LBS Bina confident of hitting RM1b sales target

by **Cals** Tue 25 Feb 2014, 17:25

Business & Markets 2014

Written by Bernama

Tuesday, 25 February 2014 16:28

KUALA LUMPUR (Feb 25): LBS Bina Group Bhd is confident of achieving RM1 billion in sales this year, compared with RM620 million in 2013, with projects worth RM3.8 billion scheduled for launch.

Managing Director Datuk Seri Lim Hock San said the property developer plans to launch the projects this year and in 2015.

The projects are located in the Klang Valley, Johor Baharu and Pahang and include 18 of the company's ongoing ventures worth RM1.6 billion.

"This does not however, include the 1,658 units of affordable housing currently being undertaken in Batu Pahat, and to be sold at RM150,000," he told a media conference on the sidelines of the 2014 Malaysia-China Guangdong bilateral forum here today.

The company expects the project to be completed in three years, with the first phase of 140 units ready by this year.

Lim said the company planned to build more affordable homes, but declined to disclose the locations.

"I believe, this year, we're going to achieve more in sales, and almost double that notched in 2013.It also depends on the market," he added.

The two-day 2014 Malaysia-China Guangdong bilateral forum from March 21 in Zhuhai, China, is being sponsored by LBS.

It is aimed at promoting and enhancing business partnerships between entrepreneurs of the two countries.

LBS Bina, operates and owns 60 per cent of an international racing circuit in Zhuhai.

On LBS Bina's acquisition of VTI Vintage Bhd which had posted losses, Lim said the move would help add value to the company, and was not expected to contribute to revenue in the near term.

It was reported that the property developer is injecting RM13.43 million into VTI Vintage.