SP Setia cuts sales target to 4-year low of RM3.5b

Kuala Lumpur

WITH no signs of a property revival in sight, Malaysian developer SP Setia has revised its sales target to RM3.5 billion (S$1.2 billion), its lowest in four years in what some consider as "the new norm going forward".

Owing to softness in key markets, management slashed the company's sales target from RM4 billion, AllianceDSB Research said in a report last week. SP Setia isn't the only builder hurt by tepid demand although it also has Brexit to contend with in the form of the Battersea Power Station development.