S P Setia records 3Q2024 profit before tax of RM853 mil, successfully unlocks value from land deals

• The group saw total sales of RM3.20 billion. Local projects dominated, contributing RM3 billion, with a substantial 94% of the group’s sales driven primarily by the Southern and Central regions, bringing in RM1.58 billion and RM1.37 billion, respectively.

KUALA LUMPUR (Nov 25): For the nine months ended Sept 30, 2024 (3Q2024), S P Setia Bhd reported a profit before tax (PBT) of RM853 million.

This reflected robust core property development sales, supported by strategic land monetization and collaboration success, the developer stated in a media release.

From the property development segment, S P Setia achieved a total revenue of RM4.03 billion and PBT of RM799.8 million in YTD September 2024.

“Apart from successfully unlocking value from strategic land deals, higher revenue from the Central and Southern regions has also contributed to the overall improved performance,” stated S P Setia.

The group also saw total sales of RM3.20 billion. Local projects dominated, contributing RM3 billion, with a substantial 94% of the group’s sales driven primarily by the Southern and Central regions, bringing in RM1.58 billion and RM1.37 billion, respectively.

“We are pleased with our financial performance to date, driven by strategic initiatives and strong market demand in the Southern and Central regions coupled with the right cost management strategies resulting in sustained profitability for Setia,” said president & CEO of S P Setia, Datuk Choong Kai Wai. (pictured) 

As of September 2024, S P Setia locked in RM556 million of sales in the pipeline. The property development segment contributed RM477 million, while the Setia Alaman industrial segment added RM79 million. For the remainder of the year, the group aims to launch an estimated RM1.97 billion in residential, commercial, and industrial properties – with over 62% concentrated in the Central region.

Overseas, S P Setia launched its latest Australian project, ATLAS Melbourne, a 73-storey mixed development located at 383 La Trobe Street in Melbourne’s central business district. With a GDV of A$886.7 million (approximately RM2.70 billion), this project will progress in stages. Phase 1 construction is slated to start in the first half of 2026, with completion expected by 2028. The remaining phases are scheduled for completion by mid-2029.

S P Setia’s next significant investment in Kuala Lumpur, the Setia Federal Hill Phase 1 project (estimated GDV RM1.4 billion), in partnership with Mitsui Fudosan, rolled out the exclusive preview of Parkside Residences on 23 and 24 November. This preview kick started the registration campaign towards the official launch in 2025.

S P Setia has 42 ongoing projects and unbilled sales totalling RM3.50 billion as of Sept 30, 2024.

“Our robust pipeline and strategic initiatives underscore our commitment to driving sustainable growth and delivering value to our stakeholders,” added Choong.

S P Setia​ is a strategic partner with EdgeProp START, featuring the Chorus @ Setia Ecohill 2​ development. All S P Setia homebuyers also get to enjoy rewards worth up to RM18,888. 

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