Change - S P Setia Berhad

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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.
19 S P Setia Berhad Group GROUP MANAGING DIRECTOR’S REPORT Today, looking at our 4,017 acres of undeveloped landbank spread across geographical locations in numerous growth corridors, the Group shows visible long-term growth potential. The breadth and depth of our product range, from affordable to high-end puts us in good stead. Coupled with our strong balance sheet, I believe we are also well-placed to take advantage of new growth opportunities which may arise. However, the next few years are not going to be smooth sailing. That said, we are confident that the Group will rise to meet the challenges as we embrace the winds of change. We have adopted a three-prong strategy which we are confident will see us through these difficult times. We will go back to basics by refocusing on our forte of township development, simultaneously taking advantage of the infrastructure and amenities that have already been put in place. We will also continue to brand build and execute marketing strategies which are cost-efficient but effective. Finally, we will prioritise our business on cash-generative projects that will enable us to continue to invest in longer term yield-accretive developments and growth markets.
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69 S P Setia Berhad Group REPORT OF
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71 S P Setia Berhad Group CONSOLIDA
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77 S P Setia Berhad Group BALANCE S
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79 S P Setia Berhad Group STATEMENT
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OneMind : SP SETIA 08AR: 4rd Draft
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S P SETIA BERHAD (19698-X) (Incorpo
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group directory HEAD OFFICE S P SET
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Change - S P Setia Berhad

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