PETALING JAYA: LBS Bina Group Bhd has aimed to secure RM1.8 billion in property sales for 2024 based on a positive outlook for the property market.

The group concluded 2023 with RM1.7 billion in property sales, missing its initial target of RM2 billion.

This year, the property developer planned to launch 10 new projects encompassing 4,858 units with a total gross development value (GDV) of RM2.33 billion in Klang Valley, Johor, and Pahang.

Executive chairman Lim Hock San said the property market is expected to remain strong this year due to continued demand for affordable housing in Klang Valley and other parts of the country.

“The economic growth forecast of 4.5%-5.5% for 2024 has added optimism to us,” he told reporters today after a media briefing.

Moreover, Lim said recent developments, such as visa exemptions for tourists from China, India, and the Arab region, are expected to draw more tourists and boost business activities in Malaysia.

“Overall, this year looks very optimistic, and while I use the term cautiously, we are confident of achieving (the sales target of) RM1.8 billion,” he said.

Recounting 2023’s performance, Lim said that given the less encouraging market sentiments and economic conditions, the group had to push back a few launches to 2024, which led to a slight dip in property sales.

“Nevertheless, we remain focused on delivering our target for this year. A key highlight is our successful delivery of vacant possession for 4,872 units worth RM2.4 billion.

“We will continue to monitor the market and implement appropriate strategies to ensure our operations are not disrupted, and we remain optimistic about our growth prospects for 2024,” he added.

LBS said it is actively engaged in 19 ongoing development projects, collectively estimated to have a GDV of RM5 billion.

As of Dec 31, 2023, the group’s landbank spans about 1,119.77 hectares, a substantial reserve expected to keep the group occupied for the next 10 to 15 years.

The group also stated that it has unbilled sales totalling RM1.99 billion, ensuring a clear and robust earnings outlook for the next two to three years.

As at 4.04pm, LBS Bina’s share price was unchanged at 62 sen, giving it a market capitalisation of RM973 million.