S P Setia on track to achieve RM3.8b sales target for FY2021

KUALA LUMPUR (Nov 23): S P Setia Bhd recorded RM3.38 billion sales for its first three quarters of financial year 2021, which accounts to 89% of its RM3.8 billion full year sales target.

In a media statement today, S P Setia said its local projects contributed RM2.66 billion whilst the remaining RM728 million were contributed by international projects namely Sapphire by the Gardens and Marque Residences in Australia, as well as Daintree Residence in Singapore, which recorded 100% take-up rate.

In the first nine months of FY2021, S P Setia achieved a year-on-year (y-o-y) higher revenue of RM2.73 billion and profit before tax of RM353.7 million, mainly driven by progressive revenue recognition from the strong take-up rates achieved.

“We are encouraged by the sales achieved by the group for the first three quarters of the year despite the uncertainties in the outlook brought about by the Covid-19 pandemic. This would not have been possible if Team Setia is not committed and united in pursuing the sales target set,” said S P Setia president and CEO Datuk Choong Kai Wai (pictured).

In terms of launches, the group had launched projects totaling RM1.5 billion of gross development value (GDV), mainly comprising landed terrace houses and semi-detached homes in the first nine months of FY2021.

Some notable launches are planned in existing townships in Setia Alam, Setia EcoHill, Setia EcoHill 2, Setia Alamsari, Setia Bayuemas, Bandar Kinrara and Setia Eco Park in the Central region, Taman Industri Jaya and Bukit Indah in the Southern region, Setia Greens and Setia Fontaines in Northern region and Eco Lakes in Vietnam.

On the international front, the group’s 40% owned project in London, Battersea Power Station (BPS) witnessed another milestone with the official opening of its on-site underground train station as part of the Northern Line Extension in London.

“We are confident in achieving the sales target for FY2021 while remaining steadfast in our de-gearing initiatives to pare down borrowings and optimising our capital structure to strengthen our platform in pursuit of sustainable growth. 

We are optimising the use of our landbanks to accelerate strategic development while ensuring alignment to the Group’s Environment, Social and Governance agenda as a responsible developer in building a sustainable community for all,” Choong concluded.

As of September 30, 2021, the group has 48 ongoing projects, with effective remaining land banks of 7,334 acres valued at a GDV of RM124.6 billion and total unbilled sales of RM9.84 billion.

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