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Thursday, July 2, 2009

SP Setia sales hit RM1bil in June

KUALA LUMPUR: Property developer SP Setia Bhd’s sales hit RM1.04bil at June 30, well before its financial year ending Oct 31.

Tan Sri Liew Kee Sin ... ‘SP Setia will not extend the package when it ends.’

President and chief executive officer Tan Sri Liew Kee Sin attributed the success to the company’s 5/95 programme which gave various incentives to house buyers.

The programe started Jan 19 and ends July 19.

“Due to the overwhelming success of the programme, we have extended it for another three months,” Liew told a press conference yesterday.

The home loan package allows a buyer to pay only an initial 5% of the house price.

All legal fees and stamp duties on the sales and purchase agreement are borne by the company.

Liew said SP Setia would not extend the package when it ended on July 19.

“We will stop launching new products for a couple of months to focus on building more quality homes,” he said.

He noted that the 5/95 programme was initiated by SP Setia but had now been adopted by other developers to market their houses.

Going forward, Liew said, SP Setia would continue to brand, build and execute marketing strategies that were cost efficient and proven effective.

Currently, its total undeveloped land bank stood at 1,600ha.

On its performance, Liew said SP Setia had managed to ramp up sales despite the tough market conditions.

“Our sales figures are good but our net profit this year should be lower than last year, impacted by (high) raw material costs,” he said.

On the company’s overseas foray, Liew said sales from Vietnam should hit RM50mil.

However, he said, SP Setia was still at the getting-to-know stage in China.

“It’s still early days for us in China,” he said, adding that contribution from overseas operations remained insignificant.

By The Star (by Danny Yap)

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