Update SP Setia targets RM5b sales in FY14

Update SP Setia targets RM5b sales in FY14
Business & Markets 2014
Written by Shalini Kumar of theedgemalaysia.com
Thursday, 20 March 2014 14:11

SHAH ALAM (Mar 20): SP Setia Bhd is targeting RM5 billion in property sales for its current financial year ending October 31, 2014 (FY14) ,according to president and chief executive officer (CEO) Tan Sri Liew Kee Sin.

Liew said the target included sales from SP Setia's Malaysian and overseas projects. SP Setia's overseas projects include its 40% share of sales to be achieved by the Battersea Power Station joint venture in the UK.

Liew who was speaking to reporters after SP Setia's annual and extraordinary general meetings today said the firm had achieved RM1.63 billion in sales for 1QFY14.

This is a 34% increase from RM1.22 billion a year earlier.

Liew said the strong sales were attributed to the "undiminished demand for affordable homes, particularly in the Klang Valley."

Liew's comments come ahead of his resignation from SP Setia effective this April 30. SP Setia had informed Bursa Malaysia on Liew's resignation on January 20 this year.

Liew's successor is SP Setia chief operating officer Datuk Voon Tin Yow.

The company has appointed Voon as acting president and CEO. The one-year appointment is effective from May 1 2014, to April 30, 2015.

Voon said his tenure was still dependant on talks with the group's shareholder Permodalan Nasional Bhd (PNB).

"It remains to be seen what their (PNB) direction is for the group (SP Setia)," he said.