By Sherilyn Goh
Bursa-listed property developer LBS Bina Group Bhd achieved a total sales of RM1.03 billion for 2015, a 60% increase from RM644 million recorded in the preceding year, according to managing director Lim Hock San.
The key developments contributing to LBS exceeding its RM1 billion sales target for 2015 are residential projects located in Selangor worth RM864 million, constituting close to 84% of total developments.
“We enjoyed a fruitful year. One of the reasons we continue to meet our targets is our understanding for the needs of Malaysian homebuyers. We look forward to intensifying our efforts to provide even more options to a wider spectrum of homebuyers and investors in 2016,” he said.
Citing a strong portfolio of properties, the group is upbeat on its prospects going forward. It expects an additional 20% increase in sales, with more than 85% of its sales coming from its developments in the Klang Valley.
To date, the group has 2,659 acres of undeveloped land bank. Upcoming project launches include a mix of high-rise and landed residences, spanning from affordable to premium-range homes, as well as commercial developments.
Its developments spread across several townships including Bandar Saujana Putra, D’Island Residence in Puchong, Telok Gong Industrial Park in Klang, and Taman Perindustrian Alam Awana in Shah Alam. It is also the developer for Cameron Centrum in Pahang which is a mix of shop lots and hotels, with a gross development value of RM239 millio.
LBS is also involved in the providing of affordable homes via upcoming developments including Rumah Selangorku in Bandar Saujana Putra and the Perumahan Penjawat Awam 1Malaysia for civil servants in Bukit Jalil.
For the third quarter of 2015 ended Sept 30, the group reported a 26.55% year-on-year increase in nett profit to RM18.51 million, despite recording an 8% fall in revenue to RM136.57 million from its corresponding quarter. Cumulative revenue year-to-date Sept 30 came in at RM490.43 million, whereas cumulative nett profit is RM47.78 million.
LBS share price closed unchanged at RM1.38 today, after falling steeply from its one-month high of RM1.44 on Jan 4.
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