PETALING JAYA: Property developer S P Setia Bhd recorded a profit before tax of RM141mil and a net profit after tax of RM89mil for the first quarter ended March 31, 2025 (1Q25), mainly attributable to operational efficiency and effective cost management.

For 1Q25, S P Setia posted revenue of RM771mil as it continued to demonstrate financial resilience through delivering value to shareholders while also continuing to reduce borrowings by another RM156mil leading to a net gearing ratio of 0.35 times that, on a quarter-to-quarter basis, aligns with the company’s debt reduction strategies.

“Our financial performance during the quarter underscores our continued efforts, persistence and implemented strategies, as we adjust to the current market needs and conditions,” S P Setia’s president and chief executive officer Datuk Choong Kai Wai said in a statement.

“Despite the market volatility, we will continue to leverage on our diversified portfolio, while optimising our capital efficiency, and expanding our presence across high-growth segments,” he said, adding that the company remains vigilant amidst the fluctuation of market challenges and would continue to monitor the developments, assess potential impacts on its operations and evaluate appropriate strategies to mitigate any adverse effects.

S P Setia would be rolling out RM5.1bil of property projects and RM300mil of planned industrial launches for the financial year ending December 31, 2025 (FY25) as the company continues to accelerate the portfolio of catalytic township developments, eco-industrial parks, strategic partnerships, land monetisation, and capitalising on value creation across its key growth corridors.

For overseas projects, the company’s recently launched ATLAS Melbourne, with an estimated gross development value (GDV) of A$886.7mil (RM2.7bil), has shown continued momentum in contribution to overall sales while in Vietnam, new residential launches have been scheduled within the successful developments of EcoLakes in FY25.

The company also remains committed to achieving its RM4.8bil sales target for FY25 leveraging on an established reputation as one of the top-listed sustainable, master planned township developers in Malaysia.

For FY24, the company recorded RM5bil against a target of RM4.4bil.

For 1Q25, it has secured RM718mil in sales with local projects contributing RM489mil or two-thirds of the total sales and international projects contributing RM229mil.

It noted that for the domestic market, RM284mil in sales was secured from the central region and RM189mil from the southern region. As of March 31, 2025, the company has an unbilled sales pipeline of RM3.8bil with 42 ongoing projects. It has a remaining landbank of 5,364 acres, and an effective remaining GDV of RM120.1bil.

KUALA LUMPUR (May 2): Planning consent has been granted for the next phase of Battersea Power Station’s regeneration in London, a key milestone in the 16.99-hectare (42-acre) development.

Battersea Power Station Development Company (BPSDC) Ltd confirmed that the new phase will include residential, retail, community, and leisure spaces, with detailed planning approval from Wandsworth Council.

“This latest phase adds two new Gehry Partners-designed residential buildings, comprising 306 homes,” BPSDC said in a statement.

It said the development will also feature a 15,000 sq ft community hub and create over 400 jobs, increasing the total number of jobs generated to 6,800.

Construction is set to begin later this year, with completion expected by 2029.

To date, more than 2,200 homes have been delivered, and over 3,000 people now reside in the area.

The development also supports a growing office community, with over 3,500 workers from companies such as Apple, SharkNinja, and IWG.

Battersea Power Station is part of a broader regeneration programme spanning 42 acres along the River Thames. Once completed, the project is expected to create over 20,000 jobs, 4,000 homes, and 19 acres of public space.

The wider development is owned by a consortium of Malaysian investors: Sime Darby Property Bhd (KL:SIMEPROP) (40%), S P Setia Bhd (KL:SPSETIA) (40%), and The Employees’ Provident Fund (EPF) (20%). Commercial assets within the power station are now directly owned by Permodalan Nasional Bhd (PNB) and the EPF.

The project is managed by BPSDC.

For updates, visit www.batterseapowerstation.co.uk and follow @BatterseaPwrStn.

S P Setia Bhd will be launching Acorus 2, the second phase of its SEHati Collection terraced house development, in Setia EcoHill 2, Semenyih this Saturday (March 27).

Acorus 2 is the second of the 5-phase SEHati Collection, and consists of 62 units of double-storey terraced homes with a land area measuring 20ft by 65ft and a built-up of 1,401 sq ft.

