KUALA LUMPUR: LBS Bina Group Bhd is lowering its sales target for the year to RM1.8 billion despite ramping up new property launches this year, after it missed its RM2 billion sales target in 2023.
LBS Bina ended 2023 with property sales of RM1.701 billion.
Economic conditions and market sentiment led LBS Bina to postpone three property launches to this year.
Executive chairman Tan Sri Lim Hock San is bullish on its prospects for this year planning for 10 new projects with a RM2.33 billion gross development value (GDV) planned in Klang Valley, Johor and Penang.
"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," he said.
The new property launches consist of 4,858 units. In 2023, LBS launched 4,358 units worth RM1.67 billion
Of the new property launches for 2024, 2,960 units with a total GDV of RM 1.14 billion will be in Klang Valley.
The Klang Valley region has consistently contributed the highest sales to LBS over the years, averaging more than 80 per cent.
Currently, LBS is actively engaged in 19 ongoing development projects, collectively estimated to have a GDV of RM5 billion.
As of Dec 31, 2023, LBS' landbank spans 2,767 acres, a substantial reserve that is expected to keep the group occupied for the next 10 to 15 years.
The group also has unbilled sales totalling around RM 1.99 billion, ensuring a clear and robust earnings outlook for the next two to three years.