SETIA ALAM (Aug 18):  S P Setia Bhd has recorded a total sales of RM1.67 billion for the first six months of the year ending June 30.

According to the developer in a statement today, the sales are mainly from local projects (about 83%) which contributed RM1.38 billion, while the remaining RM294 million were from international sales.

Profit before tax stood at RM253.4 million against a revenue of RM1.89 billion, the statement added.

"It is worth noting that RM272 million of completed inventories were sold, and RM559 million of bookings were secured during this period in review.

“Our key focus remains steadfast on the swift conversion of the latter into sales," said S P Setia president and CEO Datuk Choong Kai Wai.

Choong added that despite the headwinds faced by the real estate industry, potential homebuyers are still seekinglanded properties in established townships.

For the quarter under review, the developer launched a total gross development value (GDV) of RM300.7 million landed residences comprising double-storey terraces, semidees and bungalows.

Meanwhile, S P Setia is currently anchored by 47 ongoing projects with an effective remaining land bank of 7,042 acres. Its total GDV stood at RM120.88 billion as at 30 June, backed by unbilled sales totalling RM8.71 billion.

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