SP Setia posts RM48.5m profit

PETALING JAYA: SP Setia Bhd posted net profit of RM48.52mil for the first quarter ended Jan 31, up 3.8% from RM46.76mil in the previous corresponding period, boosted by its property development in the Klang Valley, Johor Baru and Penang. In a statement to Bursa Malaysia yesterday, the company said revenue rose 19% to RM303.65mil from RM255.21mil. Earnings per share was 4.81 sen compared with 4.56 sen before. Apart from property development, the group’s construction and wood-based manufacturing activities contributed to its earnings. SP Setia said its focus for the current financial year was to transform itself from being largely a Malaysian developer of residential homes to a fully integrated regional real estate developer. Commenting on its first integrated commercial project, Setia Walk in Pusat Bandar Puchong, the company said sales had been encouraging. On its overseas ventures, SP Setia said it targeted to launch its first overseas project in Vietnam by July. Meanwhile, Reuters reported that SP Setia expects to double 2007 earnings within four years and predicts that its Vietnamese business will turn a profit by 2009.

(The Star 28-3-2008)

SP Setia Q1 net profit up 3.8% at RM48.52m

PETALING JAYA: SP Setia Bhd posted net profit of RM48.52mil for the first quarter ended Jan 31, 2008, up 3.8% from RM46.76mil a year ago, boosted by its property development in the Klang Valley, Johor Bahru and Penang. The company said yesterday revenue rose 19% to RM303.65mil from RM255.21mil. Earnings per share was 4.81 sen compared with 4.56 sen. Apart from property development, the group’s construction and wood-based manufacturing activities contributed to the earnings. SP Setia said its focus for the current financial year was to transform itself from being largely a Malaysian developer of residential homes to a fully integrated regional real estate developer. Commenting on its first integrated commercial project, Setia Walk in Pusat Bandar Puchong, the company said sales had been encouraging. “Along with the solid contributions by its established residential developments in the Klang Valley, Johor Bahru and Penang, total sales as at Feb 29, 2008 amounted to RM646mil,” it said, adding this was significantly higher than the RM290mil a year ago. On its overseas ventures, SP Setia said it targeted to launch its first overseas project in Vietnam by July this year.

(The Star 28-3-2008)

IJM may make 50 sen-a-share capital payout

IJM Corp Bhd, the country's second biggest builder, may soon declare a capital repayment, while its property unit is close to finalising as many as two en-bloc sales that could help boost profits, UBS Investment Research says in a report."We estimate a pending capital repayment of 50 sen a share and a recurring dividend of 15 sen a share," the investment house said, without disclosing the basis of its estimate.In 2007, IJM paid a dividend of 15 sen a share, of which five sen a share was in the form of a special cash payment.UBS also believes there is potential earnings upside from en-bloc property transactions from IJM's 65 per cent-owned property unit, IJM Land. "According to management, it is finalising two en-bloc commercial transactions worth RM400 million. Our earnings estimates do not assume any en-bloc transactions. "We estimate these two transactions could add RM70 to RM80 million to our financial year 2009 net profit forecast of RM446 million, if they go through," the UBS report said. Read more

(New Straits Times 28-3-2008)

New Development: Bandar Saujana Putra and Min Gardens

LBS is also launching 41 units of 2-storey houses, named Min Gardens, with an estimated GDV of RM 11.3 million. Lim said Min Gardens’ properties, each with built-ups of 1,400 sq ft, are expected to be priced from RM260,000 onwards. The developer is currently offering 48 units of 2-storey terraced houses priced from RM250,000 onwards, with a built-up size of 1,200 sq ft each.LBS has a 500-acre undeveloped land bank in Bandar Saujana Putra. It has to date, completed and sold 4,000 units of low and medium cost properties in the 820-acre, RM5 billion-township since its launch in 2003. When completed over the next three to four years, Bandar Saujana will have more than 12,000 units of mixed development properties.In Taman Tasik Puchong also in Selangor, LBS is launching projects with a GDV of RM32.44 million comprising 90 units of 1,200 sq ft 2-storey link houses and 48 units of 1-storey cluster link houses. These units are also expected to be priced from RM200,000 onwards.And in Taman Perindustrian Tasik Perdana in Selangor, LBS will launch projects worth RM90.4 million comprising 40 units of 1 1/2 –storey factory lots measuring 2,000 sq ft and priced from RM500,000 onwards, and 44 units of 1 1/2 –storey semidee factory units with 7,500 sq ft and priced from RM 1 million onwards. Another 16 industrial lots will also be sold in the vicinity with prices ranging from RM1.3 million onwards.By early next year, LBS will launch 22 units of semidees in Carnation Park, Cameron Highlands with an estimated GDV of RM12.6 million. The houses will have built-ups of 2,700 to 2,900 sq ft. Prices have yet to be determined.

(The Sun 27-3-2008)

New Development: Bandar Saujana Putra (LBS Bina)

SHAH ALAM: Local developer LBS Bina Group Bhd has slated four projects worth more than RM330 million for launch in the Klang Valley this year.According to its managing director Datuk Lim Hock San, they will be focusing on building medium and medium-high cost properties.At its flagship development of Bandar Saujana Putra in Selangor, LBS is expected to launch medium and medium-high end houses with an estimated gross development value (GDV) of more than RM179 million this year. “We are waiting for approval from the relevant authorities on these projects and will make an announcement in the coming months,” said Lim.Among the projects slated for Bandar Saujana Putra are 78 units of 3- and 5-storey shop officeswith a GDV of RM71.5 million, 67 units of 2-storey linked houses with built-up area of 990 sq ft, and 74 units of 2-storey linked houses with built-up of 1,400 sq ft. The houses have an estimated GDV of RM37.8 million, priced from RM200,000 onwards.“We will also be launching 15 industrial lots with an average acreage of 1.38 acres,” said Lim, after the company’s EGM recently. The industrial lots are expected to carry a GDV of RM78.7 million.

(The Sun 27-3-2008)