10 New Projects: LBS Bina Group Announces Their Upcoming Developments For 2024
The new projects across the Klang Valley, Johor, and Pahang will encompass 4,858 units with a total Gross Development Value of RM2.33 billion.
By thegowgow - 08 Jan 2024, 04:01 AM
Cover image via LBS Bina Group (Provided to SAYS)LBS Bina Group Berhad (LBS), an internationally recognised developer, is set to welcome 2024 with a lineup of exciting projects ahead
Having concluded 2023 with RM1.701 billion in property sales, the group now aims to hit their 2024 property sales target of RM1.8 billion.
At their annual media briefing on 4 January, LBS revealed their plans to launch 10 new projects across Klang Valley, Johor, and Pahang in 2024, encompassing 4,858 units with a total Gross Development Value (GDV) of RM2.33 billion.
As a point of comparison, LBS launched 4,358 units worth RM1.67 billion in 2023. Launches for 2023 included developments across KITA Bestari in KITA @ Cybersouth, Astella terrace houses at the D'Island Residence in Puchong, and Block B of Prestige Residence in Seri Kembangan.
Tan Sri Ir (Dr) Lim Hock San, Executive Chairman of LBS Bina Group, with Directors of LBS & MGB, namely Isaac Lim, Datuk Richard Lim, Dato Sri Barry Lim, Datuk Wira Joey Lim, Lucas Lim, Dato Cynthia Lim, and Dato Sri Daniel Lim, at the LBS 2024 Media Briefing held at the LBS HQ in Petaling Jaya.
Image via LBS Bina Group (Provided to SAYS)
Currently, LBS is actively engaged in 19 ongoing development projects, collectively estimated to have a GDV of RM5 billion
As of 31 December 2023, LBS' landbank spans approximately 2,767 acres, a substantial reserve expected to keep the group occupied for the next 10 to 15 years. Furthermore, the group has unbilled sales totalling around RM1.99 billion, ensuring a clear and robust earnings outlook for the next two to three years.
In addition, LBS successfully launched and held a groundbreaking ceremony for Idaman Cahaya in Shah Alam and Idaman Sari in Puchong this year.
Tan Sri Ir (Dr) Lim Hock San, together with the Directors of LBS and MGB, as well as the media associates present at the LBS 2024 Media Briefing.
Image via LBS Bina Group (Provided to SAYS)
Within the Klang Valley, LBS will concentrate on launching 2,960 units with a total GDV of RM 1.14 billion
The Klang Valley region has consistently contributed the highest sales to LBS over the years, averaging more than 80%. The 2,960-unit target includes the planned 1,048 units (with a total GDV of RM303 million) in Idaman Perdana, located in LBS Alam Perdana.
Additionally, in collaboration with its construction arm, MGB Berhad, LBS will be introducing the following:
– the Rumah Idaman MBI (Idaman Cahaya 3) apartment block (413 units with a total GDV of RM117 million)
– double-storey terrace houses at Astella (79 units with a total GDV of RM75.6 million)
– the SkyRia serviced-apartment block at D'Island Residence (999 units with a total GDV of RM441 million)
– an apartment and a townhouse in Bandar Saujana Putra (421 units with a total GDV of RM205 million)
Here's a breakdown of the upcoming launches in Pahang and Johor:
Pahang
– Bayu Hills serviced apartment in Genting Highland (642 units with a total GDV of RM452 million)
– Rimbawan Acacia Garden in Genting Highland (66 bungalow units with a total GDV of RM103 million)
– Centrum Iris, Cameron Centrum, Cameron Highlands: the largest mixed development in the region, featuring the most extensive collection of serviced apartments and commercial offerings (shops and restaurants)
Johor
– Imperial Garden in Bandar Putera Indah, Batu Pahat (63 double-storey semi-detached houses with a total GDV of RM43 million)
– Pangsapuri Saujana Indah apartment in Taman Molek (393 units with a GDV of RM177 million)
Speaking at the media briefing, Executive Chairman Tan Sri Ir (Dr) Lim Hock San said, "We are excited to kickstart 2024 on an optimistic footing and we look forward to a positive 2024"
"Anticipating a positive outlook for the property market in 2024, we will persist in upholding our three core main pillars of Affordability, Connectivity, and Community. The group is motivated to rise to the challenge of delivering developments in strategic locations while maintaining affordable prices to meet homebuyers' needs and earn their trust.
"We will continue to monitor the market and implement appropriate strategies to ensure our operations are not disrupted. We remain optimistic of our growth prospects for 2024.
"The group maintains a steadfast focus on ESG (Environmental, Social, and Governance) initiatives, considering them to be a pivotal priority. LBS will continue to seek opportunities to further enhance its ESG profile, aligning with the objective of achieving net carbon zero emissions by 2050.
"In addition, we aim to continuously reward our shareholders in accordance with our dividend policy, which is to pay out 30% of the profit after tax and non-controlling interest," he shared.
Tan Sri Ir (Dr) Lim Hock San recapped LBS' overall performance in 2023 and highlighted the group's outlook for 2024 during the LBS 2024 Media Briefing.
Image via LBS Bina Group (Provided to SAYS)
