KUALA LUMPUR: SP Setia Bhd, Malaysia's top property developer, is poised to hit a whopping RM60 billion in gross development value (GDV) this year.
This would be helped by the launch of at least four big projects worth RM6 billion in GDV, said SP Setia president and chief executive officer Tan Sri Liew Kee Sin, who added that the company was confident of achieving its sales target of RM4 billion this year.
Continued strong property demand and ample liquidity in the local financial system would help SP Setia to achieve its target, he said.
Liew said SP Setia had locked in sales of RM933 million for the first quarter of its current year ending October 31, 2012.
"This represents a 27 per cent increase over the RM737 million achieved in the corresponding period of the previous year," he said.
For the year ended October 31, 2011, SP Setia exceeded the RM2 billion mark for the second year running, ringing in a new sales record of RM3.29 billion.
Liew said its RM4 billion sales target would come from numerous upcoming project launches.
"We expect to launch at least four new projects worth about RM6 billion this year. We expect our gross development value to reach RM60 billion."
In Sabah, SP Setia is set to officially launch a project known as "Aeropod" in Kota Kinabalu tomorrow.
The integrated commercial development in Tanjung Aru is the group's maiden project in Sabah, mooted after its SetiaWalk development in Puchong, Selangor.
The group will also be launching several projects in the coming months, such as the Setia Eco Glades in Cyberjaya.
"A new eco-themed development based on the award-winning DNA of Setia Eco Park in Shah Alam has been planned for 108.5ha of prime freehold land."
With the group's current landbank at 1,707ha, Liew said SP Setia was in a strong position to offer a wide range of products to cater to different markets.
By Business Times
Friday, February 24, 2012
Liew confident SP Setia will meet RM4bil property sales target
SHAH ALAM: SP Setia Bhd recorded a 26.6% year-on-year jump in new property sales to RM933mil for its first quarter ended Jan 31, 2012, compared with RM737mil a year earlier.
President and chief executive officer Tan Sri Liew Kee Sin said he was confident about achieving the group's target of RM4bil in new property sales for its financial year ending Oct 31, 2012 (FY12), despite credit-tightening measures as a result of Bank Negara's responsible lending guidelines.
Effective this year, banks have started using net income instead of gross income to calculate the debt service ratio for loans.
The credit-tightening measures were partially blamed for a 25% year-on-year drop in new vehicle sales in January.
For FY12, SP Setia plans to launch properties with a gross development value of RM6bil.
Liew said the group's projects in Johor, Setia Alam and Setia Eco-Park in Shah Alam, as well as KL Eco City mixed development in Kuala Lumpur were expected to generate RM1bil each in new property sales in FY12, while another RM1bil would come from sales of other domestic and foreign projects.
KL Eco City, located on a 24-acre site along Jalan Bangsar (opposite Mid Valley City), was launched last October and recorded RM303mil in sales for the first quarter of FY12.
“Yes, the central bank's lending guidelines would definitely impact the property sector. But, speaking for SP Setia, we will do well and also increase our prices,” said Liew after the group's AGM in Setia Alam.
He pointed out that the recent soft launch of the group's Phase 8D of semi-detached homes in Setia Eco Park had seen bookings for nearly all the units offered, over one week-end.
“Today, our landbank is 4,218 acres. We have a lot of things going on.”
On Saturday, SP Setia will officially launch its maiden project in Sabah, namely the Aeropod integrated commercial development in Tanjung Aru.
In Johor, the group recently launched Setia Eco Cascadia on a 259-acre site within the Tebrau Corridor.
For FY12, the group has plans for its Setia Eco Glades, Cyberjaya, which is sited on 268 acres of freehold land. Setia Eco Glades will consist of gated and guarded enclave with linked villas, semi-detached homes and bungalows.
In Penang, SP Setia's projects will include a high-rise development called Setia V Residences in Gurney, and Brook Residences comprising 11 bungalows on Brook Road in the upmarket Jesselton area.
In Singapore, the group will launch its maiden project, namely a high-rise condominium development called 18 Woodsville.
According to Liew, there were also plans to launch another phase for the group's Fulton Lane in Melbourne, Australia.
The EcoLakes and EcoXuan projects in Vietnam are also expected to help augment sales in FY12.
Liew said the group was also looking to acquire prime city land for development in Hanoi or Ho Chi Minh City.
“The Vietnam property market has slowed down tremendously. So, this is a good opportunity for us to acquire prime land in the city. So far, we are still talking.”
He reiterated that SP Setia was continuously on the lookout for prime city land in London and Singapore. “In central London, prime properties are still in high demand,” he said. “Even in Singapore, if we have the chance.”
