SP Setia profit for nine months at RM509mil

  • Construction
  • Thursday, 14 Nov 2019

Good response: People visiting SP Setia booth at a property fair in Penang. In the nine months, the group secures sales totalling RM3.07bil, of which 85% or RM2.60bil comprised local projects.

KUALA LUMPUR: SP Setia Bhd achieved revenue of RM3.13bil and pre-tax profit of RM508.8mil in the January-to-September period, mainly contributed by its ongoing projects in Malaysia.

The property developer said its ongoing 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 these projects.

In the nine months, the group secured sales totalling RM3.07bil, of which 85% or RM2.60bil comprised local projects and the remaining 15% or RM467mil were overseas projects.

SP Setia said sales from the local projects were mainly from the central region amounting to RM1.75bil while the southern and northern regions combined contributed RM854mil.

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

It said the group has launched projects with combined gross development value (GDV) of RM2.71bil.

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 fully 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.

SP 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.”

The group 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 in the Klang Valley and Johor Bahru. This will bring the total launches for financial year 2019 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 two-storey linked houses at Setia Warisan Tropika, its latest township in Bandar Baru Salak Tinggi, in the middle of this month.

SP 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 would work towards achieving its sales target of RM4.55bil.

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

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