PROPERTY developer SP Setia Bhd is aiming for RM1.1 billion in sales for the financial year ending October 31, 2009, despite the challenging economic situation.
It also expects to make RM100 million in sales in Vietnam for its property project, Setia Eco Lake, to be launched next month, managing director and chief executive officer Tan Sri Liew Kee Sim said.
To date, sales has already reached almost RM500 million, he told a press conference after the company's annual general meeting in Shah Alam today.
He said its landed property in Vietnam had a gross development value of RM2 billion over the next 10 years.
The group has nine ongoing projects located in Johor, Penang and Selangor.
Meanwhile, Liew said the group made RM300 million of its sales over the past several months from its 5/95 home loan package.
Under the package, property buyers pay five per cent upfront the purchase price of the property they are buying from the company while the balance 95 per cent is paid when the property is completed.
"It is a very good success rate and beyond our expectation," Liew said.
On Bank Negara Malaysia's decision to reduce the Overnight Policy Rate (OPR) by 50 basis points to two per cent yesterday, he said that it was a good move for the property sector.
With the rate down, property will be a good buy and "I think the property market will come back very strongly," he said.
Liew said the company, which had a land bank size of 4,000 acres, was also on the lookout for good land or company with very good landbank, although it was not making any acquisition at the moment.
On its first high-end condominium project, Liew said the Setia Sky Residence in Kuala Lumpur City Centre is expected to be launched in April with gross development value of RM200 million.
By Bernama
Wednesday, February 25, 2009
KPJ to inject more properties into REIT
KPJ Healthcare Bhd will inject more properties into its Al-'Aqar KPJ REIT (Real Estate Investment Trust), said its chairman, Tan Sri Muhammad Ali Hashim.
He said the properties comprised Seremban Specialist Hospital; Taiping Medical Centre; Kota Kinabalu Specialist Hospital; Bukit Mertajam Specialist Hospital; KPJ Penang Specialist Hospital; Tawakal Hospital; KPJ TawakalSpecialist Hospital; and, KPJ International College of Nursing and HealthSciences.
"The exercise involves a total purchase consideration of RM293 million which will be satisfied by cash of RM176 million and by the issuance of 123 million new units in Al-'Aqar KPJ REIT at 95 sen apiece," he told a media briefing after the company''s extraordinary general meeting in Johor Bahru today.
Muhammad Ali said KPJ was confident the healthcare industry would be resilient and withstand the present global economic slowdown.
He said the Al-'Aqar REIT would allow KPJ to unlock the values of the assets and allow it to reinvest the funds into the group as well as to reduce borrowings.
"The REIT will give us the flexibility to use the funds for potential acquisitions, mergers and reinvestments into new and existing hospitals," he said.
Muhammad Ali said for the year ended December 31, 2008, KPJ's pre-tax profit rose by 12 per cent to RM23.7 million from RM21.1 million in the same period of 2007.
Revenue rose by seven percent to RM325 million from RM304.6 million in thesame period of 2007, he said.
By Bernama
He said the properties comprised Seremban Specialist Hospital; Taiping Medical Centre; Kota Kinabalu Specialist Hospital; Bukit Mertajam Specialist Hospital; KPJ Penang Specialist Hospital; Tawakal Hospital; KPJ TawakalSpecialist Hospital; and, KPJ International College of Nursing and HealthSciences.
"The exercise involves a total purchase consideration of RM293 million which will be satisfied by cash of RM176 million and by the issuance of 123 million new units in Al-'Aqar KPJ REIT at 95 sen apiece," he told a media briefing after the company''s extraordinary general meeting in Johor Bahru today.
Muhammad Ali said KPJ was confident the healthcare industry would be resilient and withstand the present global economic slowdown.
He said the Al-'Aqar REIT would allow KPJ to unlock the values of the assets and allow it to reinvest the funds into the group as well as to reduce borrowings.
"The REIT will give us the flexibility to use the funds for potential acquisitions, mergers and reinvestments into new and existing hospitals," he said.
Muhammad Ali said for the year ended December 31, 2008, KPJ's pre-tax profit rose by 12 per cent to RM23.7 million from RM21.1 million in the same period of 2007.
