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Thursday, May 7, 2009

LBS ties up with Astana for RM1b Sepang project

KUALA LUMPUR: LBS Bina Group Bhd is teaming up with Astana Modal (M) Sdn Bhd (AMMSB) to carry out a mixed property development project worth RM1 billion in Sepang, Selangor on about 175 acres (70ha) of land.

LBS told Bursa Malaysia today the project will comprise a total of about 1,100 units of bungalows, semi-detached houses, superlink houses, luxury condos and commercial units.

AMMSB appointed LBS as project manager to carry out the development.

LBS and AMMSB will share the development profit in the ratio 70:30.

LBS said the project was expected to generate RM1 billion in revenue over the next five years, and contribute positively to its profitability.

For the year ended Dec 31, 2008, LBS posted a net profit of RM15.42 million on the back of RM266.44 million revenue. Earnings per share was four sen.

It said the new development, which brings the group's existing land bank to about 2,700 acres, would place the group in a good position to sustain its growth and profitability.

It said the land was strategically located in Puchong and would be well connected via the LDP and accessible from the Elite Expressway linked by the Cloverleaf Interchange-Putrajaya in the near future.

LBS said the development land was a piece of island-featured land with the bulk of it surrounded by water. "This island feature makes the development land a perfect place for a truly unique island resort living with scenic natural panoramic view of the surrounding lake and the mainland green ranges," it added.

By The EDGE Malaysia

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