BY EUGENE MAHALINGAM
KUALA LUMPUR: LBS Bina Group Bhd is optimistic of achieving its 20% year-on-year sales target growth of RM1.2bil this year with the launch of more affordable homes.
Managing director Tan Sri Lim Hock San said the company will be launching two projects by July, with a total gross development value (GDV) of RM1.19bil.
The projects are its BSP 21 (in Bandar Saujana Putra) and Desiran Bayu (in Puchong) which have a GDV of RM815mil and RM375mil respectively.
“For BSP 21, we have 10 blocks. Over 90% of the first five blocks have already been sold.
“We will be launching the remaining five in July,” he said at the launch of the company’s Cameron Highlands-based Cameron Centrum Precinct 1 development yesterday.
BSP 21 comprises 1,437 units of serviced residences. Lim added that the Desiran Bayu development, meanwhile, will comprise 598 units of double-storey terrace and semi-D houses.
He said the strategy to launch more affordable homes was in line with the weaker market situation currently.
“The affordable range of houses are still selling. It’s the high-end developments that have been affected because buyers are having financing issues.”
Lim said that unless Bank Negara revised its lending guidelines, the situation was unlikely to improve, although he added that market conditions were actually “still good.”
“Just that it’s not as good as it was before. A few years ago it was much easier to sell.”
The company announced earlier this year that it aimed to rake in RM1.2bil in sales for 2016 after achieving record sales of RM1.02bil last year.
As at end-March, unbilled sales stood at RM1.16bil.
Separately, Lim said the company expected to fully sell out its Cameron Centrum Precinct 1 development in Cameron Highlands by year-end, pointing out that of the 58 commercial units being built, already 40% have been taken up.
He said the entire Cameron Centrum mixed development will comprise seven precincts and have an estimated total GDV of RM2bil.
“We plan to launch the precincts over seven to 10 years. We will launch precinct 2 next year, if response is good,” he said, adding that the first phase will start contributing to the company’s earnings from 2017.
Cameron Centrum Precinct 1, with an estimated GDV of RM183mil, consists of units with a built-up area of between 2,207 sq ft and 9,214 sq ft.
The commercial units are expected to be priced from RM1.46mil and RM5.55mil. The project is expected to commence by 2016.
The Cameron Centrum development, which is LBS Bina’s fourth project in Pahang, will comprise residential, retail, commercial, hotel and tourism components.
