KUALA LUMPUR (Jan 4): Despite the soft and challenging property market, LBS Bina Group Bhd is optimistic of achieving a sales target of RM1.8 billion in 2018, on the back of positive market sentiment and better company fundamentals.
Speaking to reporters at its 2018 outlook and media briefing today, it's managing director Tan Sri Lim Hock San said the group is seeing more demand from the affordable housing segment.
For 2018, Lim noted the group will be launching eight new developments, amounting to RM2.19 billion.
"This year, 3,139 units would consist of affordable homes priced below RM500,000, representing 60% of the sales target," Lim said.
Lim added that the group has achieved RM1.4 billion in sales for 2017, up 15% year-on-year (y-o-y) from 2016.
Going forward, Lim said the group is anticipating significant growth from its landed property projects, namely LBS Alam Perdana and LBS CyberSouth.
LBS currently has a landbank area of 4,100 acres, with a total future gross development value (GDV) of RM29.04 billion, which includes its ongoing developments comprising 304 acres and a remaining 3,806 acres reserved for future development.
At 12.05pm, shares of LBS Bina were up five sen or 2.11% to RM2.42, for a market capitalisation of RM1.66 billion. Over the past 12-months, the stock has risen 53.16% from RM1.58. — theedgemarkets.com