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.

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.

To usher in the Year of the Snake, S P Setia has introduced its Setia Chinese New Year (CNY) 2025 campaign, jam-packed with fun-filled activities and offers.

Capturing harmonious moments shared with loved ones, the month-long, multi-tiered campaign embodies the developers spirit of togetherness and will be showcased across all their eco-townships, developments and media platforms.

Setia chief commercial officer Christinne Lim shares: “Setia CNY 2025’s theme is inspired by the word ‘hé’, which refers to the harmonious blend of people, ideas, spaces, and moments – all coming together as one.

“To translate the essence of ‘hé’ into a Chinese phrase, we have chosen ‘Harmony Together, Prosper Together’ as our tagline,” she adds.

Setia Group branding and marketing general manager Adelene Wong concurs, adding, “Prosperity holds true meaning when it flourishes with harmony, and Chinese New Year is the perfect occasion to honour and celebrate this value.”

“At Setia, we believe that for prosperity to truly thrive, harmony must begin in the spaces where we live, learn, work, and play together.”

During this festive season, Setia has introduced its own iconic CNY song called (Ān Jū Lè Yè), which is available on Spotify, while their signature music video with #TeamSetia talents can be enjoyed on YouTube.

Featuring lively, modern beats and easy-to-follow dance moves that appeal to all generations, Setia highlights the unifying hashtag #HarmonyTogetherProsperTogether across its social media platforms.

Along with the ongoing campaign, Setia will host grand CNY open houses across its sales galleries in Klang Valley, Penang, Johor and Sabah from now till Feb 16.

The list includes Setia Tropika Sales Gallery on Jan 18 and Jan 19; Setia Welcome Centre @ Aeropod on Feb 6; Setia Eco Glades Lifestyle Gallery, Bandar Kinrara Welcome Centre, Setia AlamImpian LakePoint Gallerie, D’Network @ Setia Eco Park and Setia Experience Centre @ Setia Fontaines on Feb 8; and Setia Eco Templer Sales Gallery and Setia Bayuemas Welcome Centre on Feb 15.

Concurrently, Setia is offering ‘Refer & Reward’ angpaos that are up to RM8,888, which runs until Feb 28.

Referrers of new Setia purchasers will receive RM8,888 upon successful referrals to Setia properties. Those interested may register their referrals via Setia’s signature app, Setia Go! at https://spsetia.com/en-us/setiago

For more information on this festive campaign, visit https://www.spsetia.com/en-us/cny

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.

In a significant milestone for community engagement and cultural celebration, the S P Setia Foundation, the charitable arm of S P Setia Bhd, proudly concluded its inaugural Sincerely, Setia Youth Synergy programme on September 26, 2024, at Setia AlamImpian. This initiative, which ran from July 1 to September 26, aimed to empower multiracial youths from local universities to actively contribute to their communities through arts and culture.

The programme engaged 126 participants, comprising 46 university students from esteemed institutions including Universiti Teknologi MARA (UiTM), Universiti Sains Islam Malaysia (USIM), and Universiti Pertahanan Nasional Malaysia (UPNM), alongside 80 school students from schools under the Setia Caring School Programme (SCSP).

At the grand finale, S P Setia Foundation Chairman YM Dato’ Tengku Marina Binti Tunku Annuar highlighted the collaborative effort with the Ministry of Education Malaysia and various educational departments. “We are immensely grateful to have partnered with the selected universities and students, whose passion and dedication have been vital to the programme’s success,” she stated. “This initiative is instrumental in promoting diversity, creativity, and unity within vulnerable communities.”

The event showcased vibrant cultural performances, with participants adorned in colorful traditional attire. Winners included UiTM 2 and SK Semenyih Selangor, who received a cash prize of RM8,000, a trophy, and certificates. UiTM 1 and SK Bukit Tampoi (A) claimed the first runner-up spot, while USIM and SJK (C) Kg Baru Semenyih secured the second runner-up position. Additionally, SKPK Princess Elizabeth received a special performance award for its exemplary participation by specially abled students.

