PETALING JAYA: With a total of RM1.604bil in sales and 3,886 units sold, LBS Bina Group Bhd successfully achieved its financial year 2022 sales target before the end of the final quarter, despite the recent labour shortage, price increases and Malaysia’s economic recovery status.
In comparison to Oct 15 of the previous year, sales performance saw an 85.8% year-on-year growth from RM863mil, doubling the 2021 sales target. Of the total sales figure, 89% came from developments within the Klang Valley.
“As with the end of stamp duty exemption at the end of 2021, the market expected a decline in sales but I am gratified to have continued to receive a robust take-up rate for our projects. The government’s recent measure to increase stamp duty exemption is to be applauded as our properties are within the RM500,000 range, providing a saving from RM21,000 for first-time home buyers,” LBS executive chairman Tan Sri Lim Hock San said.
The following year is estimated to see the launch of 17 projects in the Klang Valley, Johor, Pahang, and Perak.
Attributing part of its success to MGB Bhd’s in-house Industrialised Building System (IBS) pre-cast technology, which accelerated the construction process while reducing operational costs, Lim pointed to the future of digitalisation in the property industry.
“Digitalisation is the norm in today’s home buying journey. Finding the right home can be taxing. The goal is to streamline and make the process as seamless as possible by including robotics and automation starting from the construction process all the way to key collection,” he said.
“We bring live construction progress with drone footage, provide an intuitive user interface where one can browse their future home via virtual showhouses, solve their inquiries via helpdesk and place their bookings online, the entire process at your fingertip, made possible. That said, I am certain we are able to hold on to this momentum till year-end,” he added.
In the coming year, LBS reported a holistic paradigm shift that would include focus on operational efficiency and collaborations with new businesses, increasing its outreach and database. The shift is exemplified in its recent partnership with Selangor in which LBS launched Rumah Selangorku Idaman MBI and its collaboration with Watsons’ Win-a-Home campaign.
Drawing from its recent win as one of Malaysia’s Best Managed Companies 2022 by Deloitte, LBS sets future goals towards improving standard operating procedures (SOP), departmental centralisation, as well as automated data gathering on its IBS system for maximum output and quality.
Pursuing environmental, social and governance (ESG) values, the company will continue to work towards developing a business model that builds good governance and strong environmental and social performance.