PETALING JAYA: Property group LBS Bina Group Bhd continues to focus on affordable properties on its upcoming launches.

LBS managing director Tan Sri Lim Hock San said on a media briefing last week that LBS will be actively launching more affordable housing up until next year, adding that most of LBS products are affordable houses, which include apartments within the city area and landed properties at the outer regions.

Lim said it is unlikely to find landed properties in Petaling Jaya that are priced between RM400,000 to RM500,000, as the average market price are around RM800,000 to RM1mil, depending on the size of the properties.

“We need to design our properties that meets the pricing that people can afford, and we can only decide on the price weeks before the launch, depending on issues such as affordability and financing from the banks,” he said when asked about the price tag for the future launches.

The upcoming launches includes phase 4 of Desiran Bayu, a landed development that achieved 100% take-up rate for the first three phases of launches.

Lim also said the 10-block BSP21 apartments have received good response from the market, which has achieved over RM430mil sales up to date.

He said LBS has opened up the sales for the eighth block which achieved a 80% take-up rate, and all 2600 units are expected to be sold by next year.

“The construction is in its advance stage and we hope to hand over the units to the purchasers ahead of schedule,” he added after a media briefing on the group’s development.

LBS also plans to launch landed development in Dengkil and Ijok next year.

LBS reported total sales of RM873mil as of Sept 13. The group expressed confidence in achieving the annual sales target of RM1.2bil.

As of August 31, the group’s unbilled sales amounted to RM1.386bil.

The group currently holds 3585 acres of land bank with a gross development value (GDV) of RM27.4bil and is expected to support the group’s development for approximately 10 years.

According to Lim, 46% of the landbank is located in Selangor, while other areas include Kulai, Batu Pahat and Ipoh.

Meanwhile, when asked about expectations on the upcoming federal budget, Lim requested for more incentives that could help the purchaser and an easing of the financing regulation by the Bank Negara.