PETALING JAYA: LBS Bina Group Bhd plans to launch its maiden property project in Zhuhai, China, by the middle of next year.
Managing director Datuk Lim Hock San said the first phase of the 79ha project might comprise a resort-type high-end landed one.
"We are definitely going to launch the project in China next year. Depending on the market, it could be in the second or third quarter of 2013," he said after LBS' annual general meeting here yesterday.
LBS had submitted its plans to the authorities for approval and should receive a reply in October, Lim added.
The project, which will take five to seven years to complete, is a 60:40 joint venture with Jiuzhou Group, a Chinese government-linked company.
In April this year, LBS' wholly-owned Intellplace Holdings Ltd signed a memorandum of understanding with JDCL's wholly-owned Jiuzhou Technology Co Ltd for the sale of two LBS companies involved in golf club operations and property development projects in Zhuhai.
LBS is then expected to become a substantial shareholder of the Hong Kong Stock Exchange-listed JDCL.
For the Zhuhai project, LBS will not be involved in the financing, although it will have a stake in JDCL.
On the domestic front, LBS said it was on track to achieve its 2012 sales target of RM800 million, Lim said.
As of June 27 2012, it had achieved about RM500 million in sales.
Yesterday, LBS shareholders approved the payment of a first and final dividend of 2.5 sen per ordinary share of RM1.00.
By Business Times
Friday, June 29, 2012
Crest Builder unit to build RM1.3bil project
KUALA LUMPUR: Crest Builder Holdings Bhd’s 51%-owned subsidiary, Landasan Bayu Sdn Bhd, had received a letter of intent from Lembaga Getah Malaysia (Malaysian Rubber Board) for the mixed property development with an estimated gross development value (GDV) of RM1.33bil.
Landasan Bayu is a 51:49 joint venture between Crest Builder Sdn Bhd and Tindakan Juara Sdn Bhd. The plot of land which will be developed is located at the intersection of Jalan Ampang and Jalan Jelatek in Kuala Lumpur and has an area measurement of about 19,247 sq m.
“The estimated gross floor area of the development is expected to be about 1.65 million sq ft,” it said.
The company told Bursa Malaysia that the mixed development comprised three 28-storey apartment and soho (small office home office) towers, a 33-storey corporate tower and a six-storey retail mall, and would be complete with the infrastructure, common facilities and common services.
“The development is expected to commence physical works in 2013, and is expected to be completed in 2018,” it said.
Lembaga Getah was entitled to RM299.85mil, in a mixture of both cash as well as completed property entitlements, it added.
The proposed development will not have any significant effect on the earnings or net assets of Crest Builder for the financial year ending Dec 31, 2012, and the share capital of the company. However, it was expected to contribute positively to its future earnings, it said.
The company also said the risk factors for the proposed joint-venture development would include but not limited to those associated with changes in the economic and regulatory conditions, such as changes to cost of funding and taxes.
By The Star
Landasan Bayu is a 51:49 joint venture between Crest Builder Sdn Bhd and Tindakan Juara Sdn Bhd. The plot of land which will be developed is located at the intersection of Jalan Ampang and Jalan Jelatek in Kuala Lumpur and has an area measurement of about 19,247 sq m.
“The estimated gross floor area of the development is expected to be about 1.65 million sq ft,” it said.
The company told Bursa Malaysia that the mixed development comprised three 28-storey apartment and soho (small office home office) towers, a 33-storey corporate tower and a six-storey retail mall, and would be complete with the infrastructure, common facilities and common services.
“The development is expected to commence physical works in 2013, and is expected to be completed in 2018,” it said.
Lembaga Getah was entitled to RM299.85mil, in a mixture of both cash as well as completed property entitlements, it added.
The proposed development will not have any significant effect on the earnings or net assets of Crest Builder for the financial year ending Dec 31, 2012, and the share capital of the company. However, it was expected to contribute positively to its future earnings, it said.
The company also said the risk factors for the proposed joint-venture development would include but not limited to those associated with changes in the economic and regulatory conditions, such as changes to cost of funding and taxes.
By The Star
Crest Builder plans RM1.3b project in KL
KUALA LUMPUR: Crest Builder Holdings Bhd will develop a mixed property project at Jalan Ampang, Kuala Lumpur, generating RM1.33 billion in gross development value over six years.
The firm said in a filing to Bursa Malaysia yesterday that its 51 per cent owned unit, Landasan Bayu Sdn Bhd, had received a letter of intent from Malaysian Rubber Board for the proposed development, which is due to start next year.
By Business Times
The firm said in a filing to Bursa Malaysia yesterday that its 51 per cent owned unit, Landasan Bayu Sdn Bhd, had received a letter of intent from Malaysian Rubber Board for the proposed development, which is due to start next year.
By Business Times
Tradewinds to redevelop Crowne Plaza
KUALA LUMPUR: Tradewinds Corp Bhd (TCB) confirmed today that it will demolish the Crowne Plaza Mutiara Hotel and Kompleks Antarabangsa in Jalan Sultan Ismail to pave the way for a RM6 billion mixed development project.
The company said it will redevelop the 2.8 hectare land on its own, and not via a joint venture as reported previously.
The project, comprising grade A+ offices, serviced apartments and retail space, is scheduled to be completed in seven years.
Speaking to reporters after meeting with stakeholders here, its Chief Executive Officer Shaharul Farez Hassan said the project will be funded by bank loans and debt equity, with a ratio of 70:30.
"We are talking with a few banks now," he added.
Crowne Plaza is a 35-storey hotel with over 500 rooms while Kompleks Antarabangsa is a 21-storey office building.
The project once completed, will reportedly, be known as the Tradewinds Centre.
By Bernama
The company said it will redevelop the 2.8 hectare land on its own, and not via a joint venture as reported previously.
The project, comprising grade A+ offices, serviced apartments and retail space, is scheduled to be completed in seven years.
Speaking to reporters after meeting with stakeholders here, its Chief Executive Officer Shaharul Farez Hassan said the project will be funded by bank loans and debt equity, with a ratio of 70:30.
"We are talking with a few banks now," he added.
Crowne Plaza is a 35-storey hotel with over 500 rooms while Kompleks Antarabangsa is a 21-storey office building.
The project once completed, will reportedly, be known as the Tradewinds Centre.
By Bernama
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