SP Setia achieves RM2.7 billion sales in first 3QFY22
KUCHING: SP Setia Bhd (SP Setia) has secured total sales of RM2.70 billion for the nine months ended September 30, 2022. Profit before tax stands at RM370.0 million against a revenue of RM2.75 billion.
Sales were mainly from local projects, which contributed RM2.34 billion or approximately 87 per cent, whilst the international projects contributed another RM359 million or approximately 13 per cent of the sales.
On the local front, the main contribution came from the central region with RM1.68 billion, aided by RM465 million from the southern region, while the northern region contributed RM201.0 million.
“Our concerted efforts in clearing completed inventories have paid off, whereby RM478.0 million were sold. Meanwhile, RM592.0 million of bookings were secured as at September 30, 2022.
“We are optimistic that we will hit our sales target for this year,” said SP Setia’s president and chief executive officer Datuk Choong Kai Wai in a statement.
“The group’s local projects progress is envisaged to be improved by fourth quarter of this year despite the recent acute labour shortages faced by the real estate industry,” added Choong.
“Our developments in Australia are progressing well, whereby Sapphire by the Gardens was delivered to homebuyers last month, whilst UNO Melbourne is slated for partial completion by this year end.
“Hence, we expect revenue from Australia to contribute significantly to our final quarter of FY2022,” he continued.
Taking the cue from the current market demand, the group has launched several products that match buyers’ affordability level. Coupled with the strong SP Setia brand, its projects have received good responses in several major townships, such as Bandar Kinrara and Setia Alamsari in Selangor and Setia Tropika in Johor.
In Setia Alamsari, the muchanticipated cluster homes and shop offices priced from RM788,000 and RM1.57 million, respectively, achieved 85% and 80% booking rates. At Setia Tropika, the launch of semi-detached homes priced from RM1.36 million also saw encouraging responses.
On the international front, SP Setia is also gaining a stronger foothold in Vietnam. Notably, Setia Eco Lakes Vietnam launched several landed residential projects in 3QFY22, which were well received.
For instance, the semidetached and villa houses priced from RM1.0 million equivalent recorded an impressive 97 per cent take-up rate.
Setia Eco Lakes Vietnam together with several major townships in Malaysia launched a combined gross development value of about RM884 million.