Lim (fourth from right) giving the thumbs up with the directors of LBS and MGB. From left are Isaac, Richard , Barry, Joey, Daniel and Lucas, Cynthia and Lucas.
PETALING JAYA: LBS Bina Group Bhd (LBS) seeks to maintain its remarkable performance in 2022 by raising its property sales target to RM2bil in 2023. LBS closed off 2022 with RM2bil in property sales, surpassing their 2022 property sales target of RM1.6bil by 25%.
At the recent LBS annual media briefing, the group announced its plans to launch 12 new projects in 2023 - which will cover the Klang Valley, Johor, Pahang, and Perak states, with a total gross development value (GDV) of RM 2.09bil and 4,021 cumulative units.
Based on geographical location, LBS will focus on the launch of 2,118 units worth a total GDV of RM1.1bil within the Klang Valley, which has consistently provided LBS with the highest sales contribution throughout the years. Specifically in KITA @ Cybersouth, LBS’ key township development, the group plans to launch, among others, single-storey link houses, double-storey link houses and townhouses within KITA Bestari, amounting to a total of 817 units with a total GDV of RM418mil. Other notable planned launches include 155 units of Astella double-storey terrace houses at D’Island Residence in Puchong which has a GDV of RM139mil and Block B of LBS’ Prestige Residence in Seri Kembangan which will consist of 725 units amounting to a GDV of RM313mil.
New projects within the Pahang region include the Bayu Hills serviced apartment in Genting Highlands (642 units with a total GDV of RM482mil) while in Perak, LBS intends to launch more phases of Taman Kinding Flora, Chemor which will comprise of single-storey terrace houses (94 units with a total GDV of RM27mil) and single-storey cluster link houses (90 units with a total GDV of RM22mil). To add on, LBS has launches lined up in Johor which include the Zenit Molek serviced apartment (988 units with a total GDV of RM436mil) at Taman Molek, Imperial Garden double-storey semi-detached (63 units with a total GDV of RM40mil), and Emerald Garden single-storey link houses (26 units with a total GDV of RM11mil), both in Bandar Putera Indah, Batu Pahat, Johor.
In 2022, LBS launched a total of 4,910 units worth RM1.63bil. These launches were developments across KITA @ Cybersouth, LBS Alam Perdana, Bukit Jalil and Block A of Prestige Residence in Seri Kembangan within the Klang Valley. In addition, LBS successfully launched two Rumah Idaman MBI projects throughout the year, which were Idaman BSP (Bandar Saujana Putra) and Idaman Melur at Cybersouth.
LBS has 18 ongoing development projects with an estimated GDV of RM5.7bil. As of Dec 31 2022, LBS’ future landbank stood at approximately 2,972 acres, projected to keep the group busy for 10 to 15 years to come. In addition, the group has unbilled sales of about RM2.46bil, expected to provide clear earnings visibility over the next two to three years. The group managed to garner strong property sales despite a challenging 2022 propelled by the use of creative marketing campaigns such as the LBS Fabulous Extra 2022-23 campaign, which offered home buyers RM1.5mil worth of lucky draw prizes to be won.
Lim recapped LBS’ 2022 overall performance and highlighted the outlook for this year.
Speaking at LBS 2023 media briefing, executive chairman Tan Sri Lim Hock San said: “We are glad to have finished off 2022 on a strong note. Surpassing our 2022 property sales target by 25% is a remarkable achievement and an indication that our developments are situated in strategic locations at an affordable price range which matches the needs of the public. In addition, we successfully handed over vacant possession of 2,957 units worth RM1.27bil. On reflection, being able to continuously launch our developments throughout 2022 has been no easy feat in light of the challenging economic climate, worsening supply chain and geopolitical uncertainty.
"Looking ahead to 2023, we expect economic and market volatility to remain. The common property developer challenges that the nation sets to witness are labour shortages, interest rate hikes and increase in raw material costs. Nevertheless, with more than 3 decades worth of property development masteries, we are ever ready to embrace any changes that come our way. Hence, we have carried out strategic planning and discussions to ensure we navigate 2023 cautiously and on a steady footing as we look to maintain our performance. As the People’s Developer, there is much to look forward to as we aim to launch properties worth a total of RM2.09bil in GDV across various states. We are committed to ensuring our properties continue to remain attainable to prospective homebuyers.
"Amidst these trying times, we appreciate and realise the importance of human capital to bring the group forward. Hence, we will invest further in our talent and digitalisation initiatives as we look to elevate LBS to greater heights. In addition, we aim to continuously reward our shareholders in accordance with our dividend policy which is to pay out 30% of the profit after tax and non-controlling interest.”
Also present at the event were the respective directors of LBS and MGB, Isaac Lim, Datuk Richard Lim Lit Chek, Datuk Seri Barry Lim Hock Seong, Datuk Wira Joey Lim Hock Guan, Lucas Lim Kim Kiat, Datuk Cynthia Lim Mooi Pang and Datuk Seri Daniel Lim Hock Sing.
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