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Wednesday, February 25, 2009

SP Setia aims for RM1b property sales

PROPERTY developer SP Setia Bhd is aiming for RM1.1 billion in sales for the financial year ending October 31, 2009, despite the challenging economic situation.

It also expects to make RM100 million in sales in Vietnam for its property project, Setia Eco Lake, to be launched next month, managing director and chief executive officer Tan Sri Liew Kee Sim said.

To date, sales has already reached almost RM500 million, he told a press conference after the company's annual general meeting in Shah Alam today.

He said its landed property in Vietnam had a gross development value of RM2 billion over the next 10 years.
The group has nine ongoing projects located in Johor, Penang and Selangor.

Meanwhile, Liew said the group made RM300 million of its sales over the past several months from its 5/95 home loan package.

Under the package, property buyers pay five per cent upfront the purchase price of the property they are buying from the company while the balance 95 per cent is paid when the property is completed.

"It is a very good success rate and beyond our expectation," Liew said.

On Bank Negara Malaysia's decision to reduce the Overnight Policy Rate (OPR) by 50 basis points to two per cent yesterday, he said that it was a good move for the property sector.

With the rate down, property will be a good buy and "I think the property market will come back very strongly," he said.

Liew said the company, which had a land bank size of 4,000 acres, was also on the lookout for good land or company with very good landbank, although it was not making any acquisition at the moment.

On its first high-end condominium project, Liew said the Setia Sky Residence in Kuala Lumpur City Centre is expected to be launched in April with gross development value of RM200 million.

By Bernama

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