KUALA LUMPUR: LBS Bina Group Bhd says it owns future landbank with gross development value (GDV) of RM33 billion as at May 31 this year.
This will likely keep the company busy for 10 to 15 years, LBS group managing director Tan Sri Lim Hock San said.
Lim added that with a total unbilled sales of RM1.8 billion as at May 29, this provided strong earnings' visibility for the company.
"LBS's undeveloped land bank now totalled at 3,610 acres are 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 land-banking acquisitions as and when opportunities arise," he said in a statement.
As at June 29 this year, LBS had secured RM317 million sales, with RM305 million bookings.
LBS on Tuesday reported a revenue of RM299 million and a pre-tax profit of RM24 million in the first quarter ended March 31 2020.
The company attributed the revenue and profit to strong take-up rates for its townships and affordable housing developments.
The main contributors came from its key townships and projects such as LBS Alam Perdana, KITA @ Cybersouth, Bandar Saujana Putra, Cameron Golden Hills and LBS SkyLake Residence.
LBS has 16 ongoing projects with an estimated GDV of RM4 billion.
Lim said LBS had recently launched KITA Ria serviced apartment at KITA@Cybersouth township in Dengkil.
"This project has garnered strong take up rate, with its first block fully booked. To continue catering to market demand, LBS is planning to launch several projects with a combined estimated GDV of RM1 billion in next few months."
The new launches include KITA Mekar single-storey, double-storey houses and town houses, in KITA @ Cybersouth.
Meanwhile, new projects in LBS Alam Perdana township in Bandar Puncak Alam include Ritma Perdana town houses and terrace houses as well as the second block of Melodi Perdana apartments.
The bulk of the upcoming launches is derived from the affordable segment below RM500,000.
"Affordability remains the key concern for homebuyers and therefore, we will continue to maintain our strategy of building homes to meet this market demand. LBS' properties and townships were designed based on the 3 main pillars of affordability, connectivity and community," Lim said.