LBS Bina to launch RM2.65bil worth of projects

TheStar Thu, Jan 07, 2021 08:40am - 1 month ago


Speaking at a media briefing yesterday, LBS group managing director Tan Sri Lim Hock San (pic) said the group would focus on building affordable properties.

PETALING JAYA: LBS Bina Group Bhd plans to launch property projects with a cumulative gross development value (GDV) of RM2.65bil in 2021, exceeding last year’s GDV for new launches worth RM1.49bil.

The new developments in the pipeline would include projects in the Klang Valley, Johor, Perak and Pahang.

Despite the current market challenges due to the Covid-19 pandemic, the property developer is confident that 2021 will be “yet another exciting year for the group”.

LBS recorded total sales of RM1.2bil last year, surpassing its revised target of RM1bil.

LBS’ original sales target for 2020 was RM1.6bil, but this was lowered in light of the impact of the Covid-19 pandemic.

In 2019, the group achieved sales of RM1.63bil.

Speaking at a media briefing yesterday, LBS group managing director Tan Sri Lim Hock San (pic) said the group would focus on building affordable properties.

“Affordability remains the key concern for homebuyers and therefore, we will take a conservative approach and continue to focus our strategy of building properties and townships based on the three main pillars of affordability, connectivity and community.

“Amid stringent housing loan regulations, but with the right product and marketing campaign, together with initiatives under Budget 2021 that bode well for economic recovery and encourage home-ownership, property sales momentum is picking up significantly, ” according to Lim.

In 2020, LBS launched a total of 14 projects with a GDV of RM1.49bil. Currently, the group has 19 ongoing projects with an estimated GDV of RM4.95bil.

“As at end-2020, LBS owns a future land bank size of 3,412 acres, projected to keep the group busy for 10 to 15 years.

“The group has unbilled sales of about RM2.23bil, expected to provide clear earnings visibility for the group in the next two to three years, ” said the property developer in a statement yesterday.






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