LBS Bina to grow sales 54pc to RM650m

LBS Bina Group Bhd expects sales for financial year ending Dec 31, 2011
to increase by 54 per cent to RM650 million from RM422 million last
year.

Managing director, Datuk Lim Hock San, said this was based
on expected better profit margins following the company''s move into the
high-end property market of houses costing RM350,000 each.

He said these houses would now constitute about 80 per cent of the company''s development portfolio.

"The
group's landbank of over 964 hectares (including land bank in China)
and total gross development value of RM16.6 billion are set to keep us
busy for the next few years.




"The unbilled sales as at June 30 this year, which will be realised in
one-and-a-half to two years, amounted to RM558 million," he said at the
launch of the new LBS corporate identity here today.

Lim said the
main contributors to the group''s growth in the next few years would be
D''Island Residence in Puchong, the 340ha Bandar Saujana Putra township
and projects in Cameron Highlands.

"D''Island Residence is
earmarked to be the group''s flagship resort-like homes as LBS moves
into the high-end property segment with the development projected to
contribute 30 per cent to 40 per cent to the group''s revenue and
earnings over the next few years," he said.

Lim said plans to
diversify into hotels, resorts, retail building and many more were in
the works as the group moved towards becoming a formidable player on the
international arena.

In China, LBS Bina is involved in
management of the Zhuhai International Circuit, the Lakewood Golf Club
and development of mix property development. -- Bernama