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Thursday, March 27, 2008

SP Setia eyes RM520m profit


SP Setia Bhd, Malaysia's most valuable property company, aims to double its net profit in four years, helped by new product offerings and overseas expansion.

The company expects overseas businesses to contribute equally to its net profit and revenue by 2012, said group managing director and chief executive officer Tan Sri Liew Kee Sin.

SP Setia, which has a market value of some RM5 billion, made a net profit of RM260 million for the 12 months ended October 31 last year.
Its revenue was flat at RM1.15 billion.

"We are looking at launching new projects in nearby neighbouring countries, which we can effectively manage.

"There is huge potential in Southeast Asia. Besides maintaining a steady growth in Malaysia, we will launch projects in new markets," Liew told reporters at Invest Malaysia 2008 in Kuala Lumpur yesterday.

The firm has 1,937.12ha in Penang, Johor, the Klang Valley and Kota Kinabalu, Sabah, with 16 ongoing projects worth RM30 billion.

This year, it will launch four projects in Malaysia and one in Vietnam, worth RM5 billion collectively.

Earmarked for next year is a mixed development project at a 8.1ha site opposite the Mid Valley Megamall development, in a joint venture with City Hall.

The project will comprise mainly commercial components such as shopping, retail and offices, and also apartments and condominiums.

In Sabah, SP Setia plans to launch several tourism-based developments, after unveiling plans for its first venture in the state, a RM1 billion mixed development project in Tanjung Aru - dubbed Aeropod.

Aeropod is a major bet on the economy of Sabah, which is set to benefit from an 18-year development plan, estimated to attract investments of more than RM100 billion.

Liew said the group is keen to build eco-friendly developments in Sabah, which is in line with its aim to diversify its geographical concentration to other high-growth states and international markets.

By New Straits Times (by Sharen Kaur)

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