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Friday, May 8, 2009

LBS Bina in JV for mixed property project

PETALING JAYA: LBS Bina Group Bhd has formed a joint venture with Astana Modal (M) Sdn Bhd for a 70-ha mixed property development project in Puchong.

In a filing with Bursa Malaysia yesterday, LBS said its subsidiary LBS Bina Holdings Sdn Bhd had been appointed the project manager of the development by Astana.

The project, with a gross development value of RM1bil, comprises 1,100 property units including bungalows, semi-detached homes, superlink houses, luxury condominium and commercial units.

Astana is providing the land while LBS would have to bear the cost of development, to be funded via internally and bank borrowings. The construction is expected to be completed in five years with the profit ratio at 70:30 for LBS and Astana.

LBS said the project, which was expected to contribute positively, would add 70ha to the group’s existing landbank, giving a total of 1,080ha for future growth and profitability.

LBS director and substantial shareholder Badrul Ahmad is also a director of Astana in which he owns a significant stake.

By The Star

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