SP Setia secures sales of RM801m in Jan-April

SP Setia president and CEO Datuk Khor Chap Jen said in Q1 FY17, the group secured sales of RM426.8mil

KUALA LUMPUR: SP Setia secured sales of RM801mil in January to April of this year and the property developer remains upbeat on its prospects  with total unbilled sales of RM7.84bil.

It said on Thursday the RM7.84bil unbilled sales were anchored by 30 ongoing projects and effective remaining land bank of 5,141 acres with a gross development value (GDV) of RM75.72bil as at March 31, 2017.

“We are optimistic to meet the sales target of RM4bil for the current financial year,” it said when it released its first quarter results ended March 31, 2017.

SP Setia achieved a revenue of RM940.19mil and profit before tax of RM174.41mil in Q1, FY17. Earnings were RM105.18mil. Earnings were share were 3.69 sen.

A year ago, it reported pre-tax profit of RM194.30mil on revenue of RM908.26mil while earnings were RM123.40mil. 

In Q1 FY17, the group secured sales of RM426.8mil. Of that, local sales contributed RM351.4mil or 82% of total sales and international projects contributed RM75.4mil of 18% of total sales. 

SP Setia president and CEO  Datuk Khor Chap Jen said: “The sales achieved were within expectations, which is consistent with the lower sales typically experienced during the Chinese New Year period and the shorter month of February.”
 
He said in Q1, 2,587 units of properties with GDV of RM571mil were launched. 

The upcoming launches in FY2017 for the group include Setia Alam (GDV of RM292mil); Setia EcoHill (RM204mil); Setia EcoHill 2 (RM294mil); Setia Eco Park (RM147mil); Setia Eco Glades (RM67mil); Setia Eco Templer (RM73mil); Setia Sky Seputeh (Tower B) RM478mil and KL Eco City (RM615mil).

The others are Setia Seraya Residences (RM278mil); Setia Tropika in Johor (RM123mil); Setia Business Park II in Johor (RM74mil); Aeropod in Sabah (RM177mil); Prahran in Melbourne, Australia (A$38mil) and Exhibition Street in Melbourne (A$478mil). 

“We are confident that the market will be pleased with our upcoming launches as we have meticulously crafted offers to suit the needs of today’s property buyers. 

“Designs and functionality of our properties offered have to be relevant to the needs of our discerning buyers and that’s where Setia will continue to innovate and provide the best possible value-for-money offerings,” Khor said.