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Thursday, April 1, 2010

SP Setia eyes govt land

SP SETIA Bhd, the country's largest property developer by sales, is keen on taking on the government land recently identified to be developed by the private sector, its chief says.

Prime Minister Datuk Seri Najib Razak on Tuesday announced that several parcels of land in Jalan Stonor, Jalan Ampang and Jalan Lidcol in Kuala Lumpur would be tendered out and developed by the private sector.

"Yes, we're definitely interested in those pieces of land. But, like all developers, we have to wait for them to tell us the detailed policy, the tender procedures and so forth," the group's president and chief executive officer Tan Sri Liew Kee Sin said on the sidelines of Invest Malaysia 2010 yesterday.

He said the group will be "more than happy" to tender for the project on its own or work as a joint venture with government-linked companies.
"We want more landbank because we seem to be selling faster than we can get landbank."

SP Setia's sales for the current financial year ending October 30 2010 has been robust amid the improving property market, and the group foresees no problems achieving a sales target of RM2 billion.

As at March 22, less than five months into the financial year, its sales had already reached RM900 million. This is almost double sales in the same period a year ago, Liew said.

He said the property market remains strong on the whole and can probably take up to a 200-basis-point hike from where current morgage rates stand.

Meanwhile, the group is still awaiting aprovals to launch its "green" mixed development project opposite Mid Valley Megamall in Kuala Lumpur.

By Business Times

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