SP Setia to launch more mid-priced landed properties

KUALA LUMPUR: Property developer SP Setia Bhd will continue to launch more mid-priced landed properties and affordable homes this year.

President and chief executive officer Datuk Khor Chap Jen said on Thursday the mid-priced landed propertisles will consist of terrace units ranging from RM600,000 to RM800,000 in the Klang Valley and Johor.

While the group remains cautious amid the challenging property market, it will be selective in rolling out properties under the 10:90 scheme.

"Some of the project launches that was delayed last year will be launched this year.

"We will however view the market accordingly to see if we should delay future launches," said Khor at SP Setia's results briefing for financial year ended Dec 31,2016.

With unbilled sales of RM8.25bil and undeveloped land bank of 5,218 acres, SP Setia clocked in a healthy performance with total sales of RM3.82bil for FY16 exceeding its revised sales target of RM3.5bil.

He said the group expects overseas projects to contribute about 20 per cent in sales this year.

Khor said it is bullish on Australia, followed by London due to renewed interest from buyers.

"We will possibly look at Singapore as we think the government will relook the tightening measures," said Khor, adding that the overseas projects are high rise developments.