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Thursday, April 14, 2011

SP Setia may make foray into S'pore soon

KUALA LUMPUR: SP Setia Bhd is considering the possibility of venturing into Singapore's property market soon, says its president and chief executive Tan Sri Liew Kee Sin.

"With the breadth and depth of products that we have to offer, from townships to luxury homes and integrated commercial developments, we are well-positioned to benefit from the structural upshift in this sector," Liew told newsmen at invest Malaysia 2011 here yesterday.

The property developer is also on track to achieve its targeted RM3 billion sales this year from RM2.3 billion in 2010, backed by new project launches and the growing property market.

SP Setia's sales for the first five months of the financial year hit RM1.21 billion as at March 31.
Liew said the strong impetus provided by the government's Economic Transformation Plan, a young demographic with more people entering the house-buying age, growing income levels and a supportive banking sector augur well for the domestic property sector.

He said the group is confident that prospects for the Malaysian property market will remain robust.

"The growing confidence in the country's private sector, together with the government's stimulus, is boosting the property market," he said.

He said over the last eight months, the group has been steadily increasing its landbank in Johor and Klang Valley.

Liew said SP Setia's current active projects, including that in Penang, have a remaining gross development value (GDV) of about RM19 billion.

With the upcoming launch of its KL Eco City and Setia City, which have GDV of RM6 billion and RM10 billion respectively, coupled with three new projects in Klang Valley and Johor Baru with total GDV of RM5.5 billion, the group's project pipeline has increased to RM40.5 billion.

SP Setia, which has a current market capital of RM7.5 billion, expects to launch its venture in Melbourne, Australia, called Fulton Lane, a A$450 million (RM1.4 billion) high-rise residential development within two months.

By Business Times

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