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SP Setia capitalising on Penang property market
May 25, 2012
SP Setia Bhd is in the advanced stage of negotiation to acquire a 14-acre site in Tanjung Bungah, after purchasing its neighbouring site for RM185.6 million.
"We expect to ink the deal soon. The two properties are an integral part of the group's business plan to launch about RM2.5 billion worth of properties on the island this year and in 2013," said Datuk S. Rajoo, Divisional General Manager of SP Setia Property (North).
"Land on the island is becoming scarce. Since SP Setia wants to continue playing a dominant role in the property market on the island, it is seizing every opportunity to expand its landbank, capitalising on attractive deals," he added.
He also revealed SP Setia's plans to launch a RM638 million commercial and residential properties in the second half of this year.
"In the second half 2012, the key projects include the RM250 million Setia Triangle, the RM335 million Setia Greens 2, and a RM53 million condominium project in Teluk Kumbar."
With each unit priced between RM1.95 million and RM3.6 million, the 6.8-acre Setia Triangle project in Setia Pearl Island features two-, three-, and four-storey shop offices with built-up areas ranging from 3,000 sq ft to 6,000 sq ft.
"There will also be a residential component comprising a 225-unit condominium, priced between RM575, 000 and RM1.2 million," noted Rajoo.
In addition, SP Setia is also looking at launching a condo project in Sungai Nibong next year, together with the Breeze and the Wave condo projects in Setia Pearl Island, which will offer a gross development value (GDV) of RM300 million and RM350 million, respectively.