Lend Lease eyes US, Asia Global developer and infrastructure group Lend Lease says it will focus on boosting its construction business across Asia and America in the coming year. It will also review expanding its retirement business overseas and engaging in more public and private partnerships with state and federal governments on infrastructure contracts. In its September quarter review, Lend Lease's chief executive Steve McCann said while conditions in construction were challenging, the development business was on track for growth. Bank of America Merrill Lynch analysts said Lend Lease had completed the restoration phase of its strategy, and now moves into the "build" phase with its development and construction pipelines as well as its funds under management, all up 40-50 per cent over the past four years. "The focus is now on delivery as Lend Lease begins to harvest its $37 billion development and $17 billion construction workbooks," the analyst said. At last week's strategy day, management reaffirmed its commitment to achieving 15 per cent return on equity over the medium term [2013 was 13 per cent] as well as earnings growth over the next three years as its development activity ramps up, even without a Bluewater sale [about $270 million of net profit after tax]. Lend Lease was also well positioned to take advantage of the recovery in the Australian housing market, with 11 apartment projects under way (nine in Australia), all more than 60 per cent pre-sold and 100 per cent on balance sheet. Another five projects are to be launched in 2014, also all likely to be on balance sheet.