfer quotation will include the following:

  • MOT professional lawyer fees
  • Stamp duty
  • Disbursement fees by the lawyer such as registration fees, consent to transfer, land search, winding up and bankruptcy search, transportation and photocopies

Below are the legal fee rates in Malaysia. Do take note that these are the maximum fees one would normally pay and are subject to discounts.

PROPERTY PRICE TIER LEGAL FEE
(% of property price)
First RM500,000 1%
Next 500,000 (RM500,001 – RM 1 million) 0.8%
Following RM2,000,000 (RM1,000,001 – RM 3 million) 0.7%
Next RM2,000,000 (RM3,000,001 – RM 5 million) 0.6%
Thereafter (> RM 5 million) 0.5%

Here is an example Perfection of Transfer calculation, assuming that the property purchase price is RM650,000:

  1. Professional Fees from Lawyer

Memorandum of Transfer = RM1,300

2. Disbursements

Stamp Duty on MOT = RM8,000

3. Registration Fees

State Registration Fees on Transfer = RM350

Consent to Transfer = RM150

4. Search Fees

Land Search/ CTC Title/ ROC Search = RM80

Winding up, Bankruptcy Search & ROC = RM20

5. Incidentals

Transportation, courier, etc = RM150

Photocopy, Printing, Faxing, Telecommunications, etc = RM150

Miscellaneous = RM100

GRAND TOTAL = RM10,300

Documents Required for the Perfection of Transfer
  • A copy of the purchaser’s identity card
  • A copy of the title
  • A copy of the SPA
  • The latest assessment receipt
  • The quit rent receipt
  • The assessment receipt
  • Other relevant documents
4. How is the POT related to the Memorandum of Transfer (MOT)?

MOT, or Form 14A as it is legally known, is an important piece of document that every home buyer must sign to gain ownership of a property (individual or strata title) from a developer.

An MOT is prepared and signed along with the SPA and housing loan documents. A signing of the MOT confirms an intention to transfer ownership of the property to the purchaser once the individual or strata title has been issued. This document contains details of the developer, purchaser and land title details for the land office.

So, how is MOT related to Perfection of Transfer? POT is a legal document needed before a property title has been issued. This document is used to set up ownership of the development and is issued during the building and construction phase. This is then followed by the MOT which enables a purchaser to have his/her name registered on a land title, which would then allow him/her to transfer the property legally.

Read: Ultimate guide on Memorandum of Transfer (MOT) and Stamp Duty in Malaysia

5. What is the Perfection of Charge (POC)?

The Perfection of Charge (POC) is a complementary process that is performed together with Perfection of Transfer. This process acts as the lending bank’s way to secure the loan taken out by the home buyer. Most buyers will apply for a housing loan to finance their purchase and will slowly “buy” back the property through recurring repayments of that loan over 20 to 30 years.

In return for the housing loan provided by the lending bank, the property title must also include the bank’s name as the chargee of the property. Here is where the POC comes into play – it serves as a charge, or security, to the bank’s loan. Should the buyer fail to make repayments, the bank will have an automatic right to sell the property to recoup the loan’s monthly repayments.

If you’re wondering who’s appointed to do the POC… you guessed it! It’s the bank. The bank is responsible for ensuring the ownership is transferred to the bank as a security measure for the loan. The bank’s lawyer is appointed for the registration of transfer and he will execute a discharge document or Form 16N to discharge the bank’s charge over the title. The homebuyer must forward the original property title to the bank once the title is registered by the Land Office, to enable the bank’s lawyer to proceed accordingly.

In short, Perfection of Transfer is needed to take ownership of a property from a developer whereas Perfection of Charge is required to then transfer that ownership to the lending bank. Previously, this process was completed through the Deed of Assignment (DOA) which is a different legal document that transfers ownership of a property from one party to another. This document is also required for homeowners who are applying for a home loan in Malaysia.

6. What is the Perfection of Charge process like?

Step 1: The lawyer prepares charge documents such as the Charge Annexure and Form 16A.

Step 2: The charge documents are executed by the buyer and signed by the bank.

Step 3: Once completed, the lawyer gets the charge documents stamped by the IRB.

Step 4: The buyer pays stamp duty of the charge documents (RM10 per copy)

Step 5: The lawyer presents the charge documents at the land office and registers the charge documents in favour of the bank.

Step 6: The buyer receives a copy of the title and a copy of Form 16A.

7. How is the cost for Perfection of Charge calculated?

A Perfection of Charge quotation is similar to the Perfection of Transfer except for the stamp duty. Generally, banks are responsible for paying the fees – which are dependent on the offer letter signed between the property purchaser and the bank’s loan agreement. For POC, the stamp duty is only RM40.

