KUALA LUMPUR: SP Setia Bhd registered sales of RM6.27 billion in the 10 months of its financial year ending October 31, far exceeding its initial target of RM5.5 billion for the whole year.
This contributed to a 23 per cent surge in the group's revenue to RM2.16 billion for the current period to-date, from the preceding period.
Its president and chief executive officer, Tan Sri Liew Kee Sin, said the record-breaking sales reflect the group's success in both Malaysian and international markets.
"As at August 31, total international sales amounted to RM2.53 billion, of which RM1.24 billion was contributed by the group's 40 per cent share of the sales achieved by its Battersea Power Station joint-venture project in Central London," he said in a statement yesterday.
Two other overseas projects, Fulton Lane in Melbourne and Eco Sanctuary in Singapore, also contributed significantly to group sales.
Liew said both projects recorded steady sales during the year, at RM409 million and RM877 million, respectively, adding that the company's foray into the Australian market has borne well for the group.
"Fulton Lane's success spurred us to look for a second venture in Melbourne and we recently previewed Parque Melbourne to overwhelming response.
"Initial bookings are very positive, given the project's great concept and fantastic location which appeals equally to Australian purchasers and our own growing customer base there," he added.
Meanwhile, Eco Sanctuary in Singapore, which was launched at the start of the year, saw a majority of units sold to Singaporean purchasers.
While the group is expanding overseas, its strong Malaysian base remains the main contributor to earnings.
Domestic sales totalled RM3.74 billion as at August 31, which is already higher than the RM3.55 billion recorded for the whole of last year.
This is despite the increasingly cautious financing environment and the lower loan-to-value ratios adopted by banks, particularly for loans for third home.
"We managed to outperform the market by adapting our launches to meet the increasing demand for affordable homes within our own matured townships while launching upgrader products in new development corridors to capture a new market share," Liew added.