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,The property developer’s planned corporate move would allow it to raise funds for its other strategic developments as it sets a sales target of RM3.8bil for this year.

PETALING JAYA: S P Setia Bhd is looking out for potential buyers of its landbank following several years of expansion on this front.

The property developer’s planned corporate move would allow it to raise funds for its other strategic developments as it sets a sales target of RM3.8bil for this year.

“From 2016 to 2018, we had embarked on several expansion initiatives. In 2016 and 2017, we acquired new landbank in the mainland of Penang, Bangi, Australia and Singapore, ” the company said in its 2020 annual report.

“We also acquired I & P Group Sdn Bhd and all its subsidiaries in 2017, therein expanding our landbank from 5,384 acres to 9,660 acres, ” it added.

S P Setia said it now has a total of 8,528 acres of landbank in Malaysia, Australia, the United Kingdom, Singapore, Vietnam, China and Japan.

These landbanks have a potential effective gross development value (GDV) of RM136.87bil, the property developer said.

Last year, the company said it had managed to sell some land in Setia City, Shah Alam to Supermax Corp Bhd’s subsidiary for RM73.5mil.

This land will eventually house Supermax’s business headquarters.

“This forms part of our placemaking plans, in which we seek to attract reputable corporations to invest in our township to increase overall footfall and vibrancy, ” the company said.

Meanwhile, the company said that it had managed to see a significant reduction in its completed property inventory despite the challenging economic climate in 2020.

“During the year, our emphasis shifted from launching new properties to reducing our completed inventory.

“These efforts proved successful, contributing to a reduction in inventories from RM1.46bil to RM1.09bil, ” S P Setia said.

The company noted that the year 2020 saw it offering attractive incentives for the sale of its completed projects with its campaigns including Setia Now.

Moving forward, S P Setia said it would like to grow its property investment portfolio to generate 10% of its earnings before interest and taxes (EBIT) by 2025 and 30% by 2035.

To do this, the company said it would reduce its gearing levels and maintain an optimal capital structure.

“The monetisation of selected landbank to raise funds will be the key focus area for 2021, ” it said.

S P Setia said it would also like to diversify into new markets and businesses in industries such as logistics, e-commerce, healthcare and assisted senior living residences.

The company also noted that it would also expand its investment property portfolio to diversify its business and secure steady revenue streams.

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