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LBS happy with HOC, hopes campaign will be extended till year-end

PETALING JAYA (June 28): For 2019, LBS Bina Group Bhd has recorded a net revenue of RM766 million as at June 27, 2019. 

The group attributed this mainly to sales at the Cybersouth, Dengkil and LBS Alam Perdana in Ijok, Selangor townships. 

Unbilled sales as of end May 2019 stood at RM1.745 billion. 

With regards to the National Home Ownership Campaign (HOC) 2019, LBS has achieved a two-month (May and June) sales figure of RM290 million. 

“We are quite happy with the sales achieved. It is a good incentive for homebuyers. And we urge the government to extend the HOC to the end of the year to encourage home purchasing,” LBS Bina Group’s managing director Tan Sri Lim Hock San at a media briefing after the group’s 19th AGM meeting today here at Tropicana Golf & Country Resort. 

“Therefore, LBS remains confident of achieving our sales target of RM1.5 billion by the end of this year,” added Lim. 

Currently, LBS has 18 ongoing projects worth RM4 billion, with about RM1 billion still available for sale. 

The next immediate launch in two to three months will be the affordable apartments in Alam Perdana. Named Melodi Perdana, the 1,520 apartment units (900 sq ft) priced at an estimated RM370,000 will have an estimated GDV of RM565 million. 

“[Melodi] will be easily sold off,” Lim said, highlighting that LBS’ recent Kita Impian in Cybersouth launch saw 332 units taken up in two months. 

Furthermore, a 61-acre industrial park in Telok Gong, Klang for medium industries is expected to be launched by the end of this year. 

Lim said LBS will also focus on its project in the Zhuhai Greater Bay Area in China. 

“LBS is looking at revising part of the project plan with our Chinese joint-venture partner to fully utilise the land at the area given its strategic location,” said Lim. 

When quizzed by the media on how the ongoing US-China trade tensions will impact the project, Lim said in the long run, LBS will not feel the heat. 

“Our projects focus on commercial services and tourism, not so much on the manufacturing sector. I don’t think there will be an impact [on LBS],” noted Lim. 

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