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Friday, February 24, 2012

SP Setia eyes RM60b in development value

KUALA LUMPUR: SP Setia Bhd, Malaysia's top property developer, is poised to hit a whopping RM60 billion in gross development value (GDV) this year.

This would be helped by the launch of at least four big projects worth RM6 billion in GDV, said SP Setia president and chief executive officer Tan Sri Liew Kee Sin, who added that the company was confident of achieving its sales target of RM4 billion this year.

Continued strong property demand and ample liquidity in the local financial system would help SP Setia to achieve its target, he said.

Liew said SP Setia had locked in sales of RM933 million for the first quarter of its current year ending October 31, 2012.

"This represents a 27 per cent increase over the RM737 million achieved in the corresponding period of the previous year," he said.

For the year ended October 31, 2011, SP Setia exceeded the RM2 billion mark for the second year running, ringing in a new sales record of RM3.29 billion.

Liew said its RM4 billion sales target would come from numerous upcoming project launches.

"We expect to launch at least four new projects worth about RM6 billion this year. We expect our gross development value to reach RM60 billion."

In Sabah, SP Setia is set to officially launch a project known as "Aeropod" in Kota Kinabalu tomorrow.

The integrated commercial development in Tanjung Aru is the group's maiden project in Sabah, mooted after its SetiaWalk development in Puchong, Selangor.

The group will also be launching several projects in the coming months, such as the Setia Eco Glades in Cyberjaya.

"A new eco-themed development based on the award-winning DNA of Setia Eco Park in Shah Alam has been planned for 108.5ha of prime freehold land."

With the group's current landbank at 1,707ha, Liew said SP Setia was in a strong position to offer a wide range of products to cater to different markets.

By Business Times

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