by LYDIA NATHAN / pic by HUSSEIN SHAHARUDDIN

S P Setia Bhd has recorded a strong sales performance of RM1.19 billion for the first quarter ended March 31, 2021.

In a statement today the property developer said local projects contributed RM923 million or approximately 78% of the sales, whilst the remaining RM265 million or approximately 22% were contributed by international projects mainly from Daintree Residence in Singapore.

On the local front, sales were primarily derived from the Central region at RM705 million, followed by the contribution from the Southern region at RM148 million while another RM74 million was from the Northern region.

Its president and CEO Datuk Khor Chap Jen (picture) said the group intensified its efforts to generate more sales before the Home Ownership Campaign ended in May 2021.

“In addition, we had also launched a total Gross Development Value (GDV) of RM525 million landed properties. They comprise mostly of  double-storey terrace and, or semi-detached homes during this period, and the responses were overwhelming in some of our flagships developments,” he said.

He added Setia Alam’s Bywater home series registered 100% takeup within an hour of its launch online while Alam Impian saw an 87% takeup rate.

The group posted a net profit of RM RM75.23 mil in the 1Q21 compared to RM24.09 a year earlier.

While revenue increased to RM1.05 bil for the quarter under review, higher than RM702 million recorded for the same quarter last year.

Khor said the group will remain cautiously optimistic for the second half of the year given the imposition of the Movement Control Order (MCO3.0) by the government.

“Given the strong start in our sales performance for this current year, the group will strive to maintain the sales momentum while at the same time continues the emphasis on its strategic priorities to strengthen and optimise the capital structure alongside its land bank utilisation.”

“The group’s digital transformation journey will be accelerated as well as sustainability agendas being implemented across its products and business operations that befit the purposes,” Khor said.

He noted as of March 2021, the group has 47 ongoing projects, with an effective remaining land banks of 8,513 acres valued at a GDV of RM135.7 billion and total unbilled sales of RM10.12 billion, which will tide over the next two years.