S P Setia calm amid ringgit's impact on London's Battersea sales

SUBANG (Aug 20): S P Setia Bhd is unfazed by the impact of the weakening ringgit on its Battersea Power Station real estate project in the UK as Malaysians represent less than 50% of its buyers.

S P Setia acting deputy president Datuk Wong Tuck Wai said he was still confident of meeting the company's targets for Battersea, although he did not disclose any figures.

"Those (Malaysian buyers) who have bought have the firepower to make the purchase. They have probably already hedged their bets when facing with (financial) challenges.

"And London is an international market. It is not only for Malaysians and we are very selective (of our Battersea buyers). Our sales team are targeting China, India and other countries without currency issues," said Wong.

He was speaking at a press conference in conjunction with SP Setia's "Jet Set with Setia" campaign launch. The programme aims to reward customers with overseas trips.

Concerns on S P Setia's Battersea project come at a time when the ringgit has weakened against the US dollar and pound sterling (GBP) after China devalued its currency.

As the sale of the Battersea properties are done in GBP, a weaker ringgit translates into costlier purchases in ringgit terms.

At 11.32am, the ringgit depreciated against the GBP at 6.4464 amid lower crude oil prices. This compared to the firmest point over the last one year at 5.1212 on Sept 8, 2014.