It will focus more on affordable housing in well-established and mature townships, says MD
By DASHVEENJIT KAUR / Pic By ISMAIL CHE RUS
Property developer LBS Bina Group Bhd is expected to achieve a total sales target of RM1.8 billion this year, with the launches of new developments mainly in the Klang Valley.
LBS Bina MD Tan Sri Lim Hock San said the upcoming developments include two-storey terrace houses at LBS Alam Perdana in Puncak Alam, Selangor; Residensi Bintang Bukit Jalil in Selangor; two-
storey terrace houses in Bandar Putera Indah, Batu Pahat, Johor; and more than 1,000 affordable homes at Kita @ CyberSouth in Dengkil, Selangor.
“The three new launches in the Klang Valley involve a gross development value (GDV) of RM1.61 billion and are expected to contribute RM1.2 billion in sales value,” he told reporters at a media briefing in Kuala Lumpur last Friday.
In addition, LBS Bina will launch its latest development in Johor Baru dubbed “Laman Bayu”, comprising 231 units of double-storey cluster homes involving a GDV of RM85 million.
“The group is also developing the Taman Kinding Flora project in Perak which offers one-storey cluster houses with a GDV of RM127 million,” he added.
Lim said the group will focus more on affordable housing in well- established and mature townships.
“We will focus on good design, convenience and easy access that will help us through the challenging market.
“Additionally, the group will continue to offer residential units priced at RM300,000, RM400,000 and RM500,000 to provide more affordable price options to buyers,” he added.
Lim said such move is part of the group’s strategies to face the challenging economic environment, the weak market outlook and the 50% cancellation issue last year that led to the dumping of unsold units.
He also said the high-end property market may not be lucrative over the next three years as people are focusing more on the mid-end segment.
“LBS Bina has been developing medium-cost housing and only started on the higher-end (segment) a few years ago when everyone started to jump on the bandwagon.
“However, we see changes in the market and we are now confident that mid-end properties are what the people want,” he added.
As at Dec 31 last year, the group’s total unbilled sales stood at RM1.75 billion.
LBS Bina’s sales had also increased to RM1.5 billion last year from RM1.4 billion in 2017, marking the fourth consecutive year of improved results with a 25% compound annual growth rate.
Last year, the company’s sales were mainly derived from new project launches at LBS Alam Perdana, Residensi Bintang Bukit Jalil, Kita @ CyberSouth and Zenopy Residences in Seri Kembangan, Selangor.
Moreover, ongoing developments in township projects — including Bandar Saujana Putra, D’ Island Residence, Bandar Putera Indah and Cameron Golden Hills — also contributed positively to the company’s healthy sales results.