Liew also expressed confidence that the group's 18 Woodsville development in Singapore would do well.
“Despite the recent 10% hike in stamp duty for foreigners buying private homes (in the island republic), we think that at least 30 to 50% of our sales in Singapore will be Malaysian buyers.”
By The Star
President and chief executive officer Tan Sri Liew Kee Sin said he was confident about achieving the group's target of RM4bil in new property sales for its financial year ending Oct 31, 2012 (FY12), despite credit-tightening measures as a result of Bank Negara's responsible lending guidelines.
Effective this year, banks have started using net income instead of gross income to calculate the debt service ratio for loans.
The credit-tightening measures were partially blamed for a 25% year-on-year drop in new vehicle sales in January.
For FY12, SP Setia plans to launch properties with a gross development value of RM6bil.
Liew said the group's projects in Johor, Setia Alam and Setia Eco-Park in Shah Alam, as well as KL Eco City mixed development in Kuala Lumpur were expected to generate RM1bil each in new property sales in FY12, while another RM1bil would come from sales of other domestic and foreign projects.
KL Eco City, located on a 24-acre site along Jalan Bangsar (opposite Mid Valley City), was launched last October and recorded RM303mil in sales for the first quarter of FY12.
“Yes, the central bank's lending guidelines would definitely impact the property sector. But, speaking for SP Setia, we will do well and also increase our prices,” said Liew after the group's AGM in Setia Alam.
He pointed out that the recent soft launch of the group's Phase 8D of semi-detached homes in Setia Eco Park had seen bookings for nearly all the units offered, over one week-end.
“Today, our landbank is 4,218 acres. We have a lot of things going on.”
On Saturday, SP Setia will officially launch its maiden project in Sabah, namely the Aeropod integrated commercial development in Tanjung Aru.
In Johor, the group recently launched Setia Eco Cascadia on a 259-acre site within the Tebrau Corridor.
For FY12, the group has plans for its Setia Eco Glades, Cyberjaya, which is sited on 268 acres of freehold land. Setia Eco Glades will consist of gated and guarded enclave with linked villas, semi-detached homes and bungalows.
In Penang, SP Setia's projects will include a high-rise development called Setia V Residences in Gurney, and Brook Residences comprising 11 bungalows on Brook Road in the upmarket Jesselton area.
In Singapore, the group will launch its maiden project, namely a high-rise condominium development called 18 Woodsville.
According to Liew, there were also plans to launch another phase for the group's Fulton Lane in Melbourne, Australia.
The EcoLakes and EcoXuan projects in Vietnam are also expected to help augment sales in FY12.
Liew said the group was also looking to acquire prime city land for development in Hanoi or Ho Chi Minh City.
“The Vietnam property market has slowed down tremendously. So, this is a good opportunity for us to acquire prime land in the city. So far, we are still talking.”
He reiterated that SP Setia was continuously on the lookout for prime city land in London and Singapore. “In central London, prime properties are still in high demand,” he said. “Even in Singapore, if we have the chance.”
Liew also expressed confidence that the group's 18 Woodsville development in Singapore would do well.
“Despite the recent 10% hike in stamp duty for foreigners buying private homes (in the island republic), we think that at least 30 to 50% of our sales in Singapore will be Malaysian buyers.”
By The Star
YTL Land Q2 net profit jumps 195%
PETALING JAYA: YTL Land and Development Bhd posted a 195% year-on-year jump in net profit to RM6.4mil for its second quarter ended Dec 31, 2011, compared with RM2.2mil a year earlier.
The property developer's revenue saw a huge 712% spike to RM222.5mil for the quarter under review, compared with RM27.4milpreviously, due to contributions by The Capers condominium under the Sentul Raya project as well as other developments undertaken by recently-acquired offshore subsidiaries Lakefront Pte Ltd and Sandy Island Pte Ltd.
For the six months ended Dec 31, 2011, YTL Land recorded a 73% year-on-year jump in net profit to RM9.3mil while revenue increased 445% to RM225.9mil.
By The Star
The property developer's revenue saw a huge 712% spike to RM222.5mil for the quarter under review, compared with RM27.4milpreviously, due to contributions by The Capers condominium under the Sentul Raya project as well as other developments undertaken by recently-acquired offshore subsidiaries Lakefront Pte Ltd and Sandy Island Pte Ltd.
For the six months ended Dec 31, 2011, YTL Land recorded a 73% year-on-year jump in net profit to RM9.3mil while revenue increased 445% to RM225.9mil.
By The Star
UOA net profit up on fair value gains
PETALING JAYA: UOA Development Bhd posted a 151% quarter-on-quarter jump in net profit to RM139.4mil for its fourth quarter ended Dec 31, 2011, compared with RM55.5mil in the preceding quarter.
