SP Setia Achieves 89% Of RM3.8 Billion Sales Target Despite Year Of Challenges

SP Setia recorded sales of RM3.38 billion for its third quarter of FY2021 ended 30 September with local projects contributing 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.

For the 9 months, the Group achieved a revenue of RM2.73 billion and Profit Before Tax (“PBT”) of RM353.7 million both revenue and PBT for the first nine months of the year are appreciably higher than the corresponding period in the preceding year, mainly driven by progressive revenue recognition from the strong take-up rates achieved.

The steady sales of completed stocks, which form part of the RM3.38 billion sales achieved, was RM585 million, higher than that achieved for the same period last year of RM462 million,despite the market challenges. In terms of launches, the Group had launched projects totalling RM1.50 billion of Gross Development Value (GDV), mainly comprising landed terrace houses and semi-detached homes in the first nine months of FY2021. 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.

Datuk Choong Kai Wai, President & CEO “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,” he concluded. As of 30 September 2021, the Group has 48 ongoing projects, with effective remaining land banks of 7,334 acres valued at a Gross Development Value of RM124.6 billion and total unbilled sales of RM9.84 billion.

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