Wednesday, 21 June 2017

(The Star) Sunsuria on track to achieve RM900mil sales target

SEPANG: Property developer Sunsuria Bhd is on track to achieve its sales target of RM900mil in its current financial year ending September, based on the group’s sales performance so far.

Chief executive officer and executive director Koong Wai Seng said the property market had seen a bit of a pick up this year.

“Our earnings outlook for the remainder of 2017 ... it’s not an earnings forecast, but we think we’ll do better than last year,” he said after a memorandum of understanding (MoU) signing ceremony between Sunsuria and property and construction company PRG Holdings Bhd.

“Our sales target for this year is between RM800mil and RM900mil. Up until now, we are on track to meet our target (and) most of our launches will be in the remaining months.”

Koong said the company had seen “a return in buying interest” this year.

“This year has been coming up quite well. We’re seeing buying interest coming back compared with last year.

“We’re encouraged but we’re mindful about the pace. We’re seeing more people buying properties below RM500,000,” he said.

Sunsuria registered a strong performance in the second quarter of financial year ended March 31, as its net profit saw a six-fold surge to RM18mil on a year-on-year comparison.

This lifted the property developer’s earnings for the first half to RM28.6mil.

As at May 17, the group’s unbilled sales of RM510mil represented a revenue cover of 2.5 times against its revenue in the last financial year.

Meanwhile, Sunsuria and PRG, via their respective subsidiaries Sunsuria City Sdn Bhd and Premier Electrify Sdn Bhd, have signed an MoU that will see PRG deploying electric vehicle charging stations in Sunsuria City.

PRG corporate affairs director Cheah Hannon said the company also planned to set up charging stations at PRG’s existing and ongoing developments.

“It will depend on location and demand for electric vehicles (EVs) in the country,” he said, adding that PRG is targeting to set up between 20 and 30 charging stations in Malaysia over the next two years to cater to the growing demand for EVs.

Cheah said the group now had six charging stations at its existing projects. The cost per charging station is around RM12,000.

PRG fully sponsored the first charging station in Sunsuria City.

Last week, PRG announced that it had entered into a RM5bil MoU with the Finance Ministry’s wholly owned Syarikat Perumahan Negara Bhd (SPNB) to develop affordable homes.

The MoU was signed with SPNB’s unit SPNB Aspirasi Sdn Bhd, and a project management firm Mimbar Nusantara Holdings Sdn Bhd (MNH), for a potential joint venture in the project.

Under this MoU, PRG will undertake construction works and project financing on the projects identified. Meanwhile, MNH will manage the project, including consultation, advising, facilitating and other related and required works.