LBS to launch 12 property projects with RM2.1bil GDV in 2023

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LBS Bina Group Bhd intends to launch 2,118 units in the Klang Valley with a total gross development value of RM1.1 billion in 2023. (LBS Bina pic)

PETALING JAYA: LBS Bina Group Bhd (LBS) plans to launch 12 new projects with a gross development value (GDV) of RM2.09 billion this year.

These will comprise 4,021 cumulative units in the Klang Valley, Johor, Pahang and Perak, said its executive chairman 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% 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 here today.

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 billion in property sales, surpassing the company’s sales target of RM1.6 billion by 25%.

Looking ahead, Lim said LBS expects economic and market volatilities to remain this year. The common property developer challenges are labour shortage, interest rate hike and increase in raw material cost.

“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.

On the projects to be launched in the Klang Valley, Lim said at KITA @ Cybersouth, LBS’ key township development, the group aims to launch, among others, single-storey link houses, double-storey link houses and townhouses within KITA Bestari, amounting to 817 units with a total GDV of RM418 million.

Other notable planned launches include 155 units of Astella double-storey terrace houses at D’Island Residence in Puchong, which has a GDV of RM139 million, and Block B of LBS’ Prestige Residence in Seri Kembangan, which will consist of 725 units amounting to a GDV of RM313 million.

New projects in Pahang include the Bayu Hills serviced apartment in Genting Highlands comprising 642 units with a total GDV of RM482 million, while in Perak, the developer intends to launch more phases of Taman Kinding Flora, Chemor, involving 94 single-storey terrace houses with a total GDV of RM27 million, and 90 single-storey cluster link houses with a total GDV of RM22 million.

Additionally, LBS has launches lined up in Johor which include the Zenit Molek serviced apartment at Taman Molek (988 units with a total GDV of RM436 million).

Other launches in the state are Imperial Garden double-storey semi-detached houses (63 units with a total GDV of RM40 million), and Emerald Garden single-storey link houses (26 units with a total GDV of RM11 million), both in Bandar Putera Indah, Batu Pahat.

LBS has 18 ongoing development projects with an estimated GDV of RM5.7 billion.

As of Dec 31 last year, 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% of the profit after tax and non-controlling interest.