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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

Sunrise records higher profit of RM152m

SUNRISE Bhd recorded a pre-tax profit of RM152.1 million for the nine-month period ended March 31, 2009, a four per cent increase from RM145.6 million seen in the previous corresponding period.

Revenue went up 32 per cent to RM566.6 million, from RM427.7 million previously, it said in a statement.

For the third quarter ended March 31, 2009, the company registered a pre-tax profit of RM42.7 million, a 41 per cent increase from RM30.2 million in the previous corresponding quarter.

However, when compared with the preceeding quarter ended Dec 31, 2008, there was a drop of RM23.9 million in profit, due to a one-off gain of RM18.7 million from sale of office units in Plaza Mont'Kiara recognised in the preceeding quarter.

The prevailing economic conditions have not significantly affected the group's financial accounting performance due to its unbilled sales from ongoing commercial and residential developments, namely Solaris Dutamas, Mont'Kitara Meridin, 10 Mont'Kiara and 11 Mont'Kiara, the company said.

It said the 10 Mont'Kiara and 11 Mont'Kiara projects were also recently awarded the Asia Pacific Property Awards 2009 for Best High Rise Architecture in Malaysia and Best High Rise Development in Malaysia respectively.

The Main Board listed company said it is confident of the current financial year, given its substantial locked-in unbilled sales of RM965 million as at March 31, 2009.

By Bernama

SunCity unit secures RM98mil financing

KUALA LUMPUR: Sunway City Bhd (SunCity) subsidiary Sunway D’Mont Kiara Sdn Bhd (SDMK) has secured RM98mil banking facilities from Public Bank Bhd.

In a filing with Bursa Malaysia, SunCity said the banking facilities were to part-finance the development cost (including consultation fees) of six blocks of condominiums comprising 228 units under Phase 3 of Kiara Hills known as Vivaldi as well as for SDMK’s working capital.

SDMK has an authorised and paid-up share capital of RM500,000 and RM250,000 respectively, with principal activity being property development

By Bernama