BANKING ON DEMAND: Developer sees RM500m GDV project to help it maintain growth
LBS Bina Group Bhd is banking on its new project in Cameron Highlands, the country’s most popular hill resort, to be its jewel in the crown.
The Selangor-based developer expects the project, which has a gross development value (GDV) of RM500 million, to keep its
earnings growth intact.
Managing director Datuk Lim Hock San told Business Times that the property market in Cameron Highlands is strong, with continuous demand for new holiday apartments and shoplots due to its growing population.
LBS owns another 2ha site next to its ongoing 1.2ha Brinchang Square project. It plans to undertake a tourism project featuring tudorinfluenced holiday apartments, shops, facilities
and car parks.
“We aim to launch the project next year. We are targeting owner-occupiers,” Lim said.
LBS is no stranger to Cameron Highlands, following the launch of Royal Lily Park and Carnation Park in 1998. It is now the biggest
It is developing Cameron Golden Hills, a 24ha township located between Brinchang and Tanah Rata, which it started in 2010.
The nature-inspired township has a GDV of RM724 million and is due for completion by 2017 over several phases.
It will have a total 1,210 units of holiday apartments, shops, double-storey terrace houses, semi-detached homes, and bungalow lots.
LBS has sold 153 units of the double-storey houses (The Vines), more than 300 apartments (Summer Square and Barrington Square), and 60 per cent of the 47 bungalow lots in the last three years.
Lim said property prices have risen by 20 to 30 per cent since the launches.
Brinchang Square, which is due to be completed by year-end, comprises 31 units of fourand five-storey shops with 244 parking bays.
The shops, unveiled in 2011 for RM1.8 million each, are now selling at RM2.2 million each.
Next year, LBS will launch a new development within the township, comprising a hotelcum-SOHO (small office/home office) apartments.
The project will be developed by LBS’s subsidiary, MITC Engineering Sdn Bhd.
“This project will have a GDV of more than RM100 million. We want MITC to do it so that LBS can focus on the township, and other developments in Malaysia,” Lim said.