Lim (standing) said LBS is optimistic about delivering its sales target in 2024.
PETALING JAYA: In anticipation of a better year in 2024, LBS Bina Group Bhd (LBS) set a RM1.8bil target in property sales for the year, with 10 new launches planned across Klang Valley, Johor and Pahang. The target launches encompass 4,858 units with a total Gross Development Value (GDV) of RM2.33bil. The group also achieved RM1.7bil sales in 2023, which it said was a slight dip due to deferred launches.
Executive chairman Tan Sri Lim Hock San said at the LBS Media Briefing 2024 that the group looks forward to a positive 2024, adding: “We are excited to kickstart 2024 on an optimistic footing and we look forward to a positive 2024. The group is motivated to rise to the challenge of delivering developments in strategic locations while maintaining affordable prices to meet home buyers’ needs and earn their trust.
“Reflecting back, LBS consistently and cautiously launched projects throughout 2023. In fact, LBS had to push back a few launches to this year taking into account market sentiments and economic conditions, which led to a slight dip in our property sales. Nevertheless, we remain focused on delivering our targets for this year.”
The bulk of the launches will be in Klang Valley where it has consistently contributed the highest sales. A total of 2,960 units with a total GDV of RM1.4bil are planned for launch there. Of these, 1,048 units with a total GDV of RM303mil will be for Idaman Perdana, located in LBS Alam Perdana. The group also plans to launch 421 units, comprising an apartment and a townhouse in Bandar Saujana Putra.
LBS will also introduce the Rumah Idaman MBI (Idaman Cahaya 3) apartment block (413 units), double-storey terrace houses at Astella (79 units) and the SkyRia serviced-apartment block at D’Island Residence (999 units) in collaboration with its construction arm MGB Bhd.
In Johor, upcoming launches include 63 double-storey semi-detached houses at Imperial Garden in Bandar Putera Indah, Batu Pahat and 393 units of Pangsapuri Saujana Indah apartments in Taman Molek.
New launches in Pahang will be the Bayu Hills serviced apartment in Genting Highland (642 units) and bungalows at Rimbawan Acacia Garden Genting Highland (66 units). In addition, LBS plans to launch the largest mixed development in Cameron Highlands featuring the most extensive collection of serviced apartments and commercial offerings (shops and restaurants) at Centrum Iris, Cameron Centrum.
LBS currently has 19 ongoing development projects, collectively estimated to have a GDV of RM5bil. As of 31 December 2023, LBS’ landbank spans approximately 2,767 acres and is expected to keep the group occupied for the next 10 to 15 years.
With unbilled sales totalling around RM 1.99bil, the group stated it maintains a clear and robust earnings outlook for the next two to three years.
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