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)

SP Setia in JV with DBKL on mega project near Mid Valley

KUALA LUMPUR: SP Setia Bhd is set to finalise a joint venture (JV) agreement with Dewan Bandaraya Kuala Lumpur (DBKL) to develop high-rise residential cum commercial project on a 20-acre (8.1ha) plot located opposite the Mid Valley City. Speaking to reporters at Invest Malaysia 2008 yesterday, SP Setia’s managing director Tan Sri Liew Kee Sin said the company secured an approval from the Economic Planning Unit (EPU) seven years ago for the project. Although it had subsequently signed a memorandum of understanding (MoU) a few years ago with the DBKL, a privatisation agreement is still pending. “We expect to finalise a deal with DBKL soon and launch the project next year,” said Liew. However, he declined to reveal the value of the project. Squatters residing on the land were relocated to nearby apartments recently, indicating that the project is making progress. The JV between SP Setia and DBKL will be similar to previous deals such as the one between IGB Group Bhd and DBKL for the now completed Mid Valley City project. Under such deals, DBKL would provide land while developers such as SP Setia or IGB carry out the development work and invest in the infrastructure. Read more

(The Edge 27-3-2008)

SP Setia eyes RM520m profit

SP Setia Bhd, Malaysia's most valuable property company, aims to double its net profit in four years, helped by new product offerings and overseas expansion.The company expects overseas businesses to contribute equally to its net profit and revenue by 2012, said group managing director and chief executive officer Tan Sri Liew Kee Sin.SP Setia, which has a market value of some RM5 billion, made a net profit of RM260 million for the 12 months ended October 31 last year. Its revenue was flat at RM1.15 billion."We are looking at launching new projects in nearby neighbouring countries, which we can effectively manage. "There is huge potential in Southeast Asia. Besides maintaining a steady growth in Malaysia, we will launch projects in new markets," Liew told reporters at Invest Malaysia 2008 in Kuala Lumpur yesterday. Read more

(New Straits Times 27-3-2008)

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 27-3-2008)

SP Setia shares go on roller-coaster ride

SHARES of SP Setia Bhd, Malaysia's most valuable developer, went on a roller-coaster ride yesterday after the firm gave investors mixed signals on potential sales.The company initially told analysts that it is lowering its year-end sales target by 20 per cent to RM1.5 billion from RM1.8 billion.Based on the new guidance and other factors, analysts lowered their target price on the stock. The stock fell 3.5 per cent or 12 sen to RM3.32 in the morning session yesterday. The company then issued a statement to Bursa Malaysia during lunch, saying it is confident to hit a year-end target of RM1.8 billion. SP Setia shares rebounded in the afternoon, erasing all of the morning's loss to gain five per cent or 18 sen, to close at RM3.62.The company explained that its lower target was based on a "worst case scenario". This is if local councils in Selangor and Penang, states that have new governments, are formed late."Given the company's October 31 year-end, a delay of one to two months would have resulted in a timing difference of sales being made in FY2009 instead of FY2008," it said. Read more

(New Straits Times 19-3-2008)

SP Setia expects to meet original sales target

PETALING JAYA: SP Setia Bhd is confident of achieving its original sales target of RM1.8bil for the year ending Oct 31 after it gets a clearer picture of the stance of the new state administrations in Selangor and Penang towards business. In a statement made available to StarBiz, group chief executive officer Tan Sri Liew Kee Sin said the property developer “should not face any problems adjusting to the new administration, which stated their commitment to uphold good governance, transparency and equal opportunity”. The statement came on the heels of a downward revision by SP Setia last week of its sales target to RM1.5bil from RM1.8bil due to worries over administrative uncertainties after the opposition took control of Selangor and Penang, where most of the group's projects are located. Liew said the revision of the group's sales target last week was made on the assumption of a worst-case scenario in the event of a one- to two-month delay in the establishment of local councils. “Such a delay could result in a timing difference in sales being made in FY09 instead of FY08,” he said in the statement. Read more

(The Star 19-3-2008)

SP Setia confident of meeting RM1.8bil sales target

KUALA LUMPUR: SP Setia Bhd is confident of meeting its original sales target of RM1.8bil for its financial year ending Oct 31, 2008 (FY2008). The company said on Tuesday that the group’s sales for the first four months of FY2008 amounted to RM646mil, which was significantly higher than the RM290mil recorded in the corresponding period in FY2007. ” The company had earlier alluded to a lower sales target of RM1.5 billion in the immediate aftermath of the general election on the assumption of a worst case scenario in the event of delays in the formation of local councils during the transitional period,” it said. SP Setia said given the company’s FY ending on Oct 31, a delay of one to two months would have resulted in a timing difference of sales being made in FY2009 instead of FY2008. The share price fell 24 sen to RM3.20 as 3.08pm today, but off its low of RM3.12 in intra-day on investors’ concerns about its lower revenue forecast.

(The Star 18-3-2008)

SP Setia sets five-year plan

KUALA LUMPUR: Renowned developer SP Setia Bhd unveiled a five-year plan with a theme “Move to Change” to firmly position itself locally and abroad. Group managing director Tan Sri Liew Kee Sin (pix) said the plan was mooted to strengthen the SP Setia brand name and move the company aggresively in the highend property market segment.“SP Setia is currently well known for its Setia Homes brand comprising terraced houses that make up 80% of our products, but by 2012, we wish to reduce it to 30% and concentrate fully on making the ‘SP Setia Eco’ brand the main driver of the company,” said Liew. Future projects are expected to be modelled after SP Setia’s award winning brand of Eco-themed developments (Eco is Setia’s corporate acronym for “environment”, “community” and “organisation”).“We are going to concentrate on integrated development, overseas markets, bungalows and high-rise condominiums in an effort to push the Setia Eco brand,” Liew added.

