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SP Setia to launch RM6.47 bln projects from Q2 onwards

Last Update: 16/05/2019

SHAH ALAM, May 16 (Bernama) -- SP Setia Bhd has targeted to launch projects with a gross development value (GDV) of RM6.47 billion in the second quarter (Q2) of this year onwards, said president/chief executive officer Datuk CJ Khor.

The major launches would be for the central region, followed by the southern and northern regions, he said.

"We have done a bit of launches in Kota Kinabalu and also an international launch in Vietnam. With the substantial launches in the second quarter onwards, we will strive and work towards achieving our sales target of RM5.65 billion," he told reporters after the company's annual general meeting here today.

Khor said the sales target of RM5.65 billion for the 2019 financial year (FY19) was a 10 per cent increase over FY18.

"Sales will come from a combination of new launches at our existing projects as well as from completed inventories.

"As for new launches, SP Setia targets 89 per cent of the sales to come from local projects while the remaining 11 per cent will comprise international sales," he added.

In the Klang Valley, the planned major launches are in Setia Alam, Bandar Kinrara, Alam Impian, Setia Alamsari, Temasya Glenmarie, Setia Tropicale, Setia Ecohill 2, KL Eco City and Setia Sky Seputeh Tower B. In Johor, the planned major launches are in Setia Tropika, Bukit Indah Johor, Setia Eco Gardens and Taman Industri Jaya.

For the first quarter ended March 31, 2019 (Q1 2019), he said the group had launched RM339 million worth of development projects comprising mainly of landed properties.

S P Setia achieved sales of RM718 million in Q1 2019 which were largely from the central region (RM475 million), southern and northern regions (RM202 million), while international projects only contributed RM40 million.

In 2018, SP Setia recorded sales of RM5.12 billion, surpassing its sales target of RM5 billion, out of which 80 per cent of sales came from local projects while 20 per cent were from the international market.



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