The developer aims to launch projects valued at an estimated GDV of RM2.7b this year despite market challenges
By ASILA JALIL / Pic By ARIF KARTONO
LBS Bina Group Bhd has set a sales target of RM1.2 billion for financial year 2021 (FY21) after achieving RM1.2 billion sales in FY20, surpassing its target of RM1 billion.
LBS group MD Tan Sri Lim Hock San (picture) said the property developer also aims to launch projects valued at an estimated gross development value (GDV) of RM2.65 billion this year despite market challenges amid the Covid-19 pandemic.
“Due to the uncertainty of Covid-19, the company looks seriously into its sales target for this year. We cannot do worse than last year, but also cannot be too optimistic. We do not know how the market will be.
“Therefore, the sales target for this year will be RM1.2 billion. If we can achieve RM1.2 billion within the next few months, then maybe we will revise our sales target,” Lim said in a media briefing at LBS’ headquarters in Petaling Jaya yesterday.
LBS had previously announced an initial sales target of RM1.6 billion for FY20 before revising the target downwards to RM1 billion due to the challenging market situation caused by the pandemic, alongside the government’s Movement Control Order which impacted its property sales.
For FY19, the group registered RM1.63 billion in sales performance. For FY21, the group has 16 new launches in the pipeline across the Klang Valley, Johor, Pahang and Perak totalling 5,967 units.
New developments in Klang Valley include new phases of the KITA @ Cybersouth township in Dengkil, Sepang, consisting of the KITA Sejati serviced apartments, KITA Mekar double-storey terrace houses, KITA Mesra single and double-storey terrace houses, and double-storey townhouses.
New phases of development in LBS Alam Perdana township at Bandar Puncak Alam include Ritma Perdana double-storey terrace houses and new blocks of Melodi Perdana serviced apartments.
The group’s latest projects in Pahang are the Bayu Hills serviced apartments in Genting Permai and Cameron Centrum double-storey terrace houses.
Other projects that will be unveiled include Taman Kinding Flora single-storey cluster link and terrace houses in Chemor, Perak; Magma Garden 2 affordable houses, Emerald Green 3 single-storey homes and Laman Bayu 3 double-storey houses in Batu Pahat, Johor.
“Affordability remains the key concerns 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,” Lim said.
He also said the group’s digital platform was available even before the pandemic hit the country, enabling its marketing team to get in touch with prospective buyers via various platforms and hold virtual show units.
Last year, LBS launched 14 projects with a GDV of RM1.49 billion across KITA @ Cybersouth and LBS Alam Perdana’s two key township projects, namely the Bandar Putera Indah and Taman Kinding Flora.
The group currently has 19 ongoing development projects with an estimated GDV of RM4.95 billion.
LBS had a future landbank size of approximately 3,412 acres (1,380.8ha), as of Dec 31, 2020. It also had unbilled sales of about RM2.23 billion, which is expected to provide clear earnings visibility for the group in the next two years.
Read our earlier report