Each shortlisted university was granted RM5,000 to implement their projects, mentor SCSP children, and report their milestones, culminating in a friendly competition at the finale.

S P Setia Bhd will be hosting its fourth annual Setia4Malaysia Unity Run on Sunday (Sept 29) at Setia EcoHill Walk in Semenyih, Selangor.

Supported by the Ministry of Youth and Sports, there will be two categories for the run: A 5km fun run and a 21.1km half-marathon. There will also be special performances, family-oriented workshops, games, a bazaar and more. Sponsors include the likes of Nestlé, Uphaplast, Dadi Cinema, Oat Krunch, SportsNutrition, Yukazan and KTS Cellular Malaysia.

In a media statement on Wednesday, the developer said it is expecting over 5,000 participants and visitors. The event will start at 4.30am with warm-up sessions, Zumba and various activities for all ages. Runners will enjoy complimentary goodies and e-vouchers from ZUS Coffee and Dadi Cinema, among others. Additionally, the bazaar will feature 20 curated local lifestyle vendors offering locally-made clothing, home essentials, food and beverages as well as handmade crafts, gifts and collectables.

Runners’ registrations at JomRun are open until Sept 27, 2024.

The first Setia4Malaysia Unity Run kicked off in 2021 as a virtual run during the Covid-19 pandemic. In 2022, the event became a physical one with over 2,000 participants at Setia Bayuemas Lake Park in Klang. Last year, the run expanded to Setia AlamImpian, Shah Alam and Aeropod by Setia, Kota Kinabalu, drawing a crowd of more than 4,000.

In conjunction with its 50th anniversary celebration, S P Setia Bhd has launched the Setia Homefest sales carnival in selected sales galleries nationwide until Sept 17.

Setia Homefest will showcase developments in Setia Eco Glades, Setia Alam Impian, Setia Eco Park, Taman Rinting in Johor 以及 Aeropod in Kota Kinabalu, among others.

The sales carnival offers the Homefest Package (including kitchen and renovation), cash rebates and anniversary rewards of up to RM50,000, a weekly catch of up to RM10,000, along with fun activities that are aligned with its core values of Live, Learn, Work, Play such as scavenger hunts, and a chance to win prizes, and Touch ‘n Go e-wallet credit worth up to RM300.

“We are pleased to launch our highly anticipated Setia Homefest carnival together with our 50th anniversary celebration, and in our bid to build great communities that have driven us in the last 50 years,” said SP Setia chief commercial officer Christinne Lim

“We hope that our most valued customers, Citizen Setia, and the public will bring their families, spouses and friends to enjoy the activities, rewards and benefits from this eventful sales carnival, and especially with our latest developments in the pipeline that are being offered,” she added.

SP Setia is hosting entertaining events during Setia Homefest in its various developments.

The upcoming ones are in Setia Warisan Tropika in Sepang 以及 Aeropod in Kota Kinabalu on August 24; Bandar Kinrara in Puchong and Temasya Glenmarie in Shah Alam on August 25; Setia Alamsari in Kajang, Taman Rinting in Johor, Setia Fontaines in Penang 以及 Setia Eco Park, Shah Alam on August 31, Setia EcoHill in Semenyih on Sept 1, Setia Bayuemas in Klang on  Sept 7 and Setia Eco Templer in Rawang on Sept 8.

For more information and the latest updates, log on to https://spsetia.com/enus/others/50anniversary or follow S P Setia’s Instagram accounts; S P Setia Bhd and Citizen Setia.

S P Setia Bhd reported a net profit of RM404mil for the six-month period ended June 30, 2024 (1H24) – an increase from last year’s earnings of RM121mil.

The property developer gained RM361mil profit from strategic monetisation of its land bank in Taman Pelangi Indah 2, Johor and Glengowrie, Semenyih.

