By Sharen Kaur
sharen@nstp.com.my
Published in NST on January 10, 2013
LBS Bina Group Bhd is not pulling out of China and instead will have new ventures to look at in the region through Hong Kong-listed Jiuzhou Development Co Ltd (JDCL).
State-owned JDCL is involved in various businesses like high-speed passenger ferry operations, running a marine passenger transport pier, theme parks and a hotel chain in China.
LBS is expected to become a substantial shareholder of JDCL after selling its wholly-owned unit, Dragon Hill Corp Ltd, to Jiuzhou Technology Co Ltd, a subsidiary of the Hong Kong group.
It is understood that LBS will be involved in the planning of projects by JDCL and have board representation in the group.
LBS is a Malaysian property developer with focus in the Klang Valley and Johor.
It has 60 per cent interest in Dragon Hill, which owns and operates the 36-hole Lakewood Golf Club, and an adjoining 79.19ha property development project in Zhuhai City.
The company inked a memorandum of understanding (MoU) in April last year to sell its share in Dragon Hill to Jiuzhou Technology.
The Chinese company intends to buy 60 per cent to 100 per cent equity in Dragon Hill for HK$1.65 billion (RM646.65 million) in cash and equity in JDCL and convertible bonds.
This means LBS, which is 49.94 per cent controlled by Datuk Lim Hock San and his family, will own a portion of JDCL.
When met yesterday at the unveiling of BSP Skypark here, Lim said negotiations are in final stages and he expects to conclude the deal in the current quarter.
"Our 60 per cent rights (in Dragon Hill) can be measured ... it is already quantified. We hope to sign the sale and purchase agreement in the current quarter or before April," Lim told Business Times.
LBS and Jiuzhou Technology have six months to negotiate the terms of the agreement and sign it on or before it expires in April.
BSP Skypark, meanwhile, is LBS' maiden high-rise development here, a township which started in 2003.
It comprises 689 units of serviced apartments and 32 shoplots in a 24-storey tower, worth RM320 million.
LBS is selling the apartments from RM399,900 (around RM400 per sq ft) to above RM800,000, and the shoplots from RM618,000 (1,030 sq ft).
"We are bullish on sales as this is the first high-rise residence in the township and the units are affordable," Lim told reporters.
Lim said LBS will be launching new phases in the township which accounted for 60 per cent of its RM871 million sales last year.
LBS has 19 ongoing projects and 887ha of undeveloped land in Ipoh, Batu Pahat, Cameron Highlands and Bandar Saujana Putra, which could generate RM12.5 billion in gross development value.
sharen@nstp.com.my
Published in NST on January 10, 2013
ALKS IN FINAL STAGES: Company plans new projects through Hong Kong-listed Jiuzhou Development
State-owned JDCL is involved in various businesses like high-speed passenger ferry operations, running a marine passenger transport pier, theme parks and a hotel chain in China.
LBS is expected to become a substantial shareholder of JDCL after selling its wholly-owned unit, Dragon Hill Corp Ltd, to Jiuzhou Technology Co Ltd, a subsidiary of the Hong Kong group.
It is understood that LBS will be involved in the planning of projects by JDCL and have board representation in the group.
It has 60 per cent interest in Dragon Hill, which owns and operates the 36-hole Lakewood Golf Club, and an adjoining 79.19ha property development project in Zhuhai City.
The company inked a memorandum of understanding (MoU) in April last year to sell its share in Dragon Hill to Jiuzhou Technology.
The Chinese company intends to buy 60 per cent to 100 per cent equity in Dragon Hill for HK$1.65 billion (RM646.65 million) in cash and equity in JDCL and convertible bonds.
This means LBS, which is 49.94 per cent controlled by Datuk Lim Hock San and his family, will own a portion of JDCL.
When met yesterday at the unveiling of BSP Skypark here, Lim said negotiations are in final stages and he expects to conclude the deal in the current quarter.
"Our 60 per cent rights (in Dragon Hill) can be measured ... it is already quantified. We hope to sign the sale and purchase agreement in the current quarter or before April," Lim told Business Times.
LBS and Jiuzhou Technology have six months to negotiate the terms of the agreement and sign it on or before it expires in April.
BSP Skypark, meanwhile, is LBS' maiden high-rise development here, a township which started in 2003.
It comprises 689 units of serviced apartments and 32 shoplots in a 24-storey tower, worth RM320 million.
LBS is selling the apartments from RM399,900 (around RM400 per sq ft) to above RM800,000, and the shoplots from RM618,000 (1,030 sq ft).
"We are bullish on sales as this is the first high-rise residence in the township and the units are affordable," Lim told reporters.
Lim said LBS will be launching new phases in the township which accounted for 60 per cent of its RM871 million sales last year.
LBS has 19 ongoing projects and 887ha of undeveloped land in Ipoh, Batu Pahat, Cameron Highlands and Bandar Saujana Putra, which could generate RM12.5 billion in gross development value.
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