S P Setia ups FY2010 sales target to RM2 billion

S P Setia Bhd announced that it has increased its FY2010 sales target to RM2 billion. This is on the back of RM608 million in sales recorded for the first quarter of FY 2010, which represents a six-fold increase compared to the RM101 million sales achieved in the same quarter of FY2009.

Amidst challenging market conditions last year, the Group managed to achieve its highest ever sales of RM1.65 billion in FY2009, setting a new benchmark. President and CEO Tan Sri Liew Kee Sin said that the Group’s sales have continued to hold up at higher than pre-crisis levels due to the Group’s strong branding and the innovative marketing strategies adopted.

Liew added that strong sales in all of the Group’s projects located in the key economic regions of the Klang Valley, Penang and Johor have managed to support its expansion into new markets. In 2009, the developer launched Setia Sky Residences, SetiaWalk and EcoLakes, projects which represent the Group’s maiden expansion into the luxury high-rise, integrated commercial and international spheres respectively.

Setia City Mall signs on Parkson as anchor retailer

S P Setia Bhd and Lend Lease announced an agreement with Parkson Corporation Sdn Bhd for the rental of 120,000 sq ft at their new retail development in Setia Alam, Shah Alam. Parkson join the project as the sole department store and key anchor retailer of the 700,000 sq ft development.

The new store, spread over two levels, will add to Parkson’s portfolio of over 35 stores nationwide. With the addition of Parkson, the new mall moves closer to achieving its vision of becoming the destination of choice for neighbourhood shopping, entertainment and parklife.

Located at the heart of leading Malaysian property developer S P Setia’s thriving 4,000 acre Setia Alam township, the mall will facilitate the rapid expansion of one of the fastest growing development hotspots in Malaysia.  Apart from Parkson, the centre will also include over 200 local and international specialty stores, a number of major anchor retailers, an entertainment precinct and a large park