PETALING JAYA: LBS Bina Group Bhd, well known for building affordable homes, will launch its maiden property project in Zhuhai, China, worth RM7.5 billion by mid-2012.
Managing director Datuk Lim Hock San said the 79 hectare project will comprise high-rise and landed residences and a commercial complex, surrounded by a 120ha golf course.
"We are almost firming up details for the project and hope to launch it next year, in line with our plans to be an international player," he said here yesterday at the launch of LBS' new image, identity and direction.
The five-to-seven year project is a 60:40 joint venture with Jiuzhou Group, a Chinese government-linked company. The project was delayed by three years due to uncertainty in economic conditions.
Lim said its overseas ventures will be one of the main contributors to group's earnings starting from 2013, led by the China project.
LBS currently has 964ha of landbank in the Klang Valley, Batu Pahat, Cameron Highlands, Ipoh and China to keep it busy for 10-15 years. The land has the potential to generate some RM16 billion in gross development value.
Its on-going projects, worth RM1.45 billion, include Bandar Putera Indah in Batu Pahat, Bandar Saujana Putra and D'Island Residence in Selangor, and Taman Royal Lily in Cameron Highlands.
Meanwhile, as part of its new direction, LBS plans to build houses in the medium-high to high-end range to earn better profit margins.
Spearheading its position in the high-end market is its flagship resort development called D'Island Residence, worth about RM3 billion.
Sprawling over 70ha, D'Island Residence will offer 1,035 units of mixed housing, each worth RM1 million and above.
Lim said LBS will continue to build affordable houses priced below RM350,000, albeit on a smaller scale.
This year, LBS is targeting sales of RM650 million, which is 54 per cent more than last year.
By Business Times
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