With sales at RM801 million in January to April and total unbilled sales at RM7.84 billion, SP Setia is bullish that it will achieve its RM4 billion sales target for this year, reported The Star.
It noted that its unbilled sales were anchored by 30 ongoing projects as well as 5,141 acres of effective remaining land bank with a gross development value (GDV) of RM75.72 billion as at 31 March 2017.
“We are optimistic to meet the sales target of RM4 billion for the current financial year,” it said during the release of its first quarter results ended 31 March 2017.
The property developer posted a revenue of RM940.19 million in Q1 2017, up from RM908.26 million from last year.
Profit before tax, however, dropped to RM174.41 million from RM194.30 million previously. Earnings also declined to RM105.81 million from RM123.40 million.
SP Setia’s sales for Q1 2017 stood at RM426.8 million, with local sales accounting for 82 percent of total sales at RM351.4 million. International projects, on the other hand, accounted for 18 percent at RM75.4 million.
“The sales achieved were within expectations, which is consistent with the lower sales typically experienced during the Chinese New Year period and the shorter month of February,” said Datuk Khor Chap Jen, president and CEO of SP Setia.
He revealed that 2,587 units of properties with GDV of RM571 million were launched in the first quarter of 2017.
Upcoming launches for the FY2017 include Setia EcoHill, Setia EcoHill 2, Setia Alam, Setia Eco Glades, Setia Eco Park, Setia Sky Seputeh (Tower B), KL Eco City and Setia Eco Templer.
Other projects set for launch are Setia Business Park II and Setia Tropika in Johor, as well as Exhibition Street and Prahran in Melbourne, Australia.
“We are confident that the market will be pleased with our upcoming launches as we have meticulously crafted offers to suit the needs of today’s property buyers,” said Khor.
“Designs and functionality of our properties offered have to be relevant to the needs of our discerning buyers and that’s where Setia will continue to innovate and provide the best possible value-for-money offerings.”
More from SP Setia:
2. Isle of Palm
Image sourced from The Star
Radin Ghazali, Content Writer at PropertyGuru, edited this story. To contact her about this or other stories email radin@propertyguru.com.my
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