RM4 Bln Sales Target Achievable, Says SP Setia

Last update: 18/05/2016

KUALA LUMPUR, May 18 (Bernama) -- SP Setia Bhd is confident of achieving its sales target of RM4 billion this year, says President and Chief Executive Officer Datuk Khor Chap Jen.

He said the sales would derive from new property launches and existing developments.

"Both the Setia Alam and Setia Eco Templer developments, with a take-up rate of 86 per cent and 88 per cent respectively, are evidence that the underlying demand is still strong," he told reporters after the company's annual general meeting here Wednesday.

This year SP Setia will be launching 13 projects comprising 8,200 units of landed property and high rise with a gross development value (GDV) of RM4.7 billion, said Khor.

Khor said subsequently, SP Setia will hold 11 more launches throughout the year, including KL Eco City in Bangsar with a GDV of RM444 million; Setia Sky Ville in Penang (RM477 million); Setia Trio in Klang (RM351 million); Setia Business Park II in Johor (RM127 million); and Carnegie in Melbourne, Australia (A$31 million).

The next immediate launches will be the Setia EcoHill 2 in Semenyih with a GDV of RM512 million and Setia Sky Seputeh (Tower A) in Taman Seputeh (RM406 million).

On overseas ventures, he said in the Battersea development in London, SP Setia has launched as much as it could, with sales expected to be slightly slow.

"The Singapore market is also slow due to the cooling measures imposed by its government," he said, adding the Australia property market, however, is showing strong demand.

SP Setia Bhd posted a pre-tax profit of RM194.3 million for the first quarter ended March 31, 2016 on the back of a RM908.5 million revenue.