PETALING JAYA: Against a subdued property market backdrop, LBS Bina Group Bhd is maintaining its strategy of building affordable, middle-cost housing that caters to market demand.
The property developer has performed well despite a market downturn, having achieved sales of RM1.526bil in 2018, which translates to a 7% growth compared with RM1.426bil in 2017.
This marks the fourth consecutive year of improved results with a 25% compounded annual growth rate (CAGR) from 2014 to 2018.
According to LBS Bina group managing director Tan Sri Lim Hock San, some 50% of bookings were cancelled last year due to Bank Negara’s stringent loan policies.
“We expect loan cancellations to continue into 2019 at a similar rate like in 2018.