Documents Required for the Perfection of Charge
  • A copy of the homebuyer/ borrower’s identity card
  • A copy of the property title
  • A copy of the facilities agreement
  • The latest assessment receipt
  • The quit rent receipt
8. Other important information about the Perfection of Transfer and Perfection of Charge
  • If you had paid the stamp duty during the signing of your SPA, you could ignore this amount when completing a Perfection of Transfer. Homebuyers only need to pay the stamp duty once during a property purchase. Here are the latest stamp duty rates in Malaysia.
  • The property’s stamp duty is calculated based on the SPA price (at the time of signing) and not the current market value. If you bought a home in 2018 for RM650,000 and the current value is RM750,000, the stamp duty payable will be based on RM650,000.
  • Homebuyers who do not apply for a housing loan to finance their property purchase will not have to execute the POC.
  • For the execution of POT and POC, buyers can engage the same lawyer used during the SPA signing (where the SPA has been prepared but the strata title isn’t ready). In this case, the existing lawyer is allowed to charge the buyer only 25% of their full-scale legal fees, as per the Solicitors Remuneration Order 2017.
  • For property purchasers who engage a new lawyer specifically for the completion of POT, the Solicitors Remuneration Order states that the maximum charge the lawyer can charge is 50% of the mandatory legal fees.
Link : https://www.iproperty.com.my/guides/perfection-of-transfer-perfection-of-charge-malaysia/

Environmental Policy Statement

Erfan Sakib on July 7, 2022

1. INTRODUCTION

LBS Bina Group Berhad (“LBGB” or “Company”) and its subsidiaries (“LBGB Group”) recognise the potential environmental and climate change impact in all its development project sites.

 

2. OBJECTIVE

The objectives of this policy are amongst others, to provide guidance for LBGB Group and external stakeholders to ensure that all its development project sites to:

(i) comply to the applicable environmental legislation, regulations and standards;

(ii) adopt strategies and approaches that are aligned with LBGB Group’s commitment;

(iii) uphold with the highest standard practices; and

(iv) effectively communicate the policy, engaging both the internal and external stakeholders, while actively promoting awareness among LBGB Group and other stakeholders.

 

3. SCOPE

This Policy is applicable to LBGB Group’s development project sites and its external stakeholders such as supplier, vendors and business partners. Supplier is the upstream entity from the organisation (i.e., in the organisation’s supply chain), which provides a product or service that is used in the development of the organisation’s products or services such as consultants, contractors, distributors, independent contractors, licensees, manufacturers, primary producers and sub-contractors.

In accordance with LBGB Group’s commitment to the best practice on sustainability, LBGB Group also expects the external stakeholders to aspire to the same standards in their business operations included but not limited to LBGB Group’s commitment.

 

4. COMMITMENTS

Compliance and Continuous Improvement

LBGB Group’s unwavering commitment to compliance with environmental laws and regulations is the guiding principle. Beyond compliance, LBGB Group is dedicated to the relentless pursuit of continuous improvement in every facet of LBGB Group’s development project sites. LBGB Group takes this commitment a step further by:

(i) actively raising awareness among LBGB Group’s internal and external stakeholders, fostering a collective sense of environmental responsibility.

This steadfast commitment to compliance and continuous improvement underpins LBGB Group’s mission and vision to drive environmental sustainability and serve as a beacon of responsible corporate citizen.

In the pursuit of the objectives, LBGB Group undertakes the following:

a) Waste Management

LBGB Group is dedicated to responsible waste management, recognising the environmental impact of waste generated in its development project sites. LBGB Group’s commitment includes:

(i) minimising waste generation through efficient material use and eco-friendly materials, such as Industrialised Building System (“IBS”) precast concrete. The continued use of IBS enables raw material optimisation in a controlled environment.

(ii) adopting proper waste management including 3R practices (Reduce, Reuse and Recycle)

(iii) continuously monitoring and reporting on waste generation; and

(iv) ensuring waste collection is managed by authorised individuals or service providers.

LBGB Group’s waste management commitment involves establishing comprehensive waste management practices, setting specific diversion targets, and highlighting efforts to reduce waste in construction phases.

b) Material Management

LBGB Group is dedicated to environmentally responsible material management in alignment with the Group Sustainable Procurement Policy. LBGB Group is actively engaging with external stakeholders to promote sustainability and reduce the adverse environmental impact of products and services. This commitment includes:

(i) promoting the responsible sourcing of construction materials, including sustainable, recycled, and low-impact options;

(ii) consuming energy and resources responsibly and conservation of the same through innovative practices and procedures;

(iii) implementing detailed strategies to reduce reliance on virgin resources and minimise the carbon footprint associated with material production; and

(iv) emphasising efficient and sustainable building design with a focus on energy and resource conservation. LBGB Group adopts innovative Industrialised Building System (“IBS”) precast concrete at development project sites, whenever feasible.

c) Pollution Management

LBGB Group is committed to prevent pollution at its source whenever possible and to effectively manage it when prevention is not feasible. LBGB Group has recognised and established approaches to address its concern towards pollution prevention as developer exemplified by the following instances:

(i) banning and prohibiting activities that cause pollution to the environment such as open burning and minimising noise pollution arising from construction activities;

(ii) adopting measures to prevent pollution such as placing of diesel storage tanks within a concrete bunded area;

(iii) practising periodic and proper maintenance of the construction drainage system; and

(iv) exploring and implementing a range of measures and strategies to continue LBGB’s Group pollution prevention efforts.

d) Biodiversity Conservation

LBGB Group is unwavering in its commitment to reducing adverse environmental impact and fostering the preservation and enrichment of biodiversity across all its development project sites. LBGB Group has established approaches to address its concern towards biodiversity as developer by:

(i) adopting the principle of biodiversity mitigation hierarchy; avoidance, minimisation and restoration;

(ii) performing risk assessment by internal and external stakeholders where required;

(iii) mitigating the impact by conserving habitats, nurturing local ecosystems, and safeguarding wildlife and green spaces; and

(iv) introducing The International Union for Conservation of Nature (IUCN) Red List and local species, where suitable to its development projects.

