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Wednesday, July 1, 2009

SP Setia mulls RM5b property project

SP Setia Bhd, Malaysia’s biggest property developer, is considering starting a RM5 billion office and residential project in Kuala Lumpur in 2010, chief executive officer Tan Sri Liew Kee Sin said in an interview today.

The project, on a plot next to the Mid Valley shopping mall, would be a joint venture with Kuala Lumpur City Hall, he said.

He also said SP Setia Bhd will report lower earnings this fiscal year because of poorer profit margins.

Earnings may improve next fiscal year, when the company will be “more aggressive,” he said.

In a statement today, SP Setia said total sales for the year ending October 2009 reached RM1.04 billion (US$295 milion) as of June 30.

The property market is showing “positive signs,” the company said.

By Bloomberg

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