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PETALING JAYA: S P Setia Bhd reported a 78% increase in sales for the third quarter ended Sept 30, 2025 (3Q25), reaching RM1.59bil compared with RM894mil in the same quarter last year.
The improvement was supported by contributions from land transactions, while development sales remained stable quarter-on-quarter as the group continued with its property launches throughout the year.
Revenue stood at RM872mil, with overall performance mainly driven by local developments, although it was lower by 30.7% year-on-year (y-o-y), with net profit also down by 32% to RM68mil.
In a filing to Bursa Malaysia, the group attributed the more subdued 3Q25 y-o-y performance primarily to lower land sale contributions of RM234mil and reduced revenue from Australia projects after substantial handovers in 2024.
For the nine-month (9M25) period, total sales came to RM3.49bil, up from RM3.2bil in the same period a year earlier. Domestic projects accounted for RM2.91bil, or about 83% of total sales, led by contributions from the Southern and Central Regions at RM1.25bil and RM1.48bil, respectively. International projects made up RM577mil, or 17% of sales.
Net profit for 9M25 was halved y-o-y at RM234.9mil, as turnover also fell 38.8% y-o-y to RM2.5bil.
Similarly, S P Setia said the decline was due mainly to major land sale transactions and higher contributions from Australia and Vietnam in the prior year, following substantial handovers of completed projects.
“Revenue from land sales during the current period was almost RM1bil lower than in the previous period,” it added.
Meanwhile, net gearing improved to 0.35 times, reflecting ongoing efforts to pare down debt.
President and chief executive Datuk Zaini Yusoff said the company remained focused on delivering its projects and expanding within targeted growth segments, while maintaining a cautious outlook amid market uncertainties.
He noted that Bank Negara’s decision to cut the Overnight Policy Rate (OPR) by 25 basis points in July 2025 could support property demand by improving affordability and reducing financing costs.
As a whole, the group said it will continue to accelerate its catalytic township developments, eco-industrial parks, strategic partnerships and capitalising on value creation across its key growth corridors.
The company also expects the government’s recent Budget 2026 measures—such as extending stamp duty exemptions to 2027 and enhancing home financing schemes—to provide additional support to the property market.
During the quarter, S P Setia entered into a joint venture with Mitsui Fudosan (Asia) Malaysia Sdn Bhd to develop a 113-acre residential project at Setia EcoHill in Semenyih.
The RM1.3bil gross development value (GDV) project, featuring 683 landed units, is targeted for launch in 2026.
In Vietnam, the Setia Edenia project in the EcoXuan township in Ho Chi Minh City, with a GDV of US$81mil, or RM381.1mil, broke ground in July and is scheduled for completion in 2027.
S P Setia said it remains on track to achieve its full-year sales target of RM4.8bil.
PETALING JAYA: S P Setia Bhd reported a 78% increase in sales for the third quarter ended Sept 30, 2025 (3Q25), reaching RM1.59bil compared with RM894mil in the same quarter last year.
The improvement was supported by contributions from land transactions, while development sales remained stable quarter-on-quarter as the group continued with its property launches throughout the year.
Revenue stood at RM872mil, with overall performance mainly driven by local developments, although it was lower by 30.7% year-on-year (y-o-y), with net profit also down by 32% to RM68mil.
In a filing to Bursa Malaysia, the group attributed the more subdued 3Q25 y-o-y performance primarily to lower land sale contributions of RM234mil and reduced revenue from Australia projects after substantial handovers in 2024.
For the nine-month (9M25) period, total sales came to RM3.49bil, up from RM3.2bil in the same period a year earlier. Domestic projects accounted for RM2.91bil, or about 83% of total sales, led by contributions from the Southern and Central Regions at RM1.25bil and RM1.48bil, respectively. International projects made up RM577mil, or 17% of sales.
Net profit for 9M25 was halved y-o-y at RM234.9mil, as turnover also fell 38.8% y-o-y to RM2.5bil.
Similarly, S P Setia said the decline was due mainly to major land sale transactions and higher contributions from Australia and Vietnam in the prior year, following substantial handovers of completed projects.
“Revenue from land sales during the current period was almost RM1bil lower than in the previous period,” it added.
