CYBERJAYA (Jan 10): LBS Bina Group Bhd has set a sales target of RM2 billion for this year, it said at the group's annual media briefing on Tuesday (Jan 10). The group closed off 2022 with RM2.003 billion in property sales, surpassing its 2022 sales target of RM1.6 billion by 25%.

During his opening speech, executive chairman Tan Sri Lim Hock San said: “We are glad to have finished 2022 on a strong note. Surpassing our 2022 property sales target by 25% is an indication that our developments are situated in strategic locations in an affordable price range, which matches the needs of the public. In addition, we successfully handed over vacant possession (VP) of 2,957 units worth RM1.27 billion.

“On reflection, being able to continuously launch our developments throughout 2022 was no easy feat in light of the challenging economic climate, a worsening supply chain and geopolitical uncertainty,” he added.

Lim also announced the group’s plans to launch 12 new projects in 2023. These upcoming projects cover the Klang Valley, Johor, Pahang, and Perak, with a total gross development value (GDV) of RM2.09 billion and 4,021 cumulative units across all property types. VP of LBS’ new launches in 2023 is forecast for 7,209 units across all property types.

LBS will launch 2,118 units worth a total GDV of RM1.1 billion within the Klang Valley, which has consistently provided LBS with the highest sales contribution throughout the years. In KITA @ Cybersouth — the group's township development — LBS plans to launch single-storey link houses, double-storey link houses and townhouses within KITA Bestari, amounting to a total of 817 units with a total GDV of RM418 million.

Other notable planned launches include 155 units of Astella double-storey terrace houses at D’Island Residence in Puchong, which have a GDV of RM139 million, and Block B of LBS’ Prestige Residence in Seri Kembangan, which consists of 725 units amounting to a GDV of RM313 million.

New projects within the Pahang region include the Bayu Hills serviced apartment in Genting Highlands, which have 642 units with a total GDV of RM482 million. In Perak, LBS intends to launch more phases of Taman Kinding Flora, Chemor, which comprise 94 units of single-storey terrace houses with a total GDV of RM27 million, and 90 units of single-storey cluster link houses with a total GDV of RM22 million.

In Johor, the group has the Zenit Molek serviced apartment comprising 988 units with a total GDV of RM436 million in Taman Molek, as well as 63 Imperial Garden double-storey semi-detached units with a total GDV of RM40 million, and 26 units of Emerald Garden single-storey link houses with a total GDV of RM11 million, both in Bandar Putera Indah, Batu Pahat, Johor.

As of Dec 31, 2022, LBS’s future land bank stood at approximately 2,972 acres (1,202.72 hectares). The group also recorded unbilled sales of about RM2.46 billion, expected to provide clear earnings visibility over the next two to three years, Lim shared.

Moving forward, Lim said the group will further invest in its talent and digitalisation initiatives. “We also aim to continuously reward our shareholders in accordance with our dividend policy, which is to pay out 30% of profit after tax and non-controlling interest,” he added.