PETALING JAYA: S P Setia Bhd has secured sales amounting to RM3.89bil for the nine months ended Sept 30, 2023, with local projects contributing RM3.37bil or 87% of total sales.<\/p>\n
The property developer said the remaining RM523mil, or about 13%, was generated from international sales.<\/p>\n
\u201cThe central region accounted for 54% of local sales, followed by the southern region with a 40% contribution.<\/p>\n
\u201cThe group cleared completed inventories, with RM804mil sold during this period,\u201d it said in a statement.<\/p>\n
As at Sept 30, 2023, the group secured a total booking of RM450mil.<\/p>\n
For the third quarter ended Sept 30, 2023, S P Setia\u2019s net profit stood at RM51.8mil. Revenue grew 25% to RM1.08bil from RM860.9mil quarter-on-quarter.<\/p>\n
During the third quarter, S P Setia launched a range of projects including RM498.7mil of landed properties in the central and southern regions and two-storey commercial retail and office units at the Setia Fontaines City Centre Business Hub in Penang.<\/p>\n
\u201cThe take-up rate for these new developments has been encouraging, with a 97% occupancy rate observed in the new phase of landed residential units in Bandar Kinrara and about 60% of units sold in townships such as Setia Bayuemas and Setia Fontaines,\u201d it said.<\/p>\n
The group also expanded internationally by acquiring a prime land in St Leonards, Sydney, Australia.<\/p>\n
\u201cWith a land area of 1,374 sq m, the acquisition marks the company\u2019s first venture into New South Wales,\u201d it said.<\/p>\n
S P Setia said it aims to establish a prominent presence in the highly-sought-after Sydney property market.<\/p>\n
\u201cThis strategic move reinforces S P Setia\u2019s commitment to regional growth and contributes to the future revenue pipeline for the group.\u201d<\/p>\n
S P Setia also announced the sale of 17.99 acres of land in Setia City, Selangor, as part of its land bank strategy.<\/p>\n
\u201cThe sale aims to unlock value for the township and aligns with the group\u2019s vision.<\/p>\n
\u201cThe land will be sold to KSL Bestari Sdn Bhd for RM228.8mil, boosting the development of Setia City and contribute to the group\u2019s bottom line.<\/p>\n
\u201cProceeds will be used to fund new projects and reduce debt, positively affecting profits, net assets and cash balance,\u201d it said.<\/p>\n
S P Setia also said it remains focused on maintaining a sustainable overall performance.<\/p>\n
\u201cWith 44 ongoing projects and unbilled sales of RM6.76bil as at Sept 30, 2023, the group demonstrates positive earnings visibility in the short to mid term, despite the challenging economic conditions and market headwinds.<\/p>\n
\u201cOn the international front, UNO Melbourne (Stage 2) development in Australia has been completed in September 2023 and is expected to significantly contribute to the final quarter results,\u201d it said.<\/p>\n
S P Setia added that it remains vigilant in balancing its capital structure and effectively manages a de-gearing programme in pursuit of a sustainable overall performance.<\/p>\n
\u201cThe net gearing ratio at the end of the third quarter of 2023 stood at 0.53 times, reduced from 0.57 times as at Dec 31, 2022.<\/p>\n
\u201cAdditionally, S P Setia holds an effective remaining land bank of 5,549 acres with an estimated gross development value of RM113.11bil, ensuring a strong foundation for future growth,\u201d it said.<\/p>\n
In the same statement, S P Setia president and chief executive officer Datuk Choong Kai Wai said he was pleased with the group\u2019s robust sales performance and progress in expanding its presence locally and internationally.<\/p>\n
\u201cThis has been possible due to our ability to anticipate market changes, continued brand loyalty among our customers and our commitment to quality in our projects.<\/p>\n
\u201cWe remain optimistic about the future of the Malaysian property market and will continue to pursue growth opportunities both in Malaysia and overseas,\u201d he said.<\/p>\n
Choong added that S P Setia will remain vigilant in managing its capital structure and effectively pursue de-gearing initiatives, which will significantly improve its financial flexibility and contribute to its overall performance.<\/p>","protected":false},"excerpt":{"rendered":"
PETALING JAYA: S P Setia Bhd has secured sales amounting to RM3.89bil for the nine months ended Sept 30, 2023, with local projects contributing RM3.37bil or 87% of total sales. The property developer said the remaining RM523mil, or about 13%, was generated from international sales. \u201cThe central region accounted for 54% of local sales, followed […]<\/p>\n","protected":false},"featured_media":2848,"template":"","news_category":[16],"township-news":[],"venues-news":[],"class_list":["post-2847","news","type-news","status-publish","has-post-thumbnail","hentry","news_category-general"],"acf":[],"_links":{"self":[{"href":"https:\/\/spsetia.com\/zh\/wp-json\/wp\/v2\/news\/2847","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/spsetia.com\/zh\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/spsetia.com\/zh\/wp-json\/wp\/v2\/types\/news"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/spsetia.com\/zh\/wp-json\/wp\/v2\/media\/2848"}],"wp:attachment":[{"href":"https:\/\/spsetia.com\/zh\/wp-json\/wp\/v2\/media?parent=2847"}],"wp:term":[{"taxonomy":"news_category","embeddable":true,"href":"https:\/\/spsetia.com\/zh\/wp-json\/wp\/v2\/news_category?post=2847"},{"taxonomy":"township-news","embeddable":true,"href":"https:\/\/spsetia.com\/zh\/wp-json\/wp\/v2\/township-news?post=2847"},{"taxonomy":"venues-news","embeddable":true,"href":"https:\/\/spsetia.com\/zh\/wp-json\/wp\/v2\/venues-news?post=2847"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}