Change - S P Setia Berhad

18
Annual report 2008
GROUP MANAGING DIRECTOR’S REPORT
Our foresight in making upfront investments on
key infrastructure and amenities in our townships
over the years is a strategy that has worked to
the Group’s benefit and enabled us to justify the
premium on our property prices. As a result we
recorded total sales in excess of RM1.4 billion, the
highest ever in our history despite price increases
of between 10% to 30% for most of our new
launches, compared to similar properties sold at the
start of the year under review. This is a testament
of the success reaped from our constant drive to
enhance the marketability of our property projects.
Every year, we are continuously adding value to our
townships. In our flagship project of Setia Alam,
Shah Alam, a Chinese primary school, the Setia
Badminton Academy, a Tesco hypermarket and
several banks have opened. We have also signed
a joint venture agreement with Lend Lease Asian
Retail Investment Fund 2 Limited to jointly develop
a retail shopping mall that we feel will serve as a
catalyst to draw further traffic here when ready. In
neighbouring Setia Eco Park, the opening of Tenby
International School and Sekolah Sri Tenby Private
School saw an impressive first intake of over 500
students. This is expected to generate increased
interest in Setia Eco Park. Down south in Johor, the
development of an AEON shopping mall with plans
for a Tesco hypermarket has significantly boosted
sales in Bukit Indah Johor.
Over the years, S P Setia has come to be known
as the best creator of value and markets. In 1997,
we started out with only two projects – one in
Puchong, Selangor and another in Johor under the
Setia range. After a decade, we are now a fully
integrated property developer with projects in three
key locations in the country as well as overseas
in Vietnam. From one product range, the Group
has grown to offer a stable of five product ranges
which are Setia, Eco, Duta, Sky Residences and
Commercial.