Property developer says this year, 3,139 units or 60% of its total sales target would be affordable units priced below RM500,000
By FARA AISYAH
LBS Bina Group Bhd has launched its first development for the year, Residensi Bintang Bukit Jalil, with a gross development value (GDV) of RM954.7 million.
LBS group MD Tan Sri Lim Hock San said he is confident the new two towers of condominiums in Kuala Lumpur will receive positive take-up rates as it meets the needs of today’s modern homebuyers.
“The response we got today is quite good. We are confident of selling all 1,342 units, but if we can achieve a 60% take-up rate by this year, (it) is quite good already.
“The property is being built on the right location and it offers the right type of product for the demand,” Lim said at a press conference yesterday.
Lim said the developer has home buyers in mind when it designed the Residensi Bintang Bukit Jalil, which is a strategy that has made LBS a resilient property player in Malaysia.
He added that Bukit Jalil is a strategic location for families and young homebuyers, with the upcoming Tzu Chi International School as well as established leisure amenities in the area complementing the offerings of Residensi Bintang Bukit Jalil well.
The project sits on a 5.47-acre (2.21ha) site with a 47-storey North tower and 50-storey South tower. The two towers offer a total of 1,342 units priced from RM553,000.
LBS has unbilled sales to date of around RM1.52 billion with 17 ongoing projects worth RM3.38 billion and a balance of unsold units worth RM1.3 billion.
The Malaysian Reserve recently reported that LBS targets about RM1.8 billion in sales for the financial year 2018 on the back of more upcoming landed property launches.
The property developer said this year, 3,139 units or 60% of the total sales target would be affordable units as they are priced below RM500,000.
Lim further added that as LBS has an integrated and diverse business model, which focuses on various property sectors such as township development, mid-, low- and high-end landed as well as non-landed projects, the management is confident in securing the sales projection.
“One of the driving factors that could boost the property market would be a stronger gross domestic product year-on-year above 5%, which would positively impact the group’s overall prospects,” Lim told a media briefing last week.
Around eight projects are expected to be rolled out in 2018 with an estimated GDV of RM2.19 billion, predominantly located in the Klang Valley and Johor.