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SP Setia poised to reach targets for FY 2012

May 17, 2012
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With the proposed acquisition of a RM185.6-million, 8.6-ha freehold First Grade land in Penang, SP Setia Bhd is all poised to meet its sales target of RM4 billion for the financial year 2012.

"The gross development value (GDV) of the land was indicated by SP Setia to be RM1.1 billion and would be largely high-end residential with both landed property and condominiums," said Kenanga Investment Bank Bhd (Kenanga Research) in its research report.

In line with this, TA Securities Holdings Bhd, noted in a report that the company continue "to believe Penang will be one of the choice locations in Malaysia for foreign direct investment."

"As such, we are positive on this land acquisition which will allow SP Setia to introduce its up-market Eco-themed mixed residential development."

SP Setia's H1 2012 sales of RM1.8 billion or a 28-percent increase year-on-year was considered to be within expectations, being 45 percent of its annual target of RM4 billion.

"Leading the pack is their Johor townships with 30 percent of the sales, Setia Alam/Eco Park with 27 percent and KL Eco City with 25 percent. The group's overseas projects stood for 14 percent," the report stated.

As for other SP Setia activities, the research house added that the group "will be launching its 50 percent owned Setia City Mall this weekend, which augurs well for the value and demand of Setia Alam and Setia Eco City."

Meanwhile, SP Setia Bhd's most priced development in Johor, Setia Eco Gardens won another FIABCI Prix d'Excellence award at an award ceremony held in St Petersburg., Russia.

Setia Eco Gardens emerged as the winner in the Specialised Project (Purpose-Built) category for Eco Greens. The recognition is now the second award for Setia Eco Gardens and fourth international honour for SP Setia.

The latest recognition also makes SP Setia the only Malaysian developer to have won four FIABCI Prix d'Excellence Awards.

Located at the main entrance to Setia Eco Gardens, Eco Greens has become one of the most prominent landmarks in Iskandar Malaysia being the first of its kind. Occupying a 28-acre park complex in Setia Eco Gardens, Eco Greens comprises the famous Eco Gallery, highlighted by the iconic green wall and a town park.

Image: The Star