Thursday 28 Mar 2024
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KUALA LUMPUR (Oct 30): Since stepping into the role of S P Setia Bhd's president and chief executive officer on Oct 1 last year, Datuk Choong Kai Wai has been busy working behind the scenes at one of Malaysia's largest property developers.

"My intention is to make Setia a fitter Setia, to consolidate it and to broaden our income base," Choong tells City & Country during an exclusive interview at the group's corporate headquarters in Setia Alam, Shah Alam. This is to shore up the company's financial standing to withstand the ever-increasing competitive nature of the property development business.

Choong, who brought along with him 30 years of experience in the property and construction industry, joined S P Setia in May 2010 and was CEO of Setia (Melbourne) Development Co Pty Ltd. He helped the group establish itself in Australia and today there are four completed projects in Melbourne and two ongoing ones.

On the local front, the group's sales for Dec 31, 2021 (FY21) reached RM4.26 billion, surpassing its RM3.8 billion target. The group's target for FY22 is RM4 billion, which it is confident to achieve.

As at the first half of FY21, the group was anchored by 47 ongoing projects, with a land bank of 7,042 areas and an estimated gross development value of RM120.88 billion.

Upcoming launches include the Phase 2 of Musika, its Setia Alam project at end-November or early December and Temasya Prisma in Temasya Glenmarie in Shah Alam.

On the international front, Choong expects Australia and Vietnam to contribute more to the coffers in the future and in Vietnam, through a joint venture, it is looking to develop two township developments.

Environmental, social and governance endeavours include installing solar panels for commercial properties, supporting the communities through the Covid-19 vaccination programme with the use of the group's convention centre, and setting up integrity focussed committees for better governance.

Choong says, "Setia will continue to lead in building sustainable communities across the nation and in countries where it is present, as well as create spaces for communal living, enriching lives. In the coming days, Malaysians will need more homes. We will build sustainable homes for them."

Read more about S P Setia’s plans and direction in the Oct 31 issue of City & Country.

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