SP Setia Bhd hopes their revenue to be primarily propelled by its Australian projects – the A$478 million (RM1.54 billion) mixed development project at Exhibition Street within Melbourne’s central business district as well as the A$38 million (RM122.29 million) residential project in Prahran, Melbourne, reported Bernama.
“The launches for the two sites are expected to commence in the second half of this year, hopefully by July.”
Meanwhile, the company is confident that it will achieve its RM4 billion sales target for FY2017.
This comes after the company posted RM801 million in sales during the first four months of 2017, up from the RM696 million registered over the same period last year.
“It gives us a reason to be optimistic,” said SP Setia president and chief executive officer Datuk CJ Khor.
They are also undertaking due diligence on its plan to acquire I & P Group Sdn Bhd, with the process expected to be completed within a month.
On 14 April, the property developer entered into a non-binding memorandum of intent with Amanahraya Trustees Bhd and Permodalan Nasional Bhd to commence negotiations on the proposed acquisition of I&P.
“We are expected to seal the acquisition before year-end,” said Khor.
The exercise is expected to increase the total landbank of SP Setia to almost 4,046.86ha – making it Malaysia’s biggest property player.
Khor also revealed that the company targets to raise contribution from overseas projects from eight percent of revenue last year to 20 percent.
Notably, the property developer has planned a variety of new launches to cater to the differing needs and demands of property buyers.
SP Setia’s upcoming launches include Setia Alam, Setia EcoHill, Setia EcoHill 2, Setia Eco Park, Setia Eco Glades, Setia Eco Templer, Setia Sky Seputeh (Tower B) and KL Eco City.
“The group’s prospects going forward remain positive with total unbilled sales of RM7.84 billion, anchored by 30 ongoing projects and strong landbank of 2,080.48ha with a total GDV of RM75.72 billion as at March 31, 2017,” added Khor.
Image sourced from The Star
SP Setia’s developments:
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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