SERI KEMBANGAN, March 22 — Real estate conglomerate LBS Bina Group Berhad  says it is able  to meet the demand of first-time home buyers for affordable housing.

The group’s managing director Tan Sri Lim Hock San said it was a matter of balancing between several factors when meeting the demand.

“First, of course, is the company’s profit margin. As a listed company we must ensure profit is generated since we are answerable to our shareholders,

“Secondly, is the pricing (of properties) wherein we attempt to make it affordable while in line with the profit margin,” he said.

The third factor is the development’s location, which also affects its pricing. Lim added it is fortunate since LBS has a diverse range of projects.

“For example, there is the 1Malaysia Housing Projects for Civil Servants in Bukit Jalil and Alam Perdana, as well as in Batu Pahat which will be launched in two months’ time,” he said.

Tan said LBS also participating in the Rumah Selangorku affordable housing scheme, which will be launched in Bandar Saujana Putra around the same time.

Lim was speaking at LBS’s latest development launch via its subsidiary MGB Berhad, Zenopy Residences today.

The project consists of 398 serviced units with built-up areas ranging from 823 sq ft to 2,031 sq ft,  priced from RM413,000 (after Bumiputra discount) to RM604,000.

“To date 122 of the 398 units have been sold, or 31 per cent. Zenopy has 74 shop units, 51 commercial and 23 affordable. Over 88 per cent or 45 of the commercial units have been sold, while the affordable have not yet been opened,

“Zenopy’s ground floor to the seventh floor has been completed so far, and it is slated for completion by 2021, if not earlier. We are aiming to sell up to 75 per cent of the residential units by the end of this year,” he said.

Zenopy’s gross development value inclusive of the shops is RM312 million, and is surrounded by shopping centres, educational institutions and retail outlets within a five-kilometre radius. It is also 10 minutes away drive Serdang, 15 minutes to Bukit Jalil and Puchong, 20 minutes to Putrajaya and Cyberjaya, and 30 minutes to KLIA.

Lim also announced that as of yesterday the group has achieved over RM455 million in sales, compared to the same day last year with RM229 million.

“This is due to the confidence our purchasers have in us because of our solid reputation, and I hope we can continue to inspire that in them,” he said.