LBS launches first 2018 project as company eyes RM1.8b sales

KUALA LUMPUR (Jan 11): LBS Bina Group Bhd had today launched its first property project in 2018, a planned RM954.7 million condominium development in Bukit Jalil here. LBS had earlier said it was eyeing property sales of RM1.8 billion this year.

LBS group managing director Tan Sri Lim Hock San said the development, known as Residensi Bintang Bukit Jalil, features a a 47-storey north tower and 50-storey south tower on a 2.19ha (5.47-acre) land. Lim said the tract is near the Bukit Jalil City Mall and Paradigm Garden City Mall.
 
"Bukit Jalil is a strategic location for families and young home buyers. We are confident of achieving 60% sales of these units by this year," Lim told reporters at the launch of Residensi Bintang Bukit Jalil today.

Lim said the project comprises 1,342 condominiums. Construction of the project will be undertaken by its 55%-owned subsidiary MGB Bhd for completion by mid-2022, he added.

MGB was formerly known as ML Global Bhd.

At 12:30pm today, LBS shares settled at RM2.40, valuing the company at RM1.65 billion. LBS' latest-reported book value per share stood at RM1.95. — theedgemarkets.com

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