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Saturday, July 2, 2011

LBS to launch high-end RM3.5bil D’Island Residence in September

LBS Bina Group Bhd, which is working towards developing more premier property projects, will launch D’Island Residence in September.

Located on 175 acres in Puchong, the development will comprise 237 super-link houses, 298 semi-detached homes, 148 bungalows and 352 high-end condominiums as well as two blocks of commercial units.

Managing director Datuk Lim Hock San says the project, with a gross development value (GDV) of RM3.5bil, will also feature a commercial hub.

It is expected to take five to seven years to complete, he says.

Lim says D’Island Residence will be developed based on the tagline Island Retreat, Urban Charm and will promote modern lifestyle living.

It will have a clubhouse and adopt environment-friendly features like rainwater harvesting system and light-emitting diode street lights.

At the soft launch of D’Island Residence in April, 71 super-link houses worth RM83.4mil were sold. The latest launch today will feature 74 semi-detached houses priced from RM2.38mil.

Lim says the development is projected to contribute 30% to 40% to the group’s revenue and earnings over the next few years.

“We are transforming LBS to move up the value chain to focus on higher priced products,” Lim explains.

Houses priced above RM350,000 will constitute 60% of those that will be built by LBS this year. For the past five years, abouts 90% of the company’s sales came from medium-low to medium-cost homes.

Lim says LBS will adopt more green technology and designs in its projects.

As part of its long-term initiative to focus on high-end residential property market, Lim says LBS will launch a re-branding exercise later this month.

LBS has engaged alpha245, the brand communications subsidiary of Leo Burnett, to provide professional advice and guidance on the exercise, Lim says.

“LBS is also improving on customer experience and the quality of its products,” Lim adds.

Known for building affordable homes, the company plans to focus on medium-high to high-end market segment to earn better profit margins.

Lim says LBS is targeting sales to hit RM650mil this year from RM422mil last year.

He expects sales to reach RM800mil in 2012 and RM950mil in 2013.

As at May 31, the company has unbilled sales of RM527mil, which will be realised over the next two years.

Lim says LBS will continue to build affordable homes priced below RM350,000, albeit on a smaller scale.

The company has been building affordable homes at Bandar Saujana Putra, its flagship development spanning over 835 acres in Selangor.

The self-integrated township was launched in February 2003 and has a GDV of RM3bil. Sales of RM850mil have been recorded so far.

LBS has handed over about 5,000 units of various types of properties in the township.

By The Star

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