 

5. REVIEW OF THE POLICY

This Policy has been approved by the Board and is available for reference in the LBGB’s corporate website and internal computer networking system.

This Policy shall be reviewed by the Board once every two years and updated whenever necessary to ensure its effective implementation. Any subsequent amendments to the Policy shall be approved by the Board upon recommendation of the Sustainability Committee.

Download PDF

LBS FABULOUS EXTRA 2022-23 Campaign Returns With Extra Excitement And Prizes

Erfan Sakib on July 4, 2022

4 July 2022

LBS Bina 22nd Annual General Meeting (“AGM”)

Erfan Sakib on June 29, 2022

LBS Bina Group Berhad has concluded its 22nd Annual General Meeting (“AGM”) on 16 June 2022, which also happens to be its second AGM conducted in a fully virtual setting. LBS further announced that all 11 ordinary resolutions presented during the AGM for consideration were passed by its shareholders.

For a more detailed update, feel free to access LBS’s press release below:

https://lbs.com.my/media/20220616-lbs-foresees-recovery-in-property-sector-in-2022/

Succession Planning Policy

Erfan Sakib on June 29, 2022

1. Introduction

Changes in management are inevitable and can present unique challenges. LBS Bina Group Berhad has established a succession plan to provide continuity in the leadership pipeline and avoid extended and costly vacancies in key positions.

Succession planning requires collaboration across the organization. It is an ongoing process to ensure that the Group identifies high-potential employees and prepare them for high-level management positions through mentoring, coaching and training to replace those key business leaders who leaves their positions.

2. Objective

(1) To ensure the stability and accountability of the Group by having a plan to support operation and service continuity when the Managing Director, Executive Directors or Senior Management leave their positions;

(2) To help the Group in preserving its information and knowledge that will be lost due to resignation, retirement or general attrition;

(3) To prepare a diverse pool of suitably qualifies and motivated employees for higher role and responsibilities; and

(4) To develop career paths for employees which will facilitate the Group’s ability to recruit, train and retain top-performing or high talent employee, by addressing competency and skill gaps.

3. Roles And Responsibilities

Key positions are identified as follows:

(a) Group Managing Director;

(b) Executive Directors; and

(c) Head of Departments (Senior General Managers and General Managers).

The Board is responsible for succession planning for the Managing Directors and Executive Directors’ position. The Board should consider either to hire or to internally promote the new Managing Director and Executive Directors, when anyone of the mentioned positions leaves and to ensure the successor has the required skills to implement the Group’s mission and vision.

Whereas, the Executive Director is responsible for the succession planning for the Head of Departments (Senior General Managers and General Managers) in the Group.

4. Succession Planning Process

(1) Identify capabilities and talent needs, based on strategic business plan and Company’s Vision and Mission;

(2) Determine the required capabilities for critical positions;

(3) List down the competency profile of the selected talents or employees;

(4) Analyse and match the competencies between the critical positions and the selected employee to identify the gaps;

(5) Provide high level development plan for the selected employees to develop into target positions;

(6) Assess the performance of the selected employees on a periodic basis; and

(7) Monitor and track the overall progress.

5. Key Success Factors

The support from the Board, Managing Director, Executive Directors and Senior Management are important for the succession planning process. This will give all employees and understanding and emphasis on the importance of succession planning to the Company.

The selected employees should be provided with adequate time for development and mentoring. Regular review and update for the succession plan is vital to ensure the hiring needs and assess the development progress of the selected candidates.

6. Review

This Policy has been endorsed by the Board. It shall be reviewed by the Nomination and Remuneration Committee (“NRC”) and updated from time to time to ensure the Group remains at the forefront of best practices in corporate governance. Any subsequent amendments to this Policy should be endorsed by the Board upon recommendation by NRC.

Download pdf
Follow LBS Bina

Follow LBS Bina

Linkedin Facebook X-twitter Youtube Instagram Tiktok
Address
Plaza Seri Setia, Level 1-4,
No. 1, Jalan SS9/2,
47300 Petaling Jaya,
Selangor, Malaysia
Quick Links
Property
Highlights
Recognised by:
Contact Us
HELPDESK
LBS Hotline
Customer relations hotline
Locate us
Map-marked-alt Waze
bandar-putera-indah-coloured
rimbawan_logo_white
rimbawan_logo_(OL)

© 2024 LBS. All Right Reserved.
Contact Us