LBS to launch two new projects in Iskandar M'sia

by **Cals** Thu 17 Apr 2014, 01:11

Business & Markets 2014

Written by Bernama

Wednesday, 16 April 2014 15:38

KUALA LUMPUR (Apr 16): LBS Bina Group Bhd is set to launch two more development projects in Iskandar Malaysia, in a move to tap red-hot property demand in the booming economic zone.

The projects would be undertaken by the company itself, and fall into the mid-range segment, said Managing Director Datuk Seri Lim Hock San.

He declined to divulge more details but said an announcement would be made in two months.

"I don't see over supply in Iskandar. If Chinese developers are eagerly tapping the development there, they must have done their homework," Lim told
Bernama during a recent media trip to Cameron Highlands to witness the launch of its first sales gallery there.

"Iskandar is being heavily promoted in China and almost everyone there knows this is the place to invest, thanks to its proximity to Singapore," he added.

The two new projects come on the heels of the company's February announcement of a mixed development project, consisting of 2,700 residential and commercial properties, in Iskandar Malaysia
with an estimated gross development value of RM2 billion.

The bulk of the 2.2 hectares of land was acquired from the Employees Provident Fund for RM71.82 million.

This eight-year development is expected to commence next year at an estimated cost of RM1.5 billion.

Lim said this project would target the premium segment.

Johor was expected to enjoy a spillover effect from Singapore, just like Shenzhen, China riding on the economic boom from neighbouring Hong Kong, he said