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Saturday, June 19, 2010

LBI Capital to launch 3 projects in Johor, Klang Valley

LBI Capital Bhd, a small property developer, plans to launch three projects in Johor and the Klang Valley with a total gross development value (GDV) of RM210 million.

LBI Capital, which diversified into property development in 2004, embarked on its first project in Ara Damansara.

The company used to supply air-conditioners to Proton Holdings Bhd but exited the business due to stiff competition.

"Property development now contributes more than 95 per cent to our earnings while the manufacturing of rubber mats and outer shoe soles make up the rest," said managing director Datuk Ng Chin Heng.

"We expect to launch projects at the end of the year as consumer confidence picks up," he told reporters after the company's annual general meeting in Shah Alam, Selangor, yesterday. Also present were chairman Tan Sri Arshad Ayub and executive director Kong Sau Kian.

LBI Capital is banking on three property projects with a total GDV of RM210 million - two in the Klang Valley and one in Tampoi, Johor - to drive profits for the group until 2012.

The group plans to build 11 units of three-storey bungalows in Section 14, Petaling Jaya. The 0.85ha site is located opposite the Aman recreational park and near the Sri Aman secondary school.

In Puchong, LBI Capital will step up sales of industrial lots on a 14.4ha site in Puchong, Selangor, a project with a potential GDV of up to RM90 million. The industrial area will cater for the needs of various industries especially those from the small- and medium-sized sector.

"We see high demand for corporate office and warehousing in industrial lots due to the growing number of SMEs. Each lot measures 10,000 sq ft," he said.

Over in Tampoi, Johor, LBI Capital is building 21 units of shop lots worth RM14 million. The shop lots are located along the Skudai Highway in Taman Mewah.

On the outlook, Kong said the group will continue to look for opportunities to partner landowners in the Klang Valley to develop mid-to-high-end properties.

By Business Times

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