Lend Lease Group, Australia’s biggest developer, plans to expand in Malaysia to make up for a slowdown in residential sales and mining-related infrastructure projects back home. The company is in discussions to invest in about three development projects in Malaysia and expects to complete the first agreement by June 30, Chief Executive Officer Steve McCann said in an interview from Melbourne yesterday.
|Lend Lease JV - Setia City Mall|
"Over time, say about five years, we’ll invest more capital overseas," McCann said. "There are a few
encouraging signs in the Australian residential market and there’s a bit more enquiry off the reduction in
interest rates but there won’t be a material turnaround soon in the land subdivision market." The
Sydney-based company’s future developments in Malaysia will be mixed-use projects dominated by retail
space, McCann said. Two of its planned projects in the country will be in Kuala Lumpur and one elsewhere, he said.
Lend Lease in October agreed to jointly develop a 10.9 acre site in a project that will include office, retail and hotel space and homes with Naza TTDI.