After achieving sales of RM1.63 billion last year, LBS Bina Group Bhd is confident that it could achieve its RM1.60 billion sales target for this year, on the back of lower interest rate and rising commodity prices.
“I believe with lower interest rate and further interest rate cut expected this year, there will be lower instalments and people can afford (to buy houses),” said LBS group managing director Tan Sri Lim Hock San.
“The market is positive. LBS has come out with houses in different locations at prices that people can afford.”
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LBS eyes to launch RM2.32 billion worth of new properties this year within the Klang Valley, Johor, Pahang and Perak. The projects will mostly comprise new phases of ongoing developments such as Kita @ Cybersouth township, LBS Alam Perdana township and Midhills 2 @ Genting Permai.
It also intends to push the sales of the RM982 million worth of remaining properties from 18 ongoing projects, reported The Sun Daily.
The property developer noted that its sales for 2019 is 6.8% higher compared to its RM1.58 billion sales for 2018.
This comes as LBS continued its focus on quality townships and affordable developments within strategic locations. In fact, 83% of the company’s sales for 2019 were from properties priced below RM500,000, while only 17% came from properties priced above RM500,000.
As at 31 December 2019, LBS has an unbilled sales of RM2.24 billion, which is enough to provide the company revenue for the next two to three years.
LBS witnessed a compound annual growth rate of 20.37% in the last five years and owns 3,622 acres of landbank with RM33 billion in future gross development value.
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