CGS-CIMB Sees S P Setia Launching Up To RM3.7bil GDV Of Projects

January 8, 2021

CGS-CIMB Sees S P Setia Launching Up To RM3.7bil GDV Of Projects

S P Setia Berhad is expected to achieve its sales target for the financial year ended 31 December 2020 (FY2020) and launching more projects for FY2021, according to CGS-CIMB Research.

“S P Setia has guided for new sales of RM3.8 billion for FY2020. As at 31 October 2020, it had secured about RM2.8 billion worth of new sales and a booking pipeline of RM1.7 billion.

“Given the pickup in sales momentum post-Movement Control Order and a good product mix skewed towards landed homes, the group should be able to achieve its FY2020 sales target, in our view,” said CGS-CIMB Analyst Ngo Siew Teng as quoted by The Edge.

The local research house hosted the management of S P Setia at its annual Malaysia Virtual Corporate Day recently.

How will the Malaysian property market fare in 2021? Get the insights from our Malaysia Property Market Outlook 2021 Report.

Ngo expects S P Setia’s new sales target for FY2021 to be similar to its FY2020 target, and will be launching projects worth up to RM3.7 billion in gross development value (GDV) this year, of which around 94% will be in Malaysia.

This is compared to the planned projects worth RM2.8 billion in GDV in FY2020.

About 54% of the total new launches would be projects with properties going for below RM1 million each, said Ngo.

“In terms of product mix, about 67% will be landed residential units, followed by condominiums and apartments (14%), commercial units (9%), serviced apartments (4%), affordable housing (4%), and industrial units (2%),” she added.

“Notable launches will be in Setia Alam, Setia Eco Hill, Setia Eco Hill 2, Setia Alamsari, Bandar Kinrara, Temasya Glenmarie, Taman Pelangi, Setia Tropika, and Setia Fontaines.”

 

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