,Group Managing Director LBS Bina Group Berhad Tan Sri Lim Hock San giving the post 20th AGM media briefing KAMARUL ARIFFIN/The Star
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ALTHOUGH the pandemic continues to pose challenges and create uncertainties, property developers have been able to maintain solid performances.
Several listed companies, in announcing their earnings during the latest corporate results season, say their sales targets for 2021 are either are on track, have been achieved or revised upwards.
An analyst says many property developers, following a tough 2020, have stuck with what had worked best for them.
“Digitalisation has been a big part of their marketing strategies and it has worked wonders. Nevertheless, the property market is about physical products and many developers have churned out units that are best catered to customer needs.”
Another property analyst says many developers have been focusing on affordable homes, adding that the strategy has worked for numerous players.
“The ongoing Home Ownership Campaign (HOC) is also playing a big part in spurring the market,” he says, adding that the overall positive sentiment can be reflected in the performance of the KL Property Index over the past 12 months.
On a one-year basis, the KL Property Index – which is made up of listed shares of property companies – has risen more than 11%, thus reflecting the resilience of the local property industry.
At the group’s annual town hall meeting last month, LBS Bina Group Bhd executive chairman Tan Sri Lim Hock San said the company is optimistic of achieving its sales target for 2021, despite anticipating a challenging year ahead.Group Managing Director LBS Bina Group Berhad Tan Sri Lim Hock San
“The road ahead may be challenging but if we continue to do what we do best, which is to provide quality yet affordable homes and improve our services, we will definitely achieve our 2021 sales target,” he says.
LBS Bina’s net profit for the second quarter ended June 30, 2021 surged to RM16.28mil from RM736,000 in the previous corresponding period, while revenue rose to RM265.92mil from RM166.89mil a year earlier.
For the second half of 2021, the group plans to launch properties with an estimated gross development value (GDV) of RM1.22bil, mainly in the Klang Valley.
Currently, the group has 19 ongoing development projects with an estimated GDV of RM5.67bil. It has a total land bank for future development of 3,343 acres with an estimated GDV of RM27.2bil and unbilled sales of RM2.25bil.
JF Apex Securities, in a recent report, says LBS Bina’s earnings in the first half of 2021 are a “positive surprise.”