KUALA LUMPUR (Jan 23) — Lim Seong Hai Capital Bhd (KL:LSH) plans to seek shareholder approval to partner with Besteel Engtech Sdn Bhd, owned by executive vice-chairman Datuk Lim Keng Guan, for the rejuvenation of Sri Morib Golf & Country Club and the development of 150 acres of adjacent land into a mixed-use residential and commercial project. The company intends to invest RM484.8 million into the project, which has a total estimated cost of RM692.6 million, according to a Bursa Malaysia filing.
Under the plan, LSH Best Builders Sdn Bhd, along with its subsidiaries LSH Morib Golf and Country Club Sdn Bhd and LSH Morib Development Sdn Bhd, will form special purpose vehicles (SPVs) with Besteel, which will hold a 30% interest in the SPVs. LSH will also provide financial assistance to support project execution. Both arrangements are subject to shareholder approval.
The Sri Morib Golf Club renovation will be managed by LSH Morib GCC, covering all costs to upgrade the eight-hole, 139-acre course, while retaining all operational revenue. A new clubhouse and hotel will be developed on a five-acre beachfront site under a 30-year lease, renewable for another 30 years. Revenue-sharing agreements will see payments made to landowners — Seriemas Resort Sdn Bhd, Seriemas Development Sdn Bhd, and Permodalan Negeri Selangor Bhd — for hotel and related services, while LSH retains other earnings. The golf operations themselves will be managed under a 60-year lease with structured lease fees to landowners.
Meanwhile, LSH Morib Development will spearhead the mixed-use township, valued at RM850 million over 10 years, comprising residential and commercial properties. Revenue-sharing arrangements will provide landowners a portion of the gross development value, while LSH retains proceeds from property sales and assumes all development costs. The subsidiary also holds a 12-year first right of refusal for an additional 303 acres, allowing LSH flexibility to expand future developments.
The project is expected to deliver long-term growth through recurring income streams from golf and hotel operations, alongside revenue from residential and commercial property sales. LSH also plans to secure a 450-acre landbank for future projects, supporting sustainable expansion.
As of September 30, 2025, LSH had RM35.35 million in cash and bank balances and RM8.73 million in term loans. Shares in LSH closed at RM1.89, down six sen or 3.1%, giving the company a market valuation of RM1.59 billion. The stock has more than doubled since its ACE Market debut at 88 sen in March 2025.
For investors focusing on industrial land in Selangor, factories in Puchong, or office space in Bukit Jalil, the Morib project illustrates how strategic land acquisition and mixed-use development can generate recurring income and long-term asset value, complementing broader real estate portfolios across key growth areas.
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