澳5（www.a55555.net）:Industrial park development a positive for S P Setia

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PETALING JAYA: S P Setia Bhd’s (SPSB) venture into an industrial park development in the Klang Valley is positive, according to Maybank IBG Research.

The research house expects the project to receive strong response from both local and international investors given its strategic location near Port Klang.

“The industrial park is also located next to Setia Alam and it is likely to benefit from the activities in Port Klang. SPSB has already received some enquiries about the project,” Maybank IBG Research said yesterday.

It said the project is expected to launch by mid-2023 and the property group was applying for planning approval to change the zoning from residential to industrial.

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Meanwhile, it added that SPSB was also focusing on lowering its debt level.

“To lower its debt level, SPSB is looking at several measures, including monetising its landbank (especially those without a development plan over the next five years) and bringing in strategic joint venture partners for some of its projects in order to lower the upfront development costs.” Maybank IBG Research said.

Apart from this, cash flow repatriation from its overseas projects will also help to bring down its debt level.

SPSB’s net gearing stood at 0.63 times as at end-March 2022 versus the industry average of 0.37 times, the research house noted.