In the media statement today, S P Setia said it has incorporated flexibility into its latest product, Acorus 2, allowing homebuyers to have more say in what they would like to do with their homes.

For instance, the layout of the ground floor allows more rooms to be added conveniently for those who want a bigger family room, working space, play area or private garden. With a gross development value of RM29 million, the homes are priced from RM466,000 onwards.

Setia EcoHill general manager Koh Sooi Meng said in view of the situation caused by the Covid-19 pandemic, flexibility is essential to help homebuyers adapt to their unprecedented living needs and lifestyle in the new normal.

The phase – Acorus, which launched early this year via a special online preview, saw all the 69 units snapped up before Chinese New Year.

EcoHill Walk will be the first solar power hybrid commercial hub in Semenyih.

“Seeing the overwhelming response garnered from the first phase, we are proud that our insightful concept and practical design proved to be well-received. I believe the affordability and flexible layouts will cater to the various needs of homebuyers, be it for young couples or multigenerational families,” he added.

Meanwhile, S P Setia also noted that the upcoming EcoHill Walk will be the first solar power hybrid commercial hub in Semenyih.

The mall within EcoHill Walk is targeted to be opened in the first quarter of next year with a confirmed tenant mix comprising food and beverage, digital and communication outlets, pharmacy, entertainment, fashion and healthcare.

The shops next to the mall are now ready for businesses to move in and limited units are available for sale.

PENANG: S P Setia yesterday signed a memorandum of collaboration (MoC) with the Penang Development Corp (PDC) to jointly develop approximately 350 acres of land within Setia Fontaines into a mixed and/or industrial development.

This collaboration marks a milestone in S P Setia’s efforts to kick off the potential industrial estate for the company’s development in Penang. “With PDC’s proven track record of transforming Penang into a thriving industrial region, this partnership is both timely and essential in accelerating growth,” stated S P Setia in a media release.

Setia Fontaines, a 1,691-acre mega township located in the heart of North Seberang Perai, is in the process of rezoning approximately 350 acres of total development as part of S P Setia’s strategy to expand its green-themed industrial parks portfolio. The company is also focusing on developing green-themed industrial parks at Setia Alaman in Shah Alam and Tanjung Kupang in Johor. The company has identified 1,000 acres of landbank for industrial purposes.

“We are thrilled to enter this collaboration with the Penang Development Corp, which has played a pivotal role in Penang’s industrial success. This partnership will accelerate the growth and boost our regional industrial land strategy. With our focus on developing green-themed industrial parks, including Setia Alaman and Setia Tanjung Kupang, we are confident that this initiative will contribute significantly to our sales growth and profitability,” said president and CEO of S P Setia Datuk Choong Kai Wai.

“The development of these industrial estates will create a robust foundation, leveraging high demand in the industrial real estate sector to ensure enduring value and growth to be injected into Setia REIT in the future,” Choong added.

KUALA LUMPUR: S P Setia Bhd has surpassed its sales target for the financial year ended Dec 31, 2024 (FY24), recording RM5.02bil in sales against a target of RM4.4bil, despite a challenging economic environment.

In a statement, the developer reported that local projects contributed RM4.24bil, making up approximately 84% of total sales, while international projects added RM785mil.

S P Setia has a robust sales pipeline supported by 42 ongoing projects. Additionally, the group boasts a remaining land bank of 5,451 acres and an effective remaining gross development value (GDV) of RM128.59bil.

“The group is ready to surge forward with RM4.8bil sales target for 2025,” S P Setia said.

In the fourth quarter ended Dec 31, 2024 (4Q24), S P Setia posted a net profit of RM103.5mil, or earnings per share of 2.09 sen compared with RM148.2mil, or 3.53 sen, in the year-ago quarter.

Its revenue for the quarter dipped to RM1.06bil from RM1.38bil previously.

For FY24, S P Setia’s net profit nearly doubled to RM575.9mil from RM298.6mil, while revenue rose to RM5.29bil from RM4.37bil a year earlier.

It has declared a single-tier dividend of 2.88 sen per share for FY24, with the payment date to be determined.