The property developer, which was listed in June last year, told Bursa Malaysia that the increase was mainly due to fair value gains recognised on investment properties. Revenue for the quarter under review was RM137.5mil.
For the financial year ended Dec 31, 2011, UOA Development recorded a net profit of RM384.8mil on revenue of RM613.6mil.
By The Star
The property developer, which was listed in June last year, told Bursa Malaysia that the increase was mainly due to fair value gains recognised on investment properties. Revenue for the quarter under review was RM137.5mil.
For the financial year ended Dec 31, 2011, UOA Development recorded a net profit of RM384.8mil on revenue of RM613.6mil.
By The Star
Built to display local brands
The newly-built 33 storey Menara Mara in Jalan Tuanku Abdul Rahman, Kuala Lumpur is all set to be fully operating in May, with the main attraction being fashion retail to showcase Malaysian brands.
It sits on the same land where the first Majlis Amanah Rakyat (Mara) building was built in 1967, which functioned as its headquarters and also featured retail outlets. The eight-storey building was demolished in 2005 to make for redevelopment.
Mara chairman Datuk Seri Idris Jusoh said the building was issued a certificate of fitness by Kuala Lumpur City Hall in November last year and they had handed the certificate of practical completion to the main contractor, Pembinaan Jaya Zira on Jan 10.
“The building has a retail podium consisting of five floors with 70 business lots, one banquet hall and 10 seminar rooms taking up three floors, serviced offices on two floors and a one-stop wedding centre on four floors. There is one floor dedicated to mechanical and electrical goods and nine floors for office space.
“The bottom three floors are for parking with 296 lots, while the top six floors will be turned into a four-star hotel managed by Impiana Hotels and Resorts Management. The hotel, consisting of 90 rooms, is scheduled to be open in June.
“We also have a bazaar called Marakesh where the Bumiputera Designer Association will have a variety of clothing on sale under the name BDA Concept, on top of a variety of batik, crystals, leather goods and diamond,” he said at a document handover ceremony held at Menara Mara recently.
Idris said that all the rental lots had been taken up.
“The launch of Menara Mara marks the rebranding and repositioning exercise for our business premises. We currently have more than 7,000 business lots in the country but only some are doing very well. Mara has decided to implement the Blue Ocean Strategy by introducing a new concept, redesigning, a new business model and promotions with a mix of trade and tenants to make the place more attractive.
“Mara has also planned to develop a few other Mara properties soon,” he said.
By The Star
It sits on the same land where the first Majlis Amanah Rakyat (Mara) building was built in 1967, which functioned as its headquarters and also featured retail outlets. The eight-storey building was demolished in 2005 to make for redevelopment.
Mara chairman Datuk Seri Idris Jusoh said the building was issued a certificate of fitness by Kuala Lumpur City Hall in November last year and they had handed the certificate of practical completion to the main contractor, Pembinaan Jaya Zira on Jan 10.
“The building has a retail podium consisting of five floors with 70 business lots, one banquet hall and 10 seminar rooms taking up three floors, serviced offices on two floors and a one-stop wedding centre on four floors. There is one floor dedicated to mechanical and electrical goods and nine floors for office space.
“The bottom three floors are for parking with 296 lots, while the top six floors will be turned into a four-star hotel managed by Impiana Hotels and Resorts Management. The hotel, consisting of 90 rooms, is scheduled to be open in June.
“We also have a bazaar called Marakesh where the Bumiputera Designer Association will have a variety of clothing on sale under the name BDA Concept, on top of a variety of batik, crystals, leather goods and diamond,” he said at a document handover ceremony held at Menara Mara recently.
Idris said that all the rental lots had been taken up.
“The launch of Menara Mara marks the rebranding and repositioning exercise for our business premises. We currently have more than 7,000 business lots in the country but only some are doing very well. Mara has decided to implement the Blue Ocean Strategy by introducing a new concept, redesigning, a new business model and promotions with a mix of trade and tenants to make the place more attractive.
“Mara has also planned to develop a few other Mara properties soon,” he said.
By The Star
US fund invests in Sunway REIT
PETALING JAYA: US-based fund manager Capital Income Builder has emerged as a new substantial shareholder in Sunway Real Estate Investment Trust (REIT).
According to filings with Bursa Malaysia, Capital Income Builder has recently acquired 174.95 million units in Sunway REIT, representing 6.5% direct interest in the latter. The transaction was done in the open market.
By The Star
According to filings with Bursa Malaysia, Capital Income Builder has recently acquired 174.95 million units in Sunway REIT, representing 6.5% direct interest in the latter. The transaction was done in the open market.
By The Star
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