SP Setia Bhd., Malaysia’s biggest property developer, plans to invest US$100 million in projects in Vietnam that may generate as much as 30 percent of the company’s profit and sales in three years.
The company will start its first overseas property sales in Vietnam next month, Chief Executive Officer Liew Kee Sin said Wednesday in an interview in Singapore.
Malaysia-based SP Setia last year began developing the 558.4-acre (226-hectare) EcoLakes project in My Phuoc, 40 kilometers (25 miles) north of Ho Chi Minh City.
“The next year or so, we’ll be spending a lot of efforts and time in making Vietnam the focal project for us,” said Liew.
The company has no plan to raise debt to fund the projects, he said.
SP Setia, which currently only sells property in Malaysia, plans to double profit by 2012 by expanding across Southeast Asia.
Vietnam’s economy expanded 8.5 percent in 2007, the fastest pace since 1996, under government plans to double gross domestic product between 2005 and 2010.
Overseas sales will account for about half of revenue in five years, Liew said March 26.
He projects the company will meet its sales target of 1.8 billion ringgit ($570 million) in the fiscal year ending October, compared with 1.15 billion ringgit the previous year.
Source: Bloomberg
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