20200106 LBS EYES RM1.6 BILLION IN SALES AFTER SURPASSING 2019 TARGET
For Immediate Release
LBS EYES RM1.6 BILLION IN SALES AFTER SURPASSING 2019 TARGET
Eleven New Launches Keep Growth On Track For 2020
Petaling Jaya, 6 January 2020 – Leading township developer, LBS Bina Group Berhad (LBS), exceeded its sales target in 2019 by reaching RM 1.63 billion compared to RM1.526 billion in 2018, in spite of the challenging market conditions caused by softening consumer sentiments and global trade tensions.
Reviewing the Group’s 2019 overall performance, LBS Group Managing Director, Tan Sri Lim Hock San, said, “We are very pleased with our achievements as it validates our approach to develop projects that meet the three main pillars of Affordability, Connectivity and Community. LBS has continued to focus on quality townships and affordable developments in strategic locations, a segment that remains relatively strong in a subdued market sentiment. This focused approach has proven effective, as reflected in LBS’ financial performance.”
“LBS is sustaining well amidst a challenging economic and property market environment. We managed to secure a CAGR (compound annual growth rate) of 20.37% for the past five successive years as a result of our ‘people-focused’ approach and wider adoption of Industrialised Building System (IBS) and design optimisation,” Tan Sri Lim explained.
In 2019, LBS launched a total of 11 projects with a gross development value (GDV) of RM1.82 billion across five locations, with sales secured mainly from projects in the central region. The two key township projects, KITA @ Cybersouth, which was officially unveiled in April 2019, and LBS Alam Perdana township, have been the main sales contributor. In addition, other ongoing landed developments, such as the Emerald Garden 3 and Laman Bayu in Bandar Putera Indah township, Johor and Taman Kinding Flora in Chemor, Ipoh, have also contributed to the Group’s solid performance.
Going forward, with 18 ongoing projects and a future landbank size of approximately 3,630 acres as at 31 December 2019, Tan Sri Lim expects the group’s sales prospects to remain resilient in 2020 with a target of RM 1.6 billion.
Underpinned by positive underlying demand for its new projects, LBS plans to launch properties worth RM2.321 billion in 2020. The projects which will be concentrated in the central region are predominantly new phases of on-going developments including KITA @ Cybersouth township, LBS Alam Perdana township and Midhills 2.
The other projects to be unveiled in 2020 included single storey link houses in Bandar Putera Indah in Batu Pahat; semi-detached units and double-storey terrace houses in Cameron Golden Hills in Cameron Highlands; and affordable single storey houses in Chemor, Perak.
As part of the 2020 initiative, LBS will be running ‘LBS Fabulous 2020’ campaign to reward homebuyers with exciting and attractive prizes. With the purchase of selected LBS properties, buyers will stand a chance to win prizes with a total worth of RM 1 million including a Proton X70.
Tan Sri Lim concluded, “Moderating housing sentiment and tightening lending criteria will carry on this year. But, as the ‘People’s Developer’, LBS will continue to think out-of-the-box, to appeal to the needs of modern homebuyers. We differentiate ourselves through placemaking, curating spaces that celebrate inclusive, meaningful living experiences.”
