LBS Bina confident of hitting RM800 mil sales target

PETALING JAYA (Sept 1): LBS Bina Group Bhd is confident of hitting its RM800 million sales target for financial year 2015 (FY2015),

“Despite the current sentiment, we are confident of achieving at least RM800 million sales by end of this year, which is an increase of 25% over last year’s total sales. We have set our direction for an aggressive growth expansion which is steered to meet the Malaysian housing market demands.

"Our management and board of directors continue to strive, adapting to suit the domestic market and we have identified the right strategic locations and type of housing range to meet various demands," managing director, Tan Sri Lim Hock San in a press statement.

“We are very pleased with the performance results of RM591 million, which represent 27% increase in sales from RM464 million for the same period last year. Some 77% of the total sales were contributed mainly by Klang Valley projects,” added Lim.

The group is anticipating good responses from its key contributor projects, namely Bandar Saujana Putra in Kajang, D’Island Residence in Puchong and Bandar Putra Indah in Johor.

Lim said the group will continue to focus on the main key sales contributors such as Ivory Garden and Magma Garden in Bandar Putera Indah, Corallia and SkyVilla at D’Island Residences, Bandar Saujana Putra Village and Bandar Saujana Putra 21, which have a total gross development value (GDV) of RM1.4 billion.

The group is fine tuning its plans for the 2,718 acres in landbank, which has an estimated future GDV of RM21.7 billion, said Lim.

LBS Bina held its extraordinary general meeting (EGM) on Aug 26 to approve the issuance of warrant B with the purpose of rewarding its existing shareholders.