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Friday, March 2, 2012

RM124m financing for LBS upmarket D'Island Residence

KUALA LUMPUR: Property developer LBS Bina Group Bhd is borrowing RM124.6 million from Malaysia Building Society Bhd (MBSB) to finance its upmarket development in Selangor.

The 70.8-hectare D'Island Residence housing project in Puchong, with gross development value of RM3.6 billion, is expected to be completed by 2020.

LBS managing director Datuk Lim Hock San said the first phase was fully sold out.

"We expect to hand over the houses to owners in six months," he told reporters here yesterday after sealing the loan agreement with MBSB.

The RM125 million loan is to finance the second phase of D'Island Residence, consisting of semi-detached and superlink homes.

The semi-detached homes are priced from RM2.38 million while the three-storey superlink homes will be sold from RM1.7 million.

In its filing to the stock exchange yesterday, LBS said its fourth quarter profits to December 2011 fell 19 per cent to RM9.02 million.

Revenue dipped five per cent to RM143.41 million.

For the full-year, the group's profits more than doubled to RM36.72 million, thanks to progressive sales at D' Island Residence and The Lake Residence in Puchong, Topaz III & IV, Ivory Residences I & II, Indigo Homes, Magenta Homes and Lavender II in Bandar Saujana Putra.

The high profits were mainly driven by the group achieving RM662 million sales last year, 57 per cent more than 2010's RM422 million.

As at December 2011, the group has 20 ongoing projects and unbilled sales of RM649 million.

Lim said LBS is confident of topping RM800 million sales this year as domestic consumption is still growing at a sustained pace.

"There's liquidity in the market. Property sales at select locations are doing well," he said.

By Business Times

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