Revenue in 1H24 rose to RM2.97bil from RM1.9bil in the previous corresponding period last year.

In a statement yesterday, S P Setia said the completion of the land deals marked a strong financial milestone for the group.

For the second quarter ended June 30, 2024 (2Q24) , the group concluded the disposal of its 50% equity stake in Retro Highland Sdn Bhd to MMC Land Sdn Bhd pertaining to Taman Ikan Emas, Cheras redevelopment project under the public-private strategic partnership with the Kuala Lumpur City Hall.

“The settlement was via a full cash consideration, which resulted in a RM56mil profit for the group during the period.”

S P Setia said the total land and development sales achieved for year-to-date 2Q24 was RM2.3bil, surpassing more than 50% the group’s financial year 2024 (FY24) target of RM4.4bil.

“Local projects contributed 96% of the group’s development sales, with the central region dominating the development sales (60%) mainly from Setia Alaman Industrial Park’s contribution.

“In Johor, the southern region’s robust sales performance accounts for 35% of the group’s development sales, with further growth potential expected from the Rapid Transit System Link infrastructure development and Special Economic Zone establishment towards the later part of the year.”

S P Setia president and chief executive officer Datuk Choong Kai Wai is optimistic about the group’s operations and financial outlook for the rest of the financial year.

“This performance underscores our strategic focus on the Malaysian market, particularly in the southern and central regions,” he said.

Leveraging on the rising market demand for industrial development, Choong said S P Setia would continue to explore feasible investment opportunities and potential strategic partnerships for its land that is currently earmarked for industrial park development, particularly in Setia Alaman and the southern region.

The group is poised to unveil major projects including the first phase of Setia Federal Hill in Jalan Bangsar, Kuala Lumpur with an estimated gross development value of (GDV) RM1.4bil.

Reflecting on the group’s financial health and prospects, Choong said its strategic portfolio management and project launches are setting a strong foundation for sustainable growth.

“We have demonstrated consistency of crucial financial improvements in the past few quarters.

“We shall ramp up our efforts to capitalise on market opportunities and deliver more value to our shareholders in the long run.”

As of June 30, the group has a portfolio of 41 ongoing projects, supported by a robust land bank of 5,261 acres valued at a GDV of RM106.69bil.

Total unbilled sales stand at a notable RM4.16bil.

The group has cemented its presence in Malaysia’s key economic centres, namely the Klang Valley, Johor Baru, Penang, and Sabah.

Moreover, the group has expanded its international footprint, with notable projects in Vietnam, Australia, Singapore, China, the United Kingdom and Japan.

Additionally, S P Setia said it achieved successful de-gearing strategies in 1H24.

“From RM10.1bil borrowings in 4Q23, it has declined significantly by RM700mil within six months to RM9.4bil as of 2Q24.

“Net gearing ratio has consistently strengthened over the past few quarters to 0.41 times per 2Q24, compared with 0.49 times in 4Q23 due to the effectiveness of the group’s debt management and capital allocation strategies.”

S P Setia also said it has seen steady progress of inventories clearance so far this year.

“The company achieved RM244mil reduction of stocks compared with the 4Q23 level, representing a 15% clearance progressively taking place through a concerted effort throughout the group.”

Additionally, in conjunction with the group’s 50th anniversary this year, S P Setia said a series of high-energy sales and marketing campaigns and customer engagement programmes had been launched and some are set to be rolled out in collaboration with the group’s various strategic partners.

These efforts are expected to strengthen the group’s refreshed brand positioning and boost sales.

The group’s refreshed brand narrative, “Shaping Spaces That Shape Us All,” reflects its dedication to not just building structures but continue to shape and inspire communities and individuals to thrive in every aspect of life – live, learn, work, and play.

To mark the occasion, a mega event at Setia City Oval Lawn in its crown jewel township Setia Alam in Shah Alam was held where more than 5,000 people attended.

Guests were treated to an array of activities anchored on its refreshed brand theme.