The group has also reduced its borrowings by RM1.6bil, resulting in a lower net gearing ratio of 0.35 times from 0.49 times for the period in review, underscoring its effective execution of debt reduction strategies.

“Our performance in FY24 showcases S P Setia’s resilience, strategic foresight, and operational excellence. The doubling of our dividend is a testament to our strong financial standing and commitment to maximising shareholder value. We are excited about the future and the growth opportunities that lie ahead,” President & CEO Datuk Choong Kai Wai said.

“With the core townships, new industrial developments, regional contributions and formation of REIT, S P Setia is set to deliver sustainable value, profit growth and value to shareholders, and operational excellence across all its endeavours,” he added.

PROPERTY developer S P Setia Bhd wrapped up its multi-tiered Setia Chinese New Year (CNY) 2025 campaign to great success, drawing thousands of visitors to its festive open houses throughout the month and receiving an overwhelmingly positive response.

The month-long ‘Setia CNY’ campaign included plenty of fun-filled activities, offers and entertaining CNY open houses across its sales galleries in the Klang Valley, Penang, Johor and Sabah from Jan 11 to Feb 16, 2025.

Visitors were captivated by the exhilarating lion dances, dazzling fireworks, and energetic drum performances, all while being serenaded by Setia’s iconic CNY song (Ān Jū Lè Yè) at the sales galleries.

They also enjoyed free Feng Shui talks and exclusive one-on-one consultations, adding a personalised touch to the festive celebrations.

Guests were treated to lavish spreads of freshly prepared CNY delicacies, traditional kuehs, and delectable desserts, complemented by the festive prosperity toss of Yee Sang. Meanwhile, children immersed themselves in the celebrations with fun and vibrant lantern-making workshops.

Setia chief commercial officer Christinne Lim shared, “We were thrilled by the overall encouraging response of our Setia CNY 2025 campaign from our customers at our open houses and gatherings, which perfectly captured our theme ‘hé’, and showcased the harmonious blend of people, ideas, spaces, and moments coming together as one.”

Setia Group branding and marketing general manager Adelene Wong says, “Aligned with our tagline of “Harmony Together, Prosper Together”, our Setia CNY campaign this year truly amalgamates with our live, learn, work, and play philosophy well as our customers and stakeholders enjoyed the celebrations in one space in majority of our eco-townships.”

In addition to that, the group also rolled out exclusive property deals, personalised gallery tours, and exciting prizes, including ‘Refer & Reward’ angpaos worth up to RM8,888, which ran until Feb 28, 2025. Winners will be announced in stages in the coming month.

Meanwhile, the group plans to unveil its upcoming Raya campaign and events next month in conjunction with Ramadan and Syawal.

Setia will also be offering upcoming Ramadan buffets at the LakePoint Club in Setia Alam Impian in Shah Alam on selected dates from March 7 to 28, with early bird offers as low as RM84+ per pax. Those who are interested may register here.

For further enquiries, WhatsApp 012-750 2213 or 03-50399200.

SHAH ALAM (Feb 21): In conjunction with the Chinese New Year and Chap Goh Mei celebrations, Setia Foundation, the charity arm of S P Setia Bhd lavished 50 elderly residents from Ampang Welfare Committee (Rumah Orang Tua Ampang) on Feb 10, 2025 with activities, lunch and goodies.

Part of the foundation’s “Sincerely, Setia Festive Assistance – Chinese New Year Programme”, fun-filled useful sessions encompassed a chair robic activity and an informative talk by Kalaivani Sreetharan and Zulnorleena Zakaria from Ampang Hospital, who shared valuable mobility and exercise tips with the residents.

Also in attendance was Ampang Welfare Committee’s Chairman, Lee Check Hong.

The elderly residents then participated in making Tang Yuans in commemorating Chap Goh Mei and was presented with a delicious lunch sponsored by Amari Kuala Lumpur.

The programme also included a performance by the up-and-coming Esern from Kernos Entertainment, where the residents sang and clapped along.

Things ended on a high note with distributions of Chinese New Year gifts, goodie bags and ang pows to the residents.

“As a community developer and as part of our Live Learn Work Play philosophy, we champion diversity, inclusiveness and the spirit of togetherness across our society,” said Setia Foundation’s management committee and Setia’s general manager of group brand marketing and communications, Adelene Wong.

