LBS Bina takes in revenue of RM299m, plans more launches this year

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PETALING JAYA (July 1): LBS Bina Group Bhd (LBS) recorded a revenue of RM299 million and profit before tax of (PBT) RM24 million for the first quarter ended March 31, 2020 (1QFY20).

The revenue and PBT are attributed to strong take-up of its townships and affordable housing developments, coming from key townships such as LBS Alam Perdana, KITA @ CyberSouth, Bandar Saujana Putra, Cameron Golden Hills and LBS SkyLake Residence. The group has 16 ongoing projects with an estimated gross development value (GDV) of RM4 billion and plans to launch several projects with a combined  estimated GDV of RM1 billion in the next few months.

As at May 31, 2020, LBS had an undeveloped land bank of 3,610 acres (1,460.92ha) with a GDV of RM33 billion, located in the Klang Valley, Pahang, Perak, Johor and Sabah. The land bank is expected to keep the group busy for the next 10 to 15 years. LBS group managing director Tan Sri Lim Hock San said the group will continue to look at attractive landbanking acquisitions as and when opportunities arise. 

LBS had secured RM317 million sales and RM305 million bookings as at June 29, 2020.

The developer's recent launch, the KITA Ria serviced apartments in the KITA @ Cybersouth township in Dengkil, had a strong take-up rate with its first block fully booked. 

Upcoming launches in the next few months include KITA Mekar single-storey and double-storey houses and town houses in KITA @ CyberSouth, new projects in LBS Alam Perdana in Bandar Puncak Alam, including Ritma Perdana town houses and terraced houses, as well as the second block of Melodi Perdana apartments. The bulk of the upcoming launches will be priced below RM500,000 per unit.

“Affordability remains the key concern for homebuyers and therefore, we will continue to maintain our strategy of building homes to meet this market demand. LBS’ properties and townships were designed based on the three main pillars of affordability, connectivity and community,” said Lim. 

LBS will also continue to develop projects and townships using the industrialised building system (IBS), in line with the government’s ecouragement to increase the adoption of the IBS.