Datuk Zaini Yusoff has been appointed as S P Setia Bhd’s new chief operating officer (COO), beginning July 1, 2023, to strengthen the company’s operating model and promote growth via transformation.

According to a statement, Zaini will report to the company’s chief executive officer, Datuk Choong Kai Wai.

“Promoting Zaini is part of our internal succession planning. We truly have the best-in-class team, and with him taking on the COO role, I’m confident we will continue to progress strongly in 2023 with a robust operating model that will empower our team to deliver an unmatched calibre of properties and services to our customers,” said Choong.

Zaini, a civil engineer, is currently the executive vice president of S P Setia, a position which he has held since July 1, 2020.

He joined S P Setia in 2017 as divisional general manager following the acquisition of I & P Group Sdn Bhd by S P Setia.

Before joining S P Setia, Zaini,was the COO of I & P Group Sdn Bhd.

He started his career at Penang City Council, Asia Control System Impac and Shimizu Corporation before joining I & P Group in 1991 and subsequently rising through the ranks within the organisation.

KUALA LUMPUR: S P Setia Bhd’s township development, Setia EcoHill 2 in Semenyih is launching the first phase of its commercial development, Nadi, this week.

Nadi is located within the commercial precinct of the township, Setia Commerce Square.

In a statement, the developer said Nadi, the first shop office phase, contains three phases of shop offices and is estimated to have a gross development value of RM500 mil, occupying 34 acres out of the 1,010-acre Setia EcoHill 2 which is planned to be completed by 2026.

It offers 86 shop office units, of which 80 are double- and triple-storey terraced units and 6 are double-storey semi-detached units.

S P Setia said 80% of Nadi has already been booked following a preview on March 25.

Nadi’s terraced shop offices measure 26 ft by 75 ft for double-storey intermediate units and 42 ft by 75 ft and 46 ft by 75 ft for the triple-storey corner units. The built-up ranges from 3,494 to 8,642 sq ft, with starting price of RM1.55 mil.

The double-storey semi-detached shop offices have a land area of 70 ft by 148 ft and built-ups from 5,566 sq ft, priced from RM3.7 mil.

Apart from shop offices, Setia EcoHill 2’s Setia Commerce Square is also actively looking for a strategic partner to develop its petrol station land.

Separately, S P Setia has appointed Philip Tan Puay Koon as senior independent non-executive director in place of Datuk Ahmad Pardas Senin.

Ahmad Pardas retired as director of the company upon the conclusion of the 48th annual general meeting which was held on April 27.

Eighty underprivileged children were treated to a breaking of fast event by developer S P Setia.

Held at its Setia Experience Centre in Kepala Batas, Penang, the event was to show kindness to B40 and asnaf (tithe recipient) children from SK Pokok Sena and Inapan Kasih Sayang, a childcare centre for orphans and asnaf children, by creating a memorable experience for them.

The event was hosted by S P Setia executive vice-president Datuk Zaini Yusoff.

Also present were S P Setia Foundation management committee, branding and communications group head Adelene Wong and S P Setia divisional general manager Ricky Yeo.

The evening started with a nasyid performance by children from SK Pokok Sena.

This was followed by the breaking of fast and a light show at Setia Fontaines’ newly opened musical fountain.

Each child also received goodie bags and duit raya worth RM50 from S P Setia Foundation management committee, Zaini and S P Setia executive vice-president Datuk Yuslina Mohd Yunus.

SHAH ALAM (April 14): As part of its Hari Raya theme “Lembaran Baru, Setia Bersama”, a continuation of its Chinese New Year 2023’s fabric upcycling theme, S P Setia is once again collaborating with social enterprise Kloth Cares.

“Signifying new beginnings as we celebrate this festive season, “Lembaran Baru” represents a new ‘layer’ or ‘chapter’ that brings renewed hope,” stated S P Setia in a media release.

“In support of communities in need while reducing waste, this fabric upcycling drive is part of our environmental, social and governance agenda to reduce environmental impact, especially during this festive season which is widely celebrated in Malaysia,” said Adelene Wong, S P Setia’s head of Group Branding & Communications and Setia Foundation’s Management Committee.

As part of the fabric upcycling drive, 41 fabric upcycling bins have been placed at S P Setia’s sales galleries and venues around Malaysia, including Melbourne and Singapore to collect pre-loved curtains and used fabrics.

