S P Setia records RM3.13b revenue and PBT of RM508.8m in Jan-Sept


  • Property
  • Wednesday, 13 Nov 2019

S P Setia president and CEO Datuk Khor Chap Jen said: "Amid the challenging landscape of a subdued property market, the strategy is to launch more mid-range landed properties in the group’s flagship townships where the underlying demands by owner-occupiers are still favourable.”

KUALA LUMPUR: S P Setia Bhd achieved revenue of RM3.13bil and profit before tax (PBT) of RM508.80mil in the January to September period this year mainly contributed by the on-going projects in Malaysia.

S P Setia said in a statement on Wednesday the on-going international projects of Battersea Power Station in London, as well as Sapphire by the Gardens and UNO in Melbourne, Australia were recognised on completion method, hence there was no profit contribution from the said international projects.

During the nine months, it secured sales totalling RM3.07bil where 85% or RM2.60bil comprised local projects and the remaining 15% or RM467mil were international projects.

S P Setia said the sales from the local projects were mainly from central region of RM1.75bil while the southern and northern regions combined, contributed RM854mil.

As for the international projects, UNO Melbourne in Australia, Daintree Residence in Singapore and Eco Xuan in Vietnam contributed RM435mi of sales.

S P Setia said the group had been strategic with its project launches where projects with combined gross development value (GDV) of RM2.71bil were launched.

It said several projects, which were mainly landed properties registered commendable performance. The two-storey linked houses at Setia Safiro in Cyberjaya and the two-storey semi-detached houses in Setia Mayuri, Semenyih, were both 100% taken up over a weekend during their launches.

Over in mainland Penang, the affordable single-storey terrace houses priced at RM330,000 onwards at Setia Fontaines recorded encouraging response as buyers were attracted to the unique development concepts, prime location and the amenities within this new township in Seberang Perai.

S P Setia president and CEO Datuk Khor Chap Jen said: "Amid the challenging landscape of a subdued property market, the strategy is to launch more mid-range landed properties in the group’s flagship townships where the underlying demands by owner-occupiers are still favourable.”

S P Setia said another RM2.17bil worth of GDV was planned to be launched in the remaining months of this year.

It will continue to focus on the launches of landed properties in the established townships of Klang Valley and Johor Bahru. This will bring the total launches for FY2019 to RM4.88bil.

Notable launches would be in existing townships of Setia Alam, Setia Eco Hill, Setia Eco Templer, Setia Eco Park, Bandar Kinrara, Alam Impian, Setia Eco Garden and Setia Tropika.

The group will also launch the two-storey linked houses at Setia Warisan Tropika, the group’s latest township in Bandar Baru Salak Tinggi in mid-November this year.

S P Setia said due to the versatility of the planned launches, the encouraging response to the Home Ownership Campaign and initiatives introduced to promote home ownership, it remained positive and it would work towards achieving the sales target of RM4.55bil.

“Anchored by 46 ongoing projects with 8,984 acres of effective land banks remaining and potential GDV of RM143.82bil, prospects going forward remain positive with total unbilled sales of RM10.52bil as at Sept 30,2019, ” S P Setia said.


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