PETALING JAYA: Property developer LBS Bina Group Bhd is maintaining its RM1.5bil sales target as the company will launch new projects worth almost RM1.9bil this year.
Managing director Tan Sri Lim Hock San said as long as the country’s economic growth remained steady at current level, the property market should perform well going forward.
“Also, the One Belt One Road initiative will definitely lift the economy, with investors coming into the country.
“The overall sentiment is likely to improve, which will improve the property market as well,” said Lim after the company’s AGM yesterday.
According to Lim, there is stiff competition in the property industry with developers making a shift towards the affordable segment.
This will be the trend for the next two to three years due to the rising demand for such homes.
“Our pricing for affordable homes will depend on the location and the type of homes that are being built,” he added.
The company has 17 ongoing projects worth RM3.2bil, with about RM2.34bil worth of properties sold.
As of Tuesday, LBS Bina has booked over RM413mil in sales, of which 66% were in the affordable range of below RM500,000.
Last year, the company achieved RM1.238bil in sales and its affordable homes made up 57% of the total sales.
“In the next seven months, we will be launching six projects with a gross development value (GDV) of RM1.883bil,” he said.
They include Vines 2, Cameron Highlands with GDV of RM59mil, the Bandar Saujana Putra 6 (RM388mil), Skylake Residence (RM372mil), Desiran Bayu (RM84mil) and Alam Perdana (RM627mil) apart from its Bukit Jalil project (RM353mil).
LBS Bina’s unbilled sales as of May 23 stood at RM1.338bil.
The company has undeveloped land bank of 3,920 acres with an estimated GDV of RM30.6bil in the Klang Valley, Johor, Ipoh, Cameron Highlands, Kota Kinabalu and Gotong Jaya.