Property Developer-SP Setia Home Loan package
Property Market in economy down turn estimate to rebound in two years. One of the Property Developers was show a good selling result for the property in Malaysia. At this point in time, SP Setia Bhd did not specify a target because the property market was so bad. SP Setia Bhd’ wanted to test whether this `5/95 programme` will work, and apparently it works very well.
SP Setia Bhd (Malaysia’s No.1 property developer in The Edge Malaysia Top Property Developers Award and Euro money Real Estate Awards in 2005, 2006 and 2007) recently launched 5/95 Home Loan Package has achieved better-than-expected sales of RM300mil amid the softening economy. RM300mil sales in less than two months is very good result in uncertain economy. The RM300mil sales figure was based on bookings made.
Launched on Jan 19, SP Setia’s 5/95 Home Loan Package allows home buyers to pay only an initial 5% of the price of the house while all legal fees and stamp duty on the sales and purchase agreement, among other benefits, will be borne by SP Setia. 0% interest during property under construction period. The package is available until April.
SP Setia has targeted RM1.1bil in revenue for its financial year ending Oct 31 (FY09). It has already chalked up RM400mil in sales until Feb’09. Meanwhile, the property developer would be launch Eco Lakes township in Ho Chi Minh City, Vietnam (RM2bil) next month as planned.
SP Setia has a sales target of RM100mil in FY09 for the 558-acre residential property development, which will take at least 10 years to complete.
In April, it will launch its first high-rise project, Setia Sky Residences.The luxury serviced apartments project, located at the intersection of Jalan Tun Razak and Jalan Raja Muda Abdul Aziz in Kuala Lumpur, has a gross development value of RM800mil. SP Setia Bhd has targeted to achieve RM200mil in sales for this project in FY09.
SP Setia would be interested in any merger and acquisition (M&A) plan. M&A doesn’t make sense right now unless the company has a lot of good landbank, but most property developer companies that are in trouble do not have much land left.
SP Setia Bhd had unbilled sales of RM1.2bil and a landbank of about 4,000 acres. SP Setia Bhd would maintain its dividend payout ratio of 50% of profit after tax. Property Developer like SP Setia Bhd records better-than-expected revenue of RM300mil is good sign in property market. Why not look at property investment industry right now which is lower BLR rate in home loans.
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[...] No matter what the economic cycle is, there are always buyers out there. Property developer- SP Setia Bhd’s launch a home loans package promotion recently getting a good result to sold [...]
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