#Update* S P Setia aiming for RM3b in sales for 2011

KUALA LUMPUR: S P Setia Bhd has set itself a RM3 billion sales target for 2011, president and CEO Tan Sri Liew Kee Sin said at a press conference on Thursday, Dec 9. The group achieved RM2.31 billion of sales in FY2010.

"For FY2011, we expect all our existing projects in the Klang Valley, Johor Bahru and Penang to continue to do well," said Liew. "In addition, we will be launching KL Eco City, our exciting new integrated green commercial development opposite Mid Valley City which should also contribute strongly towards the targeted RM3 billion new sales."

The KL Eco City project, with a gross development value (GDV) of RM6 billion is scheduled for launch in January or February next year Liew revealed. He also said that the entire 24-acre project will be certified under the Green Building Index (GBI). "KL Eco City will change the way commercial development is done in Malaysia," said Liew.

Liew also shared the group's 4Q2010 results with net profit rising 32% to RM75.2 million from RM56.9 a year ago. Revenue earning rose 42% to RM557.9 million from RM393.6 million the previous year.

After KL Eco City, the next project to be launched sometime in March or April 2011 is the apartment project in Melbourne with 800 units spread across an acre. Its GDV is RM1.4 billion.

In light of the merger news, Liew said that this was a good thing for the industry, as the competition will only spur on the industry and S P Setia to strive to be the best they can be.

The group has a land bank of 3,400 acres in the Klang Valley, Johor, Penang, Sabah, Melbourne and Vietnam.
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