SEPANG: LBS Bina Group Bhd (LBS) plans to launch 12 new projects with a gross development value (GDV) of RM2.09 billion in 2023.
They will comprise 4,021 cumulative units in the Klang Valley, Johor, Pahang and Perak, said its executive chairman Tan Sri Lim Hock San.
“I have set the GDV target at RM2.09 billion this year and we hope to achieve this target or even more.
“Last year, 90 per cent of our sales were contributed by the Klang Valley. I still expect the Klang Valley to be the major sales contributor this year,” he told a media briefing yesterday.
For the Klang Valley, LBS intends to launch 2,118 units worth a total GDV of RM1.1 billion in 2023, he said.
LBS closed 2022 with RM2.0 billion in property sales, surpassing the company’s sales target of RM1.6 billion by 25 per cent.
Looking ahead, Lim said LBS expects economic and market volatilities to remain this year. The common property developer challenges that the nation is set to witness are labour shortage, interest rate hike and increase in raw material cost.
“Nonetheless, with more than three decades’ worth of property development masteries, we are ever ready to embrace any changes that come our way.
“Hence, we have carried out strategic planning and discussions to ensure we navigate 2023 cautiously and on a steady footing, as we look to maintain our performance,” he said.
LBS has 18 ongoing development projects with an estimated GDV of RM5.7 billion.
As at Dec 31, 2022, LBS’ future landbank stood at about 2,972 acres, which would keep the group busy for 10 to 15 years to come.
“In addition, the group has unbilled sales of about RM2.46 billion, expected to provide clear earnings visibility over the next two to three years,” the company said in a statement.
LBS said it also aims to continuously reward shareholders in accordance with its dividend policy, which is to pay out 30 per cent of the profit after tax and non-controlling interest. — BERNAMA
