’s wholly-owned subsidiary MGB Construction and Engineering Sdn Bhd (MGBCE) has bagged two construction contracts worth RM442.81 million involving the Rumah Selangorku Idaman MBI projects.
The first contract valued at RM218.51 million involves, among others, two 25-storey apartment blocks comprising 1,036 units in Dengkil while the other contract worth RM224.30 million involves two blocks comprising 1,044 units in Ijok.
, said the developers of both projects were LBS Bina s subsidiaries namely, Seloka Sinaran Sdn Bhd (SSSB) and Kemudi Ehsan Sdn Bhd (KESB). With the contracts in hand, the group’s current outstanding order book is approximately RM2.18 billion,” it said in a filing with Bursa Malaysia today.
The new developments in the pipeline would include projects in the Klang Valley, Johor, Perak and Pahang.
Despite the current market challenges due to the Covid-19 pandemic, the property developer is confident that 2021 will be “yet another exciting year for the group”.
LBS recorded total sales of RM1.2bil last year, surpassing its revised target of RM1bil.
LBS’ original sales target for 2020 was RM1.6bil, but this was lowered in light of the impact of the Covid-19 pandemic.
In 2019, the group achieved sales of RM1.63bil.
Speaking at a media briefing yesterday, LBS group managing director Tan Sri Lim Hock San (pic) said the group would focus on building affordable properties.