(The Sun 28-2-2008)

SP Setia to widen revenue base

KUALA LUMPUR: SP Setia Bhd, which is developing townships and niche projects in the Klang Valley, Penang and Johor, is aiming for a broader revenue contribution base by 2012. Group managing director and chief executive officer Tan Sri Liew Kee Sin said the company was targeting a larger contribution from integrated commercial property projects within matured townships, high-end condominiums and overseas property projects in five years. “We’re moving away from the traditional market segment of link homes as there won’t be much growth if we just continue developing them,” he said after the company AGM yesterday. Read more

(The Star 28-2-2008)

Good start for SP Setia project

PETALING JAYA: SP Setia Bhd's Setia Eco Gardens project in Pulai, Johor Baru, garnered RM23mil sales at its maiden launch last Sunday. The sales were derived from two types of single-storey homes – Messius and Sotira – with starting price of RM185,800 and two models of double-storey houses, Norbana and Visellia, priced from RM249,800, SP Setia said in a statement. Group managing director and chief executive officer Tan Sri Liew Kee Sin said: “We are excited to expand the reach of our ecologically-friendly development concept to house buyers in Johor. “We believe this unique model, which strikes a fine balance between nature and the built environment, will capture the interest of the increasingly eco-conscious public.” Setia Eco Gardens is a “forward-thinking futuristic” township modelled after SP Setia’s award-winning brand of “Eco” themed developments. The 949-acre project is set to have 10,000 properties on completion in about eight years.

(The Star 20-2-2008)

SP Setia’s Eco Gardens rakes in RM23m sales

SP SETIA Bhd, a property developer, has sold houses worth some RM23 million in the maiden launch of its latest township project in Johor.Setia Eco Gardens, sprawled across 380ha, is an eight-year project located next to the Johor state's new administration centre in Bandar Nusajaya within the heart of the Iskandar Development Region. It will have some 10,000 houses. The initial sales were from two types of single-storey homes, namely Messius and Sotira, with a starting price of RM185,800. Also, SP Setia sold two models of double-storey houses, comprising Norbana and Visellia, priced at RM249,800 onwards. Read more>

(New Straits Times 20-2-2008)

733 high-end homes to be launched by June

SOME 733 units of three-storey landed residential properties with gross sales value totalling over RM700mil will be launched by June on the Penang island. The developers launching the properties include SP Setia Bhd, E&O Property Development Bhd and Chong Co Sdn Bhd. SP Setia Property Division (North) general manager S. Rajoo said SP Setia was ready to launch 392 units of three-storey terraced and three-storey semi-detached houses with a gross sales value of RM362mil before mid-2008.

(11-02-2008 The Star)

SP Setia warrants surge 112% on debut

KUALA LUMPUR: Warrants of SP Setia Bhd surged 112.5% or 54 sen to close at RM1.02 yesterday from their reference price of 48 sen on their first day of listing. The warrants of the property developer opened at 88 sen, up 40 sen. There were 30.64 million units done at prices ranging from 88 sen to RM1.04. However, its share price closed unchanged at RM4.96. SP Setia had issued 168.15 million warrants on the basis of one warrant for every four existing shares held in SP Setia.

(29-1-2008 The Edge)

SP Setia formalises project in Vietnam

PETALING JAYA: SP Setia Bhd, through wholly-owned subsidiary Setia Saigon East Ltd, has formalised an agreement with Saigon Hi-Tech Park Development Co to jointly design and develop a mixed project on 79 acres in Ho Chi Minh City. A statement released here yesterday said the project in Vietnam would cater principally to expatriates and senior managers of multinational corporations operating in the Saigon Hi-Tech Park. Since 2003, the park has attracted many high-tech names, such as Jabil Circuit, Nidec Group, Sonion and the Intel Group, which have committed over US$1bil in investments.

(4-1-2008 The Star)

SP Setia secures another deal in Vietnam

PROPERTY developer SP Setia Bhd has clinched a deal to jointly build a 32ha mixed development project in Ho Chi Minh City which caters to expatriates and senior staff working in the Saigon Hi-Tech Park. The project marks SP Setia's second venture in Vietnam, after it secured the investment certificate for its first project there, EcoLakes in the industrialised province of Binh Duong near the capital city two months ago.

(4-1-2008 New Straits Times)

SP Setia to build homes in Ho Chi Minh City

KUALA LUMPUR: SP Setia Bhd is teaming up with Vietnam state-owned enterprise Saigon Hi-Tech Park Development Company (SHTP) to jointly design and develop a mixed use real estate development project on a 32ha piece of land in Ho Chi Minh City. According to SP Setia, the development site is strategically located next to the Vietnam Golf and Country Club and would benefit from the green open space and services of the golf course.

(4-1-2008 The Edge)

SP Setia formaliese Vietnam Deal

SP Setia Bhd, through its wholly owned subsidiary, setia Saigon bhd (SSEL), has formalized a cooperation agreement with Saigon hitech Park Development Company (SHTP Co).

(Malaysian Reserve 4-1-2008)