S P Setia: RM4b sales target high but achievable

SHAH ALAM (May 18): S P Setia Bhd is confident of achieving its RM4 billion property sales target for financial year ending Dec 31, 2016 (FY16) by being selective of projects the company chooses to pursue.
 
S P Setia president and chief executive officer Datuk Khor Chap Jen said the developer plans to launch another 11 projects for FY16 in Malaysia and abroad.

Combining the 11 projects with the two entities launched earlier this year, S P Setia has RM4.7 billion worth of projects in FY16, according to him.

Collectively, Khor said these projects comprises 8,200 units of landed and high-rise properties.

"I have been asked about this many times. Yes, it (RM4b target) is high, but not too high. I believe as long as we select the right projects, there will be demand," Khor told reporters, after S P Setia's annual general meeting here today.

Land bank expansion is on the cards. Khor said S P Setia was keen to expand its land bank this year.

"This year onwards, land owners are more reasonable in (their) asking prices," he said.

At 12:30pm, S P Setia shares fell three sen or 0.9% to settle at RM3.15, for a market value of RM8.28 billion. The stock had fallen 1.56% this year, versus the FBM KLCI's 3.5% drop. – theedgemarkets.com

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