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Thursday, December 13, 2007

SP Setia expects sales to jump 50pc in 2008

SP Setia Bhd, Malaysia's valuable property developer, expects sales to jump 50 per cent to RM1.8 billion in fiscal 2008 as it launches four new projects, its top official said.

Group managing director and chief executive officer Tan Sri Liew Kee Sin said growth would also come from existing projects in Kuala Lumpur, Penang and Johor, with the launch of new phases next year.

LIEW: Growth will also be accelerated by the low interest rate regime and EPF withdrawal scheme

"We are very confident we can do it as the Malaysian economy is right. The growth will also be accelerated by the low interest rate regime and EPF withdrawal scheme," Liew told reporters after announcing the group's full year results in Kuala Lumpur yesterday.

New projects slated for launch next year are Setia Sky Residences, its maiden luxury condominium project in Kuala Lumpur, and Duta Grande, Kenny Hills, comprising 15 luxury bungalows priced at RM30 million each. These will be marketed to rich tycoons in Singapore, Hong Kong, the Middle East and Malaysia.

It will also launch Setia Eco Gardens in Johor Baru, Setia Eco Villas in Cyberjaya and EcoLakes in Vietnam.

EcoLakes, SP Setia's maiden development outside Malaysia, will be launched in March 2008.

"Sales from EcoLakes would roll next year but it would only contribute to group revenue from 2009," Liew said.

SP Setia has 16 on-going projects with a combined gross development value of RM30 billion.

Its total undeveloped landbank stands at 1,959ha inclusive of 223ha in Vietnam.

The company has also been invited to expand in Libya, China and India but it wants to establish itself in Vietnam first.

SP Setia, which has a market value of some RM5 billion currently, reported a 9.2 per cent increase in 2007 net profit.

It made a net profit of RM260 million for the 12 months ended October 31 2007. Revenue was flat at RM1.15 billion.

He said SP Setia plans to launch its first integrated development project in Kota Kinabalu, Sabah, on a joint venture with one of Sabah's state authority.

"We have narrowed in on a piece of landbank located near the city area. We are negotiating currently. We hope to launch it at the end of our next financial year (Oct 2009)," Liew said.

By New Straits Times (by Sharen Kaur)

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