LBS Bina poised to exceed its revised RM1 billion sales target for 2020

PETALING JAYA (Aug 28): With a recorded sales of RM965 million in hand (as of Aug 26), property developer LBS Bina Group is confident to achieve its revised sales target of RM1 billion in 2020, said its managing director Tan Sri Lim Hock San (pictured).

In a press statement today, Lim noted that the company has started digital and technology adoptions even before the Covid-19 pandemic hit the global economy, and the strategy has helped the company to sail through the challenging times during the Movement Control Order (MCO) period.

“Moreover, the market sentiment has gradually improved and as a result, our sales also increased tremendously… With the positive outlook of the property sector and gradually improving market sentiment, we will continue to launch more projects in the coming months to continue increasing our sales,” he said in the statement.

To recap, LBS Bina has revised the sales target to RM1 billion, from RM1.6 billion in April 2020 amid the impact by Covid-19 and the implementation of MCO.

The developer has an unbilled sales of RM2.176 billion as at 31 July 2020, which could fuel its revenue for the next two to three years. LBS Bina has 17 ongoing projects with an estimated GDV of RM4.4 billion.

Besides, the developer currently owns a future land bank of 3,587 acres with a future estimated gross development value (GDV) of RM31 billion are strategically located in the Klang Valley, Pahang, Perak, Johor and Sabah.

Meanwhile, LBS Bina recorded a revenue of RM167 million and profit before tax (PBT) of RM12 million in the second quarter ended 30 June 2020. For the six months ended 30 June 2020, LBS Bina registered revenue and PBT of approximately RM466 million and RM36 million respectively.

Revenue and PBT were mainly contributed by LBS’ key townships and projects such as LBS Alam Perdana, KITA @ Cybersouth, Residensi Bintang Bukit Jalil, Zenopy Residence and LBS SkyLake Residence.

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