PETALING JAYA: Township developer LBS Bina Group Bhd (LBS) is on course to achieve its 2019 sales target of RM1.5bil on the back of strong take-up rates for its townships and affordable housing developments as well as steady construction progress.
The company has secured RM1.0bil sales to date, with over 75% of the sales revenue contributed by on-going projects located in the central region. These projects include the LBS Alam Perdana township in Bandar Puncak Alam, Kita@Cybersouth township in Dengkil and Residensi Bintang Bukit Jalil condominium.
LBS Group Bhd managing director Tan Sri Lim Hock San said: “We have been focusing on launching more affordable units within self-sustaining and matured townships, with good designs, amenities and easy accessibility, which has helped us to ride through the current challenging economic climate.”
The group recorded revenue and profit before tax (PBT) of RM646mil and RM75mil, respectively in the first six months ended June 30, 2019. This represents a 19% increase in revenue, from RM545mil as of June 30, 2018. Unbilled sales stood at RM1.92bil as of 31 July 2019.
During the first half of 2019, LBS launched two new projects, mainly Kita Harmoni and Kita Impian at Kita@Cybersouth township. The group has lined up new launches including the Melodi Perdana apartment of LBS Alam Perdana and Tower 2 (South Tower) of Residensi Bintang Bukit Jalil which is expected to be rolled out in the last quarter of 2019.
These projects feature LBS’ fundamental pillars of affordability, connectivity and community to meet the current requirements of homebuyers.
Moving forward, the group also plans to widen its adoption of industrialised building system (IBS) for its future developments. The use of IBS has proven to significantly reduce construction period and delivery periods, which in turn, improves cost-efficiency.