The company also commissioned B40 seamstresses from Kloth Cares to repurpose old curtains collected through the fabric upcycling drive leading up to Hari Raya, which will be distributed to the asnaf families to help them decorate their homes this festive period.

Those who want to donate old curtains or used fabric items such as clothes, toys and bags can drop them into fabric upcycling bins at S P Setia’s sales galleries.

Meanwhile, a fabric upcycling selfie competition is also organised whereby lucky winners will receive an upcycled fabric pouch produced by Komuniti Tukang Jahit by taking a photo of themselves participating in the initiative by donating old curtains at one of the fabric upcycling bin locations.

As part of the Hari Raya campaign theme, S P Setia also created Raya packets in a fabric-infused material which can be collected at its sales galleries.

Also in line with the Hari Raya mood, S P Setia recently launched its festive film, Langsir to inspire viewers to do upcycle and do what they can to help those in need.

Langsir tells a story of how Nana felt burdened by the voluntary work of her mother, Azizah, a seamstress who collects and upcycles old curtains to be donated to those in need. She is then reminded of the joy as she realises the meaning and fulfilment behind this good deed carried forward to the community.

SELANGOR (April 11):  S P Setia Foundation organised a weekend with the orang asli community in Bukit Tampoi, Dengkil for its Sincerely Setia Volunteer Weekend engagement programme on March 18 and 19.

The event, which was held in collaboration with Yayasan Sukarelawan Siswa (YSS) and Institution of Engineers, Malaysia (IEM) involved more than 80 volunteers from S P Setia’s Team Setia and also staff from YSS and IEM.

According to a media release from S P Setia, the programme was “conducted in alignment with S P Setia Foundation’s second and third trust objects, which are to assist in meeting the needs of those Malaysians who are underprivileged, disabled, poverty-stricken or critically ill, assistance in advancing the education of disadvantaged pupils in Malaysia, as well as assistance through activities in connection with the promotion of national unity, through sports, culture, or the arts, particularly amongst the youths of various races”.

On the first day of the programme, volunteers took part in cleaning activities around the school compound and painted the classrooms at SK Bukit Tampoi (A), Dengkil. Volunteers also visited Kampung Bukit Tampoi dan Kolam Air Bangkong to distribute food packs to the villagers, while volunteers of IEM dan Universiti Teknologi Malaysia conducted science, technology, engineering, and mathematics (STEM)-driven activities to share their knowledge with the local orang asli children. After a hands-on weaving activity with the local orang asli community, the evening ended with a cultural exchange karaoke session.

The second day started with an “uplifting Zumba session” with villagers from Kampung Kolam Air Bangkong. This was followed by career-sharing sessions by icons from the orang asli community, such as Puan Nur Raziana Ramli, who is a successful entrepreneur in the breeding of Trigona stingless bees, as well as Puan Ani A/P Amat who served the Department of Orang Asli Development (JAKOA) as a staff nurse of the medical unit. The programme closed with a drumming performance by the local children, guided by S P Setia’s Setia Harmony arts and culture group.

“I hope the spirit of volunteerism does not end with this programme and that it has provided valuable experience and awareness for us all to not be afraid of being closer to the community who need our help regardless of our race or religion,” said Datuk Zuraidah Atan, chairman of S P Setia Foundation and a director of S P Setia, during the closing ceremony of the programme.

SHAH ALAM (March 31): S P Setia Bhd celebrated International Women’s Day (IWD) recently with a series of events with its business associates and staff at the S P Setia Corporate HQ.

Themed “EmpowHER” in line with the IWD theme for 2023, S P Setia’s IWD celebration also commemorates the inception of its Women of Inspiration, WIN@Setia women’s network which was launched in March 2017.

The highlight of the “EmpowHER” programme was a hybrid forum officiated by chief human resources officer Nadiah Tan Abdullah, followed by a keynote speech by Datuk Zuraidah Atan, advisor of S P Setia’s WIN@Setia (Women of Inspiration), chairman of S P Setia Foundation, and a director of S P Setia.

“In Setia, we embrace equity, diversity and inclusion to drive success for all. We want to be successful together, not just alone. There is nothing like women bringing up other women,” said Zuraidah.

Also taking part were three influential entrepreneurs Ash Majid, designer of Batiq Jewelry; Yap Sue Yii, founder of Komuniti Tukang Jahit which supports and upskills women to be tailors; and Nik Suzila, co-founder of Kloth Cares, a women-led social enterprise which upcycles unwanted textiles.

