Kuala Lumpur – For the nine months ended 30 September 2024, the Group reported a Profit Before Tax (PBT) of RM853 million, reflecting robust core property development sales, supported by strategic land monetization and collaboration success. Paired with effective cost management initiatives, this solid performance underscores the Group’s ability to navigate market challenges and achieve sustained profitability.
From the property development segment, the Group has achieved a total revenue of RM4.03 billion and PBT of RM799.8 million in YTD September 2024; significantly higher than the performance last year. Apart from successfully unlocking value from strategic land deals, higher revenue from the Central and Southern regions has also contributed to the overall improved performance of the Group.
The Group achieved robust total sales of RM3.20 billion. Local projects dominated, contributing RM3.00 billion, with a substantial 94% of the Group’s sales driven primarily by the Southern and Central regions, bringing in RM1.58 billion and RM1.37 billion, respectively.
“We are pleased with our financial performance to date, driven by strategic initiatives and strong market demand in the Southern and Central regions coupled with the right cost management strategies resulting in sustained profitability for Setia,” declared Datuk Choong Kai Wai, President & CEO of S P Setia Berhad.
As of September 2024, the Group has locked in RM556 million of sales in the pipeline. The property development segment contributed RM477 million, while the Setia Alaman industrial segment added RM79 million. For the remainder of the year, the Group aims to launch an estimated RM1.97 billion in residential, commercial, and industrial properties – with over 62% concentrated in the Central region.
On the international front, the Group has launched its latest Australian project, ATLAS Melbourne, a 73-storey mixed development located at 383 La Trobe Street in Melbourne’s central business district. With a notable GDV of AUD886.7 million (approximately RM2.70 billion), this project will progress in stages. Phase 1 construction is slated to start in the first half of 2026, with completion expected by 2028. The remaining phases are scheduled for completion by mid-2029.
“ATLAS Melbourne marks a significant milestone in our international expansion strategy, reflecting our confidence in the Australian market,” Datuk Choong explained.
The Group’s next significant investment in Kuala Lumpur, the Setia Federal Hill Phase 1 project (estimated GDV RM1.4 billion), in partnership with Mitsui Fudosan, rolled out the exclusive preview of Parkside Residences on 23rd and 24th November. This preview kickstarted the registration campaign towards the official launch in 2025.
With 42 ongoing projects and unbilled sales totalling RM3.50 billion as of 30 September 2024, the Group showcases strong earnings visibility for the short to mid-term. The Group is dedicated to sustainable performance while actively balancing its capital structure and managing its de-gearing program.
“Our robust pipeline and strategic initiatives underscore our commitment to driving sustainable growth and delivering value to our stakeholders,” concluded Datuk Choong.
