The company is serious about its 10ha mixed property project in the growth corridor of XiaoShan, Hangzhou in Zhejiang province and is doing a feasibility study, its chief executive officer Tan Sri Liew Kee Sin said.
Last month, SP Setia inked a deal to partner Hangzhou Ju Shen Construction Engineering Ltd.
The China venture follows SP Setia's first overseas foray into Vietnam in mid-2007, where it is developing EcoLakes with partner Becamex IDC Corp, in Binh Duong Province, 40km north of Ho Chi Minh City.
EcoLakes comprises link houses, villas, apartments and semi-detached homes, among others and is worth RM2.1 billion.
Liew said RM50 million in sales have been achieved from EcoLakes and it will be recognised in fiscal 2010.
"We are expanding overseas but the focus will still be in Malaysia as there is a lot more to develop here," Liew told reporters at Invest Malaysia conference yesterday.
SP Setia's total undeveloped land stands at 1,600ha, inclusive of 240ha in Vietnam, which could potentially generate more than RM30 billion in sales under better market conditions, Liew said.
Liew said SP Setia's net profit for the current financial year ending October 31 2009 will be slightly affected due to higher costs of construction.
Nevertheless, he was expecting the company to do better in 2010 as raw materials price are expected to drop.
SP Setia is also on track to meet its targeted RM1.1 billion revenue this year thanks to its "Setia 5/95 Home Loan Package". It has so far made RM1.04 billion in revenue.
In 2008, SP Setia made a net profit of RM213 million on revenue of RM1.33 billion.
By Business Times (by Sharen Kaur)
Last month, SP Setia inked a deal to partner Hangzhou Ju Shen Construction Engineering Ltd.
The China venture follows SP Setia's first overseas foray into Vietnam in mid-2007, where it is developing EcoLakes with partner Becamex IDC Corp, in Binh Duong Province, 40km north of Ho Chi Minh City.
EcoLakes comprises link houses, villas, apartments and semi-detached homes, among others and is worth RM2.1 billion.
Liew said RM50 million in sales have been achieved from EcoLakes and it will be recognised in fiscal 2010.
"We are expanding overseas but the focus will still be in Malaysia as there is a lot more to develop here," Liew told reporters at Invest Malaysia conference yesterday.
SP Setia's total undeveloped land stands at 1,600ha, inclusive of 240ha in Vietnam, which could potentially generate more than RM30 billion in sales under better market conditions, Liew said.
Liew said SP Setia's net profit for the current financial year ending October 31 2009 will be slightly affected due to higher costs of construction.
Nevertheless, he was expecting the company to do better in 2010 as raw materials price are expected to drop.
SP Setia is also on track to meet its targeted RM1.1 billion revenue this year thanks to its "Setia 5/95 Home Loan Package". It has so far made RM1.04 billion in revenue.
In 2008, SP Setia made a net profit of RM213 million on revenue of RM1.33 billion.
By Business Times (by Sharen Kaur)
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