KUALA LUMPUR (June 15): The nation's property market is expected to be sustained by the affordable housing sector for at least the next three years, according LBS Bina Group Bhd managing director Tan Sri Lim Hock San.

"I think for [at least] the next two to three years, [affordable housing] properties will sustain the property market as long the economy continues to grow," Lim told reporters after the group's extraordinary general meeting here today.

"At an average GDP (gross domestic product) growth rate of about 5% to 6% per annum, the property market will be sustained," Lim added.

Lim said the range of affordable housing properties is usually priced at RM500,000 and below.

"The prices of affordable units depend a lot on the location of the property, but it can generally be priced around RM500,000," he added.

Lim said it would be difficult to predict the property market outlook beyond the three-year point.

He further said the year's first quarter GDP growth of 5.6% is a positive indicator the economy will continue to grow this year.

LBS Bina currently has 3,920 acres of undeveloped landbank across Malaysia, and the group said it is eyeing opportunities for joint ventures to develop the land.

At 11.50am, LBS Bina dipped 1 sen or 0.49% to RM2.03, with a market capitalisation of RM1.37 billion. — theedgemarkets.com

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