News: LBS Bina: Supplying High-Quality Projects Throughout the Country

May 15, 2018

By Property Report
It has been a trying few years for the residential property market in Malaysia. The luxury segment has largely been in a state of stasis since government cooling measures to tackle oversupply were ushered in last November, while at the other end of the spectrum new affordable homes are few and far between.

These factors do however bode well for consumers, especially first-time buyers, in search of economical property investments with many developers opting instead to set their sights on the lower-end of the market.

The dearth was highlighted by Real Estate and Housing Developers’ Association Malaysia’s president Datuk Seri FD Iskandar Mohamed Mansor in a recent press conference when he expressed concern “about the situation of unsold units in the country… we are really short of homes, especially affordable homes,”

With the Malaysian general election only days away, the issue remains a political hot potato. Ruling prime minister Najib Razak has reiterated his pledge to deliver one million affordable homes, which was a key part of his Barisan Nasional party’s manifesto in 2013, yet little headway has been made – and the difficulty of getting a foot on the property ladder remains a key concern for voters.

Fortunately for most home seekers, the actions of certain developers currently speak louder than the words of politicians.

LBS Bina Group is one such developer that is supplying the segment with high-quality projects throughout the country. The company, which celebrated its 25-year anniversary in 2017, has moved with market conditions and in recent years focused on affordable projects, such as the 1Malaysia Civil Servants Housing Programme in Bukit Jalil and Alam Perdana as well as mixed-use development Zenopy Residences, in Selangor’s Seri Kembangan.

The formula of delivering well-appointed properties at reasonable prices has clearly paid off. Last week, LBS was named the country’s Best Developer for the first time at the prestigious Asia Property Awards (Malaysia) gala dinner and ceremony.

“Following a highly successful year that marked its highest sales achievement on record despite very challenging market conditions, LBS Bina Group Berhad deservedly warrants recognition and praise from the industry, as well as from consumers who enjoy their quality townships and mass market developments,” according to the independent panel of expert judges. “The developer’s mission to transform communities through sustainable living and real estate is something that should be celebrated,”

Headed by Tan Sri Lim Hock San, the family firm also received a Special Recognition in Sustainable Development trophy and was rewarded for its corporate social responsibility initiatives, which include supporting educational programmes, sponsoring the Kiwanis Down Syndrome Foundation and preserving the Hokkien dialect and culture in Malaysia through various activities.

LBS finished the night with an impressive seven awards, receiving recognition for a variety of recent launches in Selangor, from the D’ Island Residence township to the high-rise LBS SkyLake Residence.

“I am proud that the judges have recognised LBS Bina Group as best developer for this year,” Datuk Wira Joey Lim, executive director at LBS Bina, said. “With this award, I think I need to work even harder next year.”

Analysts expect the property market to pick up post-election and for the second half of 2018 to signal a resurgence in the sector. But with strong sales at its latest launches and a cabinet full of well-earned trophies, many developers are likely to be playing catch up with LBS in the affordable segment for some time.

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Shaiful Safar
Real Estate Negotiator
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True Vest Property Consultants Sdn. Bhd.
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