SP Setia To Roll Out RM6.66b Properties In 2019

Pavither 28 Feb 2019

 

Leading developer SP Setia intends to unveil a number of property developments in Malaysia with a combined gross development value (GDV) of RM6.66 billion this year, reported the New Straits Times.

The local launches will mostly be located in the country’s central region and these will have a total GDV of RM4.98 billion.

“This includes new projects from I&P Group Sdn Bhd’s land banks such as Setia Alaman (Setia Alam’s extension), Setia Mayuri in Semenyih, Setia Tropicale in Salak Tinggi and newly acquired land banks in Cyberjaya known as Setia Safiro,” said the company

“In addition, SP Setia will continue to launch new phases in the Group’s established developments such as Setia Alam, Bandar Kinrara, KL Eco City and Setia Ecohill 2 as well as rebranded projects of Setia Alamsari, Alam Sutera and Kota Bayuemas in the central region.”

As for Malaysia’s southern region, the developer plans to roll out RM1.17 billion worth of properties, mainly in Taman Industri Jaya, Setia Eco Gardens, Setia Indah, Bukit Indah and Setia Tropika.

In the country’s northern part, SP Setia intends to launch projects valued at RM349.3 million, while the eastern region will see about RM163.5 million new developments at Aeropod.

“In the northern region, there will not be any new launches on the island but on the mainland of Penang where Setia Fontaines will launch its maiden residential properties priced at RM330,000 onwards, following the well-received launch of the shop offices in FY18,” noted the developer.

Meanwhile, SP Setia’s revenue declined by 16.2 percent year-on-year to RM3.59 billion in 2018. Nonetheless, it’s sales of RM5.12 billion exceeded its target of RM5 billion.

However, its earnings slumped 32.5 per cent to RM670.96 million because of lower contribution from its property development business.

As 31 December 2018, the company has 45 ongoing developments, unbilled sales of RM12.32 billion, remaining land bank spanning 9,516 acres with a total GDV of RM149.70 billion as of 31 December 2018.

 

Image source from KL Eco City 

 

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