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Lippo eyes HK$3.2 bln from 2 new property projects in Singapore

Published: 10 Jun 2009 19:33:13 PST

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Jun. 11, 2009 (China Knowledge) - Hong Kong-listed investment holding company Lippo Ltd<0226> expects to record sales revenue of HK$3.2 billion from two new property projects, Marina Collection and Centennia Suites, in Singapore, the Standard report.

The company expects its rental income, accounting for 50% of the firm's turnover, to hit HK$200 million in 2009, and the figure will double by 2010, according to Lippo's Managing Director John Lee Luen-wai.

The company's property rental income will probably reach between HK$800 million and HK$1 billion in four years' time, said Lee, adding that Lippo is considering packing all investment properties into one company.

Marina Collection, located in Sentosa Island, has 124 high-end luxury units, sources said.

Last year, Lippo started developing a residential and business complex in South Korea's Incheon Free Economic Zone. The complex, called The Woonbook, has a gross floor area of around 3 million square meters.

In addition, Lippo plans to accelerate its department store investments in mainland China to tap new consumption-oriented state policies. Department stores now contribute 20% of the firm's revenue.

Shares of Lippo jumped 9.47% to close at HK$2.08 on Wednesday.

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