KUALA LUMPUR: LBS Bina Group Bhd
posted a 154% year-on-year (y-o-y) progress in web revenue to RM59.6mil, on the again of 15% larger income to RM922.4mil, for its 9 months ended Sept 30, 2021.
In a submitting with Bursa Malaysia, the property developer mentioned this was primarily as a result of sale of inventories, good take-up charges and regular building progress of its ongoing tasks at Residensi Bintang Bukit Jalil, Alam Awana Industrial Park, Cameron Centrum, KITA @ Cybersouth and LBS Alam Perdana.
Tasks inside the Klang Valley stay as the biggest income contributor, accounting for greater than 81% of the group’s income for the nine-month interval.
In the meantime, for its third quarter ended Sept 30, 2021, the group posted a 7% drop y-o-y in web revenue to RM19.5mil, as income was down 24.3% to RM254mil.
This was primarily as a result of re-implementation of full motion management order in June 2021, which affected the gross sales and building progress of its tasks.
LBS Skylake residences
The group secured complete gross sales of RM1.1bil and bookings in pipeline of RM950mil as at Nov 22, 2021.
LBS Bina mentioned the robust efficiency proved that reasonably priced housing continues to be extremely in demand, which is according to the Housing Bureau Statistics knowledge that reveals Malaysia has a scarcity of 1 million models of reasonably priced housing.
The group famous that within the Finances 2022, the federal government allotted RM1.5bil to proceed with low-cost housing tasks and a further RM2bil to help these with out regular revenue to personal a house via the Housing Credit score Assure Scheme.
LBS Bina mentioned it could proceed to give attention to the reasonably priced residential housing market.
“With our funding within the industrialised constructing system precast concrete crops, we’re capable of assist the Selangor authorities’s objective to construct 30,000 reasonably priced properties in strategic places by yr 2025,” it mentioned.
Presently, the group has 20 ongoing tasks with a gross improvement worth (GDV) of RM5.65bil, land financial institution for future improvement of two,794 acres with GDV of RM24.3bil and unbilled gross sales of RM2.17bil.
Nevertheless, LBS Bina mentioned the outlook for the property sector is anticipated to stay difficult, given the adversarial market situation following the nation’s extended Covid-19 pandemic.
