LIC Housing to tap Singapore, Malaysia for expansion

LIC Housing Finance which looks to raise funds from QIPs said it is 'examining' opportunities in the Singapore and Malaysian markets as it seeks to expand its overseas presence.

hidden July 14, 2012 09:38:20 IST
LIC Housing to tap Singapore, Malaysia for expansion

LIC Housing Finance said it is 'examining' opportunities in the Singapore and Malaysian markets as it seeks to expand its overseas presence.

"We are getting demands from Singapore and Malaysia. We will examine it", LIC Director and Chief Executive V K Sharma said.

The company in the last two years had set up offices in the Kuwait and Dubai market, he said adding that offices were converted into 'representative' office. Sharma, who inaugurated the 15th edition of housing expo "Ungal Illam 2012", said southern region was major contributor for the company accounting for a total business of Rs 4,800 crore.

LIC Housing to tap Singapore Malaysia for expansion

Reuters

"Southern region is one of our strengths. More than 20 percent of our business comes from this region. It is about Rs 4,800 crore of the overall Rs 20,000 crore registered last year", he said.

Noting that the market has become volatile with shortage of supply and demand, he said, "there is acute shortage of affordable houses.. the demand has not decelerated, the supply has decelerated, this is creating a peculiar situation.

In the commercial (real estate) market, there is a clear cut slowdown", he said, adding that the prices of land in tier II and III cities have gone up substantially in the last three years.

"If there would have been a good number of supply, then the competition pressure would have kept the prices low that is not there", he said. "Our total asset size is Rs 65,000 crore, out of that our retail loan is 97 percent and the remaining three percent is for the builders, he said. Of course, it gives a pressure on our margin. We are trying to build it up", he said.

About the expo, he said about 200 builders are participating in the three-day event.He said LIC Housing Finance is hoping to grow at 20 percent this year and has set a disbursal target of Rs 22,000.

PTI

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