They talked about “their journeys towards” establishing their businesses and how gender equity and inclusivity play important roles in their success.

Supporting local small and medium retail and F&B enterprises owned by women, S P Setia also organised the EmpowHER Bazaar at S P Setia Corporate HQ which was participated by 12 vendors including Komuniti Tukang Jahit, Kloth Cares, Lips Carpenter, Anbo, Gula Creamery, and Butang Cakery.

S P Setia’s IWD celebration also commemorates the 6th anniversary of WIN@Setia, its women’s network which focuses on four key areas making up the 4Rs:

• to Realise the potential of female talents through development initiatives and employee value proposition

• to Retain the group’s female talent pool by providing the right work environment which supports their career aspirations and personal growth

• to Raise the ladder by accelerating the female representation in the middle and senior management positions

• to Respect employees as unique individuals by creating an inclusive and supportive Environment

S P Setia was the Gold winner for the Excellence in Women Empowerment Strategy at the Human Resources (HR) Excellence Awards 2021.

KUALA LUMPUR (March 21): S P Setia Bhd has introduced Box 366, a contactless drop box for food deliveries and parcels in its upcoming residential projects to complement the digitalised and home-based lifestyles of its residents, and in line with the prevalent trends of online food ordering and shopping.

Box 366 will be installed in more than 1,800 homes within S P Setia’s upcoming projects in the Klang Valley, Penang and Johor, starting with 32 units of semi-detached homes in Setia Mayuri’s Damaran in Semenyih, which is targeted to be launched in the first quarter of 2023.

The drop box is designed for the convenience of residents, and is built by innovating the conventional gate post pillar. It contains two compartments, whereby the upper tier acts as a storage for contactless food delivery, while the lower-tier compartment is spacious enough to store multiple parcels from the size of a shoebox onwards, which makes online shopping more convenient, especially when no recipients are available at home to receive parcels during delivery.

Ensuring that parcels and food deliveries are stored safely, the top hung aluminium door of the upper tier of the Box 366 in selected upcoming projects is “self-closed” after food delivery.

The lower-tier parcel drop box also has an anti-theft cover, with an internal partition that will obstruct access to the parcels in the compartment by outsiders. Window panels are installed on the receiving side for easier checking on deliveries. A model of Box 366 is now available at the Setia Mayuri Welcome Centre in Semenyih.

PETALING JAYA: S P Setia Bhd is expected to see an acceleration in recognition of its unbilled sales this year, on the back of easing labour shortage conditions and ongoing Australian projects.
Hong Leong Investment Bank Research noted that the property developer will recognise most of its remaining unbilled sales from its Australia projects amounting to RM1.41 bil in the first quarter of 2023.

“Given the positive cash flow from its Australia projects, S P Setia’s net gearing as at the fourth quarter of 2022 improved to 0.81 times (from 0.9 times in the third quarter of 2022).”

The research house added that Bank Negara’s recent rate hike pause should also augur well for the group, giving it much needed breathing room to lower its net gearing.

Meanwhile, TA Research said it is raising S P Setia’s 2023 earnings by 46%, largely to reflect the delayed recognition of Australia projects and the sale proceeds of land in Johor.

“Meanwhile, 2024 earnings are adjusted marginally higher by 0.6%.

“Our 2023, 2024 and 2025 new sales assumptions are RM4.2 bil, RM4.35 bil and RM4.35 bil, respectively. We introduce our 2025 net profit of RM157.6 mil, representing a growth of 4.1% year-on-year.”

In terms of the construction status of its two Australian projects, TA Research said the group’s Sapphire by The Gardens is fully completed, while Uno Melbourne’s Stage 1 is 100% completed and Stage 2 is 73% completed.

“As such management is confident that the remaining unbilled sales of RM1.4bil will be fully recognised this year.”

Maybank Investment Bank Research (Maybank IB) meanwhile said S P Setia has set a flattish sales target of RM4.2 bil in 2023 (compared with RM4.1bil achieved in 2022), driven by RM6.2 bil worth of new launches.

“As at December 2022, S P Setia had RM385 mil worth of bookings. Unbilled sales stood at RM7.3bil.”

Separately, in view of the strong demand for industrial properties, Maybank IB noted that the company has allocated 400 acres and 321 acres of land in Klang and Port of Tanjung Pelepas, respectively, for industrial development.

