By Selangor Journal Team
SHAH ALAM, Dec 4 — After a promising 2023, publicly-listed township developer LBS Bina Group Bhd is gearing itself for a more positive year ahead, with primary focus on the Klang Valley.
In a statement, the Group said it is eyeing the launch of 2,960 units of houses under five different projects in the urban conglomerate, with a total gross development value (GDV) of RM1.14 billion.
Overall, it said 10 projects comprising 4,858 units will be developed nationwide, with a RM2.33 billion GDV. It is also targeting RM1.8 billion in property sales this year, compared to RM1.701 billion in the preceding year.
Among the projects lined up in the Klang Valley in 2024 include a Rumah Selangorku Idaman MBI apartment block dubbed Idaman Cahaya 3, which will be developed in collaboration with LBS's construction arm, MGB Bhd. It comprises 413 units with a GDV of RM117.
The others are Idaman Perdana residents in LBS Alam Perdana (1,048 units with RM303 million GDV), double-storey terrace houses at Astella (79 units with RM75.6 million GDV), SkyRia serviced-apartment block at D’Island Residence (999 units with RM441 million GDV), and an apartment and townhouse in Bandar Saujana Putra (421 units with RM205 million GDV).
"The Klang Valley region has consistently contributed the highest sales to LBS over the years, averaging more than 80%," it said in a statement today following LBS' 2024 annual media briefing today.
LBS said the other new launches this year comprise two developments in Johor and three in Pahang, including the largest mixed development in the east coast state that will feature an extensive collection of serviced apartments and commercial offerings at Centrum Iris, Cameron Centrum, Cameron Highlands.
For comparison, LBS launched 4,358 units worth RM1.67 billion in 2023, including developments across KITA Bestari in KITA @ Cybersouth, Astella terrace houses at the D’Island Residence in Puchong, and Block B of Prestige Residence in Seri Kembangan.
The statement added that currently, the Group is actively engaged in 19 ongoing development projects, collectively estimated to have a GDV of RM5 billion.
"As of December 31, 2023, LBS’ landbank spans approximately 2,767 acres, a substantial reserve expected to keep the Group occupied for the next 10 to 15 years.
"Furthermore, the Group has unbilled sales totalling around RM 1.99 billion, ensuring a clear and robust earnings outlook for the next two to three years."
LBS executive chairman Tan Sri Lim Hock San said despite a slight dip in property sales last year, due to market sentiment forcing a few launches to be postponed, the company remains focused on delivering its targets this year.
"The Group is motivated to rise to the challenge of delivering developments in strategic locations while maintaining affordable prices to meet home buyers' needs and earn their trust."
He also expressed the company's commitment to enhance its Environmental, Social, and Governance (ESG) initiatives, aligning with the objective of achieving net carbon zero emission by 2050.
