Landbank with collective RM33b GDV to keep LBS busy for next 15 years

KUALA LUMPUR: LBS Bina Group Bhd said it owns landbank with gross development value (GDV) of RM33 billion up to May.

This would likely keep the company busy for 10 to 15 years, said group managing director Tan Sri Lim Hock San.

He said the total unbilled sales of RM1.8 billion as at May 29 would also provide strong earnings visibility for the company.

“LBS’ undeveloped landbank of 1,461ha is strategically located in the Klang Valley, Pahang, Perak, Johor and Sabah. It has a collective future GDV of RM33 billion. We will continue to look at attractive landbanking acquisitions as and when opportunities arise,” he said in a statement.

As at Monday, LBS had secured RM317 million in sales, with RM305 million in bookings.

LBS on Tuesday reported a revenue of RM299 million and a pretax profit of RM24 million in the first quarter ended March 31.

The company attributed the revenue and profit to strong takeup rates for its townships and affordable housing developments.

The main contributors came from key townships and projects such as LBS Alam Perdana in Bandar Puncak Alam, KITA @ Cybersouth in Dengkil, Bandar Saujana Putra in Kuala Langat, Cameron Golden Hills in Pahang and LBS SkyLake Residence in Puchong.

LBS has 16 ongoing projects with an estimated GDV of RM4 billion.

“To continue catering to market demand, LBS is planning to launch several projects with a combined GDV estimated at RM1 billion in next few months,” said Lim.

The new launches include KITA Mekar single-storey and double-storey houses and townhouses in KITA @ Cybersouth.