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Thursday, March 4, 2010

SP Setia upbeat on RM2b sales

PROPERTY developer SP Setia Bhd is projecting RM2 billion sales this year, driven by the improved economy and ongoing product launches in addition to its financial package campaign offerings.

The group has 10 ongoing projects and some 1,578 hectares. of landbank with a total gross development value of RM26 billion, sustainable over the next 12 years.

Despite the challenging economy, it posted a RM171 million net profit and a record breaking sales of RM1.65 billion last year.

"Sales have continued to hold up at higher than the pre-crisis level due to the group's strong branding and innovative marketing strategies," said president and chief executive officer Tan Sri Liew Kee Sin after the company's annual general meeting yesterday.
He said continuous strong sales is projected in its key locations namely Klang Valley, Penang and Johor.

The 5/95 financial incentives undertaken by SP Setia has helped to push sales tremendously.

During the first quarter of 2010, it recorded RM608 million in sales, a sixfold increase from the RM101 million during the same period in 2009.

Last year, the property group made its foray into the luxury high-rise development with the launch of Setia Sky Residences located in the vicinity of Kuala Lumpur City Centre, Setia Walk in Puchong and EcoLakes in Vietnam.

SP Setia ventured into Vietnam in mid-2007 with a US$12 million (RM40.4 million) acquisition of a 243ha land located 42km north of Ho Chi Minh City.

Last year, it also entered into a joint-venture agreement with Hangzhou Ju Shen Construction Engineering Ltd to carry out mixed development projects in XiaoShan, Hangzhou.

"However, sales this year will mostly be from the Malaysian market as we are stronger economically. Sales from Vietnam is only projected to be about RM100 million of the RM2 billion total sales target," Liew said.

By Business Times

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