Meanwhile, net gearing improved to 0.35 times, reflecting ongoing efforts to pare down debt.
President and chief executive Datuk Zaini Yusoff said the company remained focused on delivering its projects and expanding within targeted growth segments, while maintaining a cautious outlook amid market uncertainties.
He noted that Bank Negara’s decision to cut the Overnight Policy Rate (OPR) by 25 basis points in July 2025 could support property demand by improving affordability and reducing financing costs.
As a whole, the group said it will continue to accelerate its catalytic township developments, eco-industrial parks, strategic partnerships and capitalising on value creation across its key growth corridors.
The company also expects the government’s recent Budget 2026 measures—such as extending stamp duty exemptions to 2027 and enhancing home financing schemes—to provide additional support to the property market.
During the quarter, S P Setia entered into a joint venture with Mitsui Fudosan (Asia) Malaysia Sdn Bhd to develop a 113-acre residential project at Setia EcoHill in Semenyih.
The RM1.3bil gross development value (GDV) project, featuring 683 landed units, is targeted for launch in 2026.
In Vietnam, the Setia Edenia project in the EcoXuan township in Ho Chi Minh City, with a GDV of US$81mil, or RM381.1mil, broke ground in July and is scheduled for completion in 2027.
S P Setia said it remains on track to achieve its full-year sales target of RM4.8bil.
KUALA LUMPUR (Sept 22): S P Setia Bhd (KL:SPSETIA) has appointed Tan Hwa Min as deputy chief executive officer and Datuk Yuslina Mohd Yunus as chief operating officer, as part of a broader leadership realignment at the group. Tan will assume the deputy CEO role on Nov 17, while Yuslina’s appointment as COO will take effect on Oct 1.
The changes come ahead of Datuk Zaini Yusoff’s elevation to president and CEO, also effective Oct 1.
S P Setia chairman Tan Sri Syed Anwar Jamalullail said, “The appointments of Tan and Datuk Yuslina underscore Setia’s commitment to shaping a future-ready leadership team. By embracing accomplished professionals who bring fresh perspectives and strategic insight, while also nurturing internal talent, we are reinforcing our culture of innovation, resilience, and visionary leadership that will drive Setia’s continued evolution.”
Tan brings 15 years of experience in property development and strategic transformation.
He is currently chief strategy officer at IJM Corp Bhd (KL:IJM) and managing director of IJM RE Sdn Bhd. He previously served as COO at TRX City Sdn Bhd, where he was involved in the development of the Tun Razak Exchange.
Yuslina, who joined S P Setia in 2018 from I&P Group, is currently senior executive vice-president. Her responsibilities at the group include overseeing six major townships, stakeholder operations, asset management and the S P Setia Foundation.
The COO position will be vacated by Zaini upon assuming his new role as president and CEO.
S P Setia was founded in 1974 and is one of Malaysia’s leading listed property developers.
As of June 30, the group reported RM3.9 billion in unbilled sales, with 42 ongoing projects and a land bank of 5,191 acres, carrying an estimated gross development value (GDV) of RM113 billion.
PETALING JAYA: S P Setia Bhd has continued to demonstrate a steady performance as it registered an increase of 34% in sales, hitting RM1.186bil for the second quarter ended June 30, 2025 (2Q25).
In a statement, the property developer said sales for the quarter was higher than the RM833mil registered in the same quarter last year mainly from its domestic projects.
“Sales in the first half of financial year 2025 were mainly contributed by domestic projects at RM1.42bil, representing 75% of total sales, while the group’s international projects contributed RM480mil, about 25% of the total sales,” it said.
The group added central region contributed sales totalling RM955mil while the southern region accounted for RM430mil.
It registered a revenue of RM944mil for the quarter under review, while for the first half of 2025, the group posted a revenue of RM1.71bil and a pre-tax profit of RM337mil.
The Battersea Power Station in the UK also registered a better quarter.
“We have continued to reduce borrowings, with a current net-gearing ratio of 0.34 times, aligning with our debt reduction strategies,” it stated.
The group did not declare any dividends for the quarter under review.
President and chief executive officer Datuk Choong Kai Wai said the quarterly performance reflected its persistence efforts in delivering quality products and diversifying its portfolio, while remaining cognisant of the market challenges.
