LBS Bina to launch maiden project in China by mid-2012

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.