Revenue rose by seven percent to RM325 million from RM304.6 million in thesame period of 2007, he said.
By Bernama
Mah Sing Q4 earnings down
Mah Sing Group Bhd registered a drop in its net profit for the fourth quarter to RM16.54 million compared with RM20.49 million recorded in the same period last year.
Fourth quarter revenue, however, was higher at RM151.66 million from RM120.4 million in the previous corresponding period.
For the full year ended December 31 2008, the lifestyle developer recorded a net profit of RM92.95 million compared with RM82.26 million in 2007, while revenue grew to RM651.64 million in 2008 from RM573.36 million the year before.
In a statement, Mah Sing said the growth was driven by its commercial and residential projects in the Klang Valley and Johor Baru. Its plastic division also continued to reap good earnings.
Managing director Datuk Seri Leong Hoy Kum said the group racked up credible sales of RM395 million in 2008 due to it focus on the needs of each of its niche markets.
He said the group should be able to sustain momentum in 2009 by offering medium- to high-end residential and investment grade commercial projects.
The group will continue with innovative marketing strategies such as tying up with financiers. Its easy home ownership programme has garnered more than 1,500 enquiries contributing to sales of about RM140 million.
New launches in 2009 will include 30 units of garden bungalows in the Klang Valley and will be priced from RM1.2 million per unit.
A first and final dividend of 16 per cent or 8 sen per share for the financial year ended December 31 2008 has been recommended. This represents a minimum payout of about 41 per cent of its net profit.
By Business Times
Fourth quarter revenue, however, was higher at RM151.66 million from RM120.4 million in the previous corresponding period.
For the full year ended December 31 2008, the lifestyle developer recorded a net profit of RM92.95 million compared with RM82.26 million in 2007, while revenue grew to RM651.64 million in 2008 from RM573.36 million the year before.
In a statement, Mah Sing said the growth was driven by its commercial and residential projects in the Klang Valley and Johor Baru. Its plastic division also continued to reap good earnings.
Managing director Datuk Seri Leong Hoy Kum said the group racked up credible sales of RM395 million in 2008 due to it focus on the needs of each of its niche markets.
He said the group should be able to sustain momentum in 2009 by offering medium- to high-end residential and investment grade commercial projects.
The group will continue with innovative marketing strategies such as tying up with financiers. Its easy home ownership programme has garnered more than 1,500 enquiries contributing to sales of about RM140 million.
New launches in 2009 will include 30 units of garden bungalows in the Klang Valley and will be priced from RM1.2 million per unit.
A first and final dividend of 16 per cent or 8 sen per share for the financial year ended December 31 2008 has been recommended. This represents a minimum payout of about 41 per cent of its net profit.
By Business Times
Mah Sing posts lower net profit
PETALING JAYA: Mah Sing Group Bhd has posted a drop of 19.7% in net profit to RM16.45mil for the fourth quarter ended Dec 31, compared with the previous corresponding period.
At the same time, revenue in the quarter grew 26% to RM151.7mil.
Despite the weaker quarter, the company registered 15% growth in after-tax profit after minority interest to RM93.2mil for the full financial year.
In a statement, the company said contributors to the financial year included the group’s commercial projects, The Icon Jalan Tun Razak and the Southgate Commercial Centre, and several residential projects in the Klang Valley and Johor Baru.
It also said it could “hypothetically raise an additional RM500mil to reach an optimal gearing level of 0.5 times,” giving it a war chest of RM900mil, including the existing cash pile, for expansion.
By The Star
At the same time, revenue in the quarter grew 26% to RM151.7mil.
Despite the weaker quarter, the company registered 15% growth in after-tax profit after minority interest to RM93.2mil for the full financial year.
In a statement, the company said contributors to the financial year included the group’s commercial projects, The Icon Jalan Tun Razak and the Southgate Commercial Centre, and several residential projects in the Klang Valley and Johor Baru.
It also said it could “hypothetically raise an additional RM500mil to reach an optimal gearing level of 0.5 times,” giving it a war chest of RM900mil, including the existing cash pile, for expansion.
By The Star
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