Change - S P Setia Berhad

25
S P Setia Berhad Group
REVIEW OF OPERATIONS
PENANG
Up north in Penang, the limited supply of landed
residential property on the island ensures that
new product launches are well-received. Given
the physical constraints and limited developable
land on the island, this mismatch between supply
and demand is unlikely to be corrected over the
near time, ensuring a robust property market.
Setia Pearl Island
For the year under review, Setia Pearl Island
has seen robust sales at 176 units or RM128
million despite the fact that only 60 units have
been launched so far. Bumi units for the terrace
houses in Phase 1 were mostly sold immediately
after its release in April – May 2008 despite being
priced at a 15% premium to the original price
of about RM600,000 per unit. The official launch
of the Phase 3 semi-detached units is eagerly
anticipated by prospective buyers in Penang, and
should see strong demand when launched.
Conclusion
In a year filled with uncertainties, the Group can
still be proud of our achievements thus far. The
dedication of our staff in their relentless pursuit
of excellence must be commended. However, we
must never let complacency set in and should
always stay focused on our vision to be the best
in all we do.
It is my earnest wish that Team Setia will
continue with its strong and vigilant spirit in
these difficult times. We must remain committed
to our mission of providing superior customer
service and satisfying their needs through our
culture of excellence to enhance shareholders’
value. But most importantly, we have to draw
on our strength as a Group to drive the
company forward.
TAN SRI DATO’ SRI LIEW KEE SIN
Group Managing Director