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LBS Bina to launch two projects in Iskandar Malaysia

KUALA LUMPUR: LBS Bina Group Bhd is set to launch two more developments in Iskandar Malaysia, Johor, in a move to tap the red-hot demand for property in the booming economic zone.

The projects will fall into the mid-range segment, said its managing director Datuk Seri Lim Hock San, adding that an announcement will be made in two months.

“I don’t see an oversupply (of properties) in Iskandar Malaysia. If Chinese developers are eagerly tapping the development there, they must have done their homework,” Lim told Bernama during a recent media trip to Cameron Highlands to witness the launch of its first sales gallery there.

“Iskandar Malaysia is being heavily promoted in China and almost everyone there knows this is the place to invest, thanks to its proximity to Singapore,” he said.

The two new projects come on the heels of the company’s February announcement, when it said it was undertaking a mixed development project, consisting of 2,700 residential and commercial properties in Iskandar Malaysia that has an estimated gross development value of RM2 billion.

The bulk of the 2.2ha of land for this project was acquired from the Employees Provident Fund for RM71.82 million.

This eight-year development is expected to commence next year and will target the premium segment.

Lim said Johor is expected to enjoy spillover effects from Singapore, just like Shenzhen in China, which rode on the economic boom of its neighbouring powerhouse, Hong Kong.


This article first appeared in The Edge Financial Daily, on April 17, 2014.

 

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