Tan Sri Lim Hock San
KUALA LUMPUR: Property developer LBS Bina Group Bhd
is targeting sales of RM1.8bil this year, as it plans to launch a number of affordable housing and landed projects with total gross development value (GDV) amounting to RM2.19bil.
Group managing director Tan Sri Lim Hock San said he was optimistic about the sales target, given the challenging property market currently.
“LBS Bina will be launching more landed projects this year. About 40% of the properties will be landed properties,” he said at a briefing today.
The company achieved sales totaling RM1.426bil in 2017, with total GDV of RM2.327bil.
For its third quarter ended Sept 30, 2017, LBS Bina’s earnings rose 26% to RM25.9mil compared with RM20.5mil a year ago. Revenue climbed to RM351mil from RM245mil previously.
The group said its growth prospects were backed by the total property sales of RM1.33bil and total unbilled sales of RM1.62bil achieved as at end-September.
It has 22 ongoing projects and a total land bank of 3,856 acres. Property development accounted for 90% of the group’s revenue.
Projects within the Klang Valley were the largest contributor, accounting for more than two-thirds for the nine-month period.
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