S P Setia exceeds target, achieves RM4.11b sales

• The property developer declared a final dividend of 1.47 sen per share and preferential dividends of 6.49% and 5.43% for its Islamic Redeemable Convertible Preference Shares A and C respectively for the financial period.

KUALA LUMPUR (Feb 28): S P Setia achieved RM4.11 billion in sales, exceeding its RM4 billion target set for FY2022, stated the group in a press release today.

Local developments contributed RM3.58 billion, of which RM2.54 billion came from the central region, where three launches from its townships in Setia Eco Park, Bandar Kinrara and Bandar Setia Alam were fully sold.

Meanwhile, RM525 million came from its international projects in Australia and London’s Battersea Power Station, which recorded above-expectation sales of RM424 million, on the back of the completion of its residential properties under Phase 2 and Phase 3A, and its hotel that opened its doors in December 2022.

The total sales translated into revenue of RM4.45 billion and a profit before tax of RM564.1 million. The property developer declared a final dividend of 1.47 sen per share and preferential dividends of 6.49% and 5.43% for its Islamic Redeemable Convertible Preference Shares A and C respectively for the financial period.

“The total sales secured were partly complemented by the concerted effort of clearing completed inventories amounting to RM622 million in sales value,” said S P Setia Bhd president and chief executive officer Datuk Choong Kai Wai, adding that the group secured RM385 million sales in the pipeline as of Dec 31, 2022.  

“The bright spots to the property sector are the sustained demand for landed residential homes, the easing of foreign labour shortage for Malaysia and the reopening of Singapore and China’s borders,” stated the media release.

“Our planned launches will focus on high-demand-driven products such as landed homes in established locations in Setia Ecohill 2, Setia Mayuri, Setia Tropika, Setia Alamsari, Setia Fontaines, Setia Alam Impian, Bandar Kinrara, Setia Eco Templer, Setia Warisan Tropika and Setia Eco Gardens," said Choong.  

For FY2023, S P Setia has set a sales target of RM4.2 billion, supported by unbilled sales of RM7.3 billion, 47 ongoing projects and effective remaining land banks of 6,569 acres with a gross development value of RM121.02 billion as of Dec 31, 2022.