On July 9, Bank Negara Malaysia, for the first time in five years, cut the overnight policy rate by 25 basis points.
Choong said the rate cut signalled anticipated growth in the property development industry, particularly in the residential segment, by improving buyer affordability, reducing developers’ financing costs and potentially boosting market sentiment amid heightened global uncertainty as well as rising construction costs.
“Amid the current market challenges, our outlook remains cautiously optimistic while we look for opportunities to expand our presence across our targeted high-growth segments,” he noted.
Meanwhile, S P Setia will continue to accelerate its catalytic township developments, eco-industrial parks, strategic partnerships and capitalising on value creation across its key growth corridors.
On its international front, the group held a groundbreaking ceremony for its Setia Garden Residences project at its EcoXuan township in Ho Chi Minh City, Vietnam on July 26.
“With a gross development value (GDV) of US$81mil (RM381.1mil), Setia Garden Residences is scheduled for completion in 2027, and is positioned to become a new landmark in the northern corridor of Ho Chi Minh City,” the group said.
As of June 30, 2025, S P Setia has an unbilled sales pipeline of RM3.9bil, 42 ongoing projects and with a remaining land bank of 5,191 acres, and an effective remaining GDV of RM90.18bil.
Separately, S P Setia said it had signed key collaboration terms with Ally Logistic Property Co Ltd, Taiwan’s largest warehousing infrastructure developer, to develop a build-to-lease warehouse on a 42-acre plot at Setia Alaman in Klang, Selangor.
Located just 5km from Bandar Setia Alam, Setia Alaman Industrial Park forms part of Setia’s eco-industrial site masterplan, which has an estimated GDV of up to RM4bil.
The development will feature two smart warehouses equipped with automated storage and retrieval systems, one for advanced cold chain logistics and the other for high-efficiency ambient storage, providing 1.5 million sq ft in floor area and offering capacity for 150,000 pallet locations, according to S P Setia.
KUALA LUMPUR: S P Setia Bhd has appointed Datuk Zaini Yusoff as its president and chief executive officer, effective from Oct 1, 2025.
In a Bursa Malaysia filing, the property developer said Zaini will succeed Datuk Choong Kai Wai, who will retire from the company on Sept 30.
S P Setia said that Zaini, 60, has been serving as the chief operating officer since July 1, 2023.
“He brings over 37 years of experience in engineering and corporate leadership. His strategic leadership has been pivotal in transforming S P Setia’s operations and delivering complex, large-scale projects,” the company said in a separate statement.
Meanwhile, S P Setia chairman Tan Sri Syed Anwar Jamalullail said Choong has played a vital role in shaping Setia’s journey, and the board holds his enduring contributions in the highest regard.
“The board is confident that Zaini will provide the strategic leadership needed to steer the company forward, strengthening our position as a leading and progressive property developer,” he added. – Bernama
KUALA LUMPUR (Aug 5): S P Setia Bhd has launched the Setia AI & Proptech Innovation Challenge, a flagship initiative under the Bengkel Inovasi GLC (BIG) Programme aimed at advancing inclusive homeownership and enhancing construction quality.
According to a media statement on Tuesday, the programme invites technology-driven start-ups to develop solutions that align with S P Setia’s vision of building sustainable and inclusive communities.
Through the use of artificial intelligence (AI) and proptech, S P Setia hopes to streamline the homebuying process and increase access to housing for all income levels, in line with the Malaysia Madani agenda.
The challenge also focuses on improving construction safety, durability and sustainability by embedding AI into building processes.
Datuk Choong Kai Wai, the president and CEO of S P Setia, said: “Setia believes that the future of homeownership and construction is intrinsically linked to the transformative power of AI and technology.
“This challenge represents a significant step in our commitment to leveraging cutting-edge technology to address business challenges and improve the quality of life for our communities,” he added.
Successful participants will gain access to S P Setia’s network of resources, mentorship, and potential investment to develop and scale their innovations.
Deepak Jayaraman, an Antler partner and the global head of Ibex, said: “S P Setia is demonstrating forward, pragmatic leadership, working directly with start-ups on real challenges that matter to the industry.”
Applications for the Setia AI & Proptech Innovation Challenge are open from Aug 1 to 31 via the F6S platform.
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.
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.