“Guided by our Trust Deeds, our Sincerely, Setia Festive Assistance – Chinese New Year Programme serves as an important platform that aims to support underserved communities including the elderly, and to spread joy and valuable experiences for them during the festive season, whilst strengthening the bonds between all residents,” Wong added.

KUALA LUMPUR: S P Setia Bhd won major awards at the Malaysian Institute of Planners Planning Excellence Awards (MIPPEA) 2024.

S P Setia, through its wholly owned subsidiary I&P Alam Impian Sdn Bhd and Urban Scale Studio Sdn Bhd, won gold in the design excellence category for large-scale master-planned development 2024 (250 acres and above) for the Setia AlamImpian township in Shah Alam, Selangor.

The developer also received the silver award in the placemaking and public space category for LakePoint Park in Setia AlamImpian, followed by the bronze award in the design excellence category for medium-scale master-planned development (50 to 249 acres) for its NusaCinta development in Setia Fontaines, Penang.

“We feel honoured and grateful that our master-planned townships and developments; Setia AlamImpian in Shah Alam, Selangor and Setia Fontaines in Penang triumphed at the MIPPEA 2024. We have devoted our utmost passion and dedication in ensuring that the planning of townships results in self-sufficient and liveable places,” chief operating officer Datuk Zaini Yusoff said in a statement.

“As a developer, we are on track as far as achieving our vision of executing exceptional masterplans, designs and further exemplifying our efforts in building sustainable communities and developing quality products.”

“Looking ahead, we hope that our developments will continue to be considered and recognised by the panel of jury of MIPPEA, our fellow peers, industry experts, and beyond,” he added.

PETALING JAYA: S P Setia Bhd recently unveiled its latest phase comprising freehold, single-storey terraced homes named Setia Suria at its verdant and lively 1,961-acre township of Setia Fontaines in Kepala Batas, Penang.

Sprawling 49.55 acres and comprising a total of 333 units, Setia Suria will be divided into two-subphases, with it’s a first sub-phase (154 units) launched over a recent weekend, and the second sub-phase (179 units) will be launched targeted in Q1’25.

With a total GDV of RM280 million and due to be completed by December 2026, Setia Suria will comprise spacious 3-bedroom 2-bathroom units that are between 1,189 sq ft to 1,221 sq ft, with an indicative price of RM430,000 onwards.

S P Setia divisional general manager Datuk Muhamad Zaili Muhammad Yusof shared, “Looking at the steady demand of the housing market in Penang, we will continue to launch our bread-and-butter products namely single-storey terraced homes Setia Suria this year end, and we are confident that the former will perform as well as our previous phases in Setia Fontaines, which are mostly 100% taken up.

“With its modern design, we believe the units will appeal to young couples, young families who are owner-occupiers in Penang, and its nearby catchment areas. All in all, we believe Setia Suria will have good value appreciation potential, capitalising on its mature population,” he added.

Setia Suria forms part of the mature, mixed township of Setia Fontaines at Kepala Batas in Penang. Its previous launches since 2018, namely City Centre Business Hub, NusaCinta Phase 1, NusaCinta Phase 2 and Amansara South are all fully sold. Its latest previous launch in 2022, Amansara North (sub-phases) recorded 88% and 70% take-up so far.

Some of its main attractions include the full-fledged and completed Setia Experience Centre, a 63-acre lake and the 37-acre Penang Heritage Park, among others.

Meanwhile, the freehold township is linked to the Setia Fontaines Link Road and the Setia Fontaines Ring Road.

In terms of connectivity, notable amenities near Setia Fontaines include nearby educational institutions such as Universiti Sains Malaysia, Universiti Teknologi Mara Penang, Industri Latihan Perindustrian Kepala Batas, Maktab Rendah Sains Mara Kepala Batas, to name a few, with nearby commercial hubs and malls such as Mydin and Sunshine.

Setia Fontaines is also strategically located nearby government offices such as Jabatan Pendaftaran Negara, Kementerian Perdagangan Dalam Negeri, Koperasi dan Kepenggunaan, Lembaga Pemasaran Pertanian Persekutuan, Pejabat Daerah Dan Tanah Daerah S.P.