“Elsewhere, it is in advanced stages of negotiations for the disposal of a non-core landbank,” said the research house.

Meanwhile, Affin Hwang Investment Bank noted that S P Setia has set a slightly higher (year-on-year) sales target of RM4.2 bil for 2023, as the developer is confident of stronger domestic sales.

“Bookings of RM385 mil as at end-2022 are expected to contribute to sales in the first quarter of 2023,” it said, adding that the high unbilled sales as at end-2022 will provide good earnings visibility.

“Net debt was reduced 13% quarter-on-quarter to RM8.75 bil at the end of the fourth quarter of 2022, due to strong operating cash inflow of RM1.69 bil.”

KUALA LUMPUR (Feb 28): S P Setia Bhd’s net profit fell 26.7% to RM90.31 million for the fourth quarter ended Dec 31, 2022 (4QFY2022), from RM123.31 million a year ago, mainly dragged by higher finance costs and tax.

S P Setia’s finance costs had swollen to RM82.35 million in 4QFY2022, compared with RM42.9 million a year ago. Taxation also increased to RM91.19 million, up from RM62.14 million.

Revenue for the quarter, however, was up 65.4% to RM1.71 billion, from RM1.03 billion a year ago. This was driven by significant contributions from the property segment, particularly the handover of Australia’s UNO Melbourne (Phase 1), which generated a revenue of RM106.2 million, and Sapphire by the Gardens, which contributed RM788.5 million.

For the full year, S P Setia reported a net profit of RM308.09 million, an increase of 8.3% from RM284.36 million for FY2021, the property developer said in a filing with Bursa Malaysia on Tuesday (Feb 28).

Meanwhile, revenue stood at RM4.45 billion, compared with RM3.76 billion for FY2021.

Local projects contributed RM3.58 billion or approximately 87% of sales, while international projects contributed RM525 million or about 13% of sales.

On the local front, the sales secured were mainly from the central region of Peninsular Malaysia with RM2.54 billion. The southern region contributed RM615 million, while the northern and eastern regions contributed RM322 million.

As for international projects, Battersea Power Station outperformed with sales of RM424 million, while Australia contributed another RM43 million.

“The total sales secured were partly complemented by the concerted effort of clearing completed inventories amounting to RM622 million in sales value. As of Dec 31, 2022, the group had secured additional sales in the pipeline of RM385 million,” S P Setia president and chief executive officer Datuk Choong Kai Wai said in a separate statement.

S P Setia has set a sales target of RM4.2 billion for FY2023, representing a growth of 5% from the preceding year.

Shares in S P Setia were unchanged at 62 sen on Tuesday, giving the group a market capitalisation of RM2.53 billion.

In efforts to support communities in need and improve their access to healthcare support, S P Setia’s charity arm S P Setia Foundation has provided assistance to three hospitals in the Klang Valley through its ‘Sincerely, Setia Healthcare & Well-Being Assistance Programme’.

S P Setia Foundation has contributed funding worth up to a total of RM120,000 to Pusat Perubatan Universiti Malaya/ University Malaya Medical Centre (UMMC), Hospital Canselor Tuanku Muhriz (HCTM) and Shah Alam Hospital.

Symbolic cheques presentation together with presentation of wheelchairs were held at S P Setia Corporate HQ today to signify the support and commemorate the launch of the programme.

“While we continue our efforts through the Sincerely, Setia drive to aid Malaysians who are underprivileged and require medical attention, we hope the assistance given to them and their carers through these hospitals will help ease their burden and provide them peace of mind while receiving the treatments they need,” said S P Setia Foundation Chairman Dato’ Zuraidah Atan.

The funding towards UMMC and HCTM will be channelled towards their transit centres to subsidise the costs of accommodation, daily meals and hygiene essentials borne by the patients and their carers or families.

The hospitals will also upgrade the amenities of the transit centre rooms to create a more comfortable environment for the patients and their carers, especially for patients with chronic illnesses who are receiving treatments at the ward and specialist centres.

Part of the funding of ‘Sincerely, Setia Healthcare & Well-Being Assistance Programme’ was allocated towards Shah Alam Hospital for the purchase of 21 units of wheelchairs worth RM10,000. These wheelchairs will be given to deserving patients who are recovering from stroke or are recovering from leg or knee surgery but are not able to afford it.