This article first appeared in The Edge Financial Daily, on June 10, 2016.

KUALA LUMPUR: Property developer LBS Bina Group Bhd plans to launch more landed properties next year.

“I think landed is the best-selling at the moment. That's why next year LBS plans to have many landed property launches,” LBS Bina managing director Tan Sri Lim Hock San said after the group’s annual general meeting yesterday.

Lim added that the pricing for landed properties cannot be too high as buyers face difficulties in getting financing.

Lim said the group’s BSP 21 high-rise residential project in Bandar Saujana Putra is the best-selling product currently.

LBS Bina is planning to launch the remaining five blocks of its BSP 21 project later this year. It is expected to be completed by end-2017. The project saw a take-up rate of 94% for its first five blocks.

The group has an undeveloped land bank of 2,524 acres (1,021ha) in Kulai, Batu Pahat, Selangor and Ipoh.

With unbilled sales of about RM1.11 billion as at May 31, and new major launches of up to a gross development value of RM1.65 billion in the Klang Valley and Cameron Highlands for the rest of 2016, Lim is confident the group will be able to achieve this year’s sales target of RM1.2 billion.

LBS Bina has so far achieved RM317 million sales or 26.4% of its target.

As for the Zhuhai International Circuit Ltd upgrading and transformation plan, Lim said it is awaiting approvals from the authorities in China.

LBS Bina has a 60% stake in Zhuhai International Circuit, which owns a racing circuit 

in Zhuhai, China.

The plan will redesign and transform the plot into a tourist spot with commercial development, Melaka Cultural and Trade Centre, a hotel, theme park and factory outlet for premium brands.

Meanwhile, ML Global Bhd is expected to see some changes in management soon, after LBS Bina assumed control of a 51.19% stake in the company recently.

“Some of the senior LBS management will go into [ML Global]. There will be changes in the management very soon,” Lim said.

The roof tile manufacturer is now a subsidiary of LBS after the latter raised its shareholding and launched a mandatory general offer.

Lim, who is the non-independent non-executive director of ML Global, said the company is open to opportunities to form a joint venture with landowners for property developments.

Asked if LBS Bina would inject its construction arm into ML Global, Lim said there is no such plan yet.