LBS Bina Group Bhd plans to diversify into industrial property development in Puchong to overcome a softer residential property market this year.

Group managing director Datuk Lim Hock San said demand was still intact for industrial properties and the Puchong project, with an initial gross development value of RM100mil, would take two years to complete. “We plan to launch 50 semi-detached factories in Puchong. It (each factory) would have a land area of about 7,500 sq ft and built-up area of 4,000 sq ft.”

The surge in raw material prices had affected construction costs. “We are lucky we did not launch so many projects,” Lim said, adding that LBS planned to sell some of its land and focus on the Klang Valley property projects on a small scale only. This year, LBS would continue to be cautious and had decided to hold back the commercial shops launch in Bandar Saujana Putra, which would be reviewed in one to two months.