First, I have zero number of shares for S P Setia. I own shares in a few developers but not S P Setia. I also do not currently own any S P Setia properties and is in no plans to buy anything by them within 2016. Some recent target prices for the stock as attached. However, I think I should write this article to at least give credits to the team which is still working hard to ensure S P Setia is still able to deliver respectable results. (Yes, this team includes my friend who’s still working in S P Setia Penang office too.) Everyone on the street seems to believe that S P Setia is no longer the brand it used to be.
Well, as at end of financial year 2015, S P Setia achieved RM4.32 billion and this number is still the highest in the property industry. Please let me know if there are bigger ones. I will correct this. As per reported in a few local medias, S P Setia Bhd’s board of directors has confirmed Datuk Khor Chap Jen as its president and chief executive officer, Datuk Wong Tuck Wai as its deputy president and chief operating officer and Choy Kah Yew as its chief financial officer. All three appointments are valid from 1st April2016.
The new CEO, Khor was previously assuming the role of acting president and CEO on Jan 1, 2015, has been lending his expertise to the Group since 1995. Under his leadership, SP Setia also won a few awards including the prestigious FIABCI Malaysia Property Awards 2015 (I was at this event too and here’s the write up: ‘OSCAR’ night for developers, the FIABCI Malaysia Property Awards), South East Asia Property Awards 2015 (I was at this event too and here’s the write up: SP Setia wins Malaysian developer of the year: SEAPA 2015 and Best Employer Award by Aon Hewitt.
The new COO, Won has been with the group for 40 years and he was helping Khor as the acting deputy president & COO previously. The article said that Wong provided valuable advice and strategic directions in ensuring the continuous and smooth operation of the business despite challenging market conditions. This resulted in various projects achieving their objectives of completion and delivery. The new CFO, Choy joined S P Setia in April 2014 as the head of corporate affairs and was subsequently appointed acting CFO on June 16, 2014. He 24 years working experience in finance and investment banking.
S P Setia’s Battersea is still continuing and I think the times are getting tougher for London property market. As a Malaysian, I do hope that the project would be successfully delivered. The reason is simple, I would like to drop by the park for a stroll.. Read here: Public Park in Battersea London, let’s take a stroll As for all it’s other overseas ventures or even those within Malaysia, I think I am still confident enough to buy it if there are developments which are within my expectations. After much uncertainty, I wish S P Setia all the best with these new captains at the helm.
written on 4 Apr 2016
Next suggested article: SP Setia, latest result at 19.97 percent gross profit