In the course of the higher profit, SP Setia continued to set new sales benchmarks, with second-quarter sales of RM671 million were 12 per cent more than the previous record set in the second quarter of 2010.

The cumulative six-month sales of RM1.41 billion, meanwhile, was 17 per cent higher than the previous six-month high in 2009.

SP Setia said in a statement yesterday that the first seven months of 2011 saw sales of RM1.66 billion. This surpassed the full-year sales achieved in every year of its history, save for the RM2.32 billion recorded in 2010.

Projects that contributed to the impressive sales numbers included Setia Alam and Setia Eco Park in Shah Alam, SetiaWalk in Pusat Bandar Puchong, Setia Sky Residences in Jalan Tun Razak, Bukit Indah, Setia Indah, Setia Tropika and Setia Eco Gardens in Johor Baru, as well as Setia Pearl Island and Setia Vista in Penang.

SP Setia president and chief executive officer Tan Sri Liew Kee Sin is confident of meeting its 2011 sales target of RM3 billion. This was based on the strong sales momentum for existing projects and the imminent launch of its highly-anticipated KL Eco City project in Abdullah Hukum.

"This has been a busy year for the group as we are obtaining the necessary approvals in preparation for the launch of our recently secured landbank," Liew said in the statement.

These included the 108.5ha of land in Cyberjaya and another two parcels measuring 105ha and 106ha respectively located in the fast growing Tebrau corridor in Johor.

The Cyberjaya development, to be named Setia Eco Glades, has an estimated gross development value (GDV) of RM3 billion, while the estimated combined GDV for the two new projects in Johor, namely Setia Eco Cascadia and Setia Biz Park II, is RM2.5 billion.

Liew said that the Malaysian property market has never been healthier and that demand for good properties continues to be very robust in all the markets the company operates in.

SOURCE: Business Times