KUALA LUMPUR (Jan 7): Shares in LBS Bina Group Bhd rose 2.06% this morning after the developer set its 2020 new property sales target at RM1.6 billion, similar to the sales target of RM1.63 billion it achieved in 2019, as the group is expecting the lower interest rate environment to continue to support its property sales.
At 9.21am, LBS Bina gained 1 sen to 49.5 sen, for a market capitalisation of RM775.72 million.
Managing director Tan Sri Lim Hock San is confident about the new property sales target in 2020, citing the market is anticipating another rate cut for the overnight policy rate (OPR) this year, which he added bodes well for LBS Bina's housing sales.
According to Lim, the OPR cut by the Bank Negara Malaysia in May 2019 had boosted the group's property sales in 2019. He added that the Home Ownership Campaign also contributed to the increase in property sales last year.