KUALA LUMPUR(Aug 23): SP Setia Bhd plans to launch new projects with an estimated gross development value of RM4.05 billion in the second half of the year, two-thirds of them in Malaysia and a third overseas.

President and CEO Datuk Khor Chap Jen said the group is set to ramp up the new launches in the second half after unveiling over RM2 billion worth in the first half.

In a results briefing today, he said the local property market appeared to be 'moving sideways' but observed the robust underlying demand for landed units. As such he said the property developer would emphasize on smaller built-up landed units as they are well-received by property buyers amid the cautious market sentiments and stringent bank lending.

The company's sales target for FY18 is RM5 billion, and in the first half it had achieved RM2.11 billion.

In the second quarter ended June 30, 2018 (2QFY18), the property developer posted a 77% year-on-year increase in net profit to RM442.74 million from RM250.57 million as it registered a RM343.8 million one-off provisional fair value gain.

Revenue rose to RM925.97 million in the second quarter from RM866.35 million a year ago.

For the cumulative six months, net profit climbed to RM504.23 million from RM362.68 million a year earlier, although revenue was lower at RM1.58 billion from RM1.89 billion previously.

SP Setia shares closed unchanged at RM2.94, for a market capitalisation of RM11.55 billion.