SP Setia - Launch of landed property

SP Setia Bhd is launching landed residential units with a gross sales value of about RM64mil in the second half of this year for its Setia Pearl Island project in Penang.

SP Setia property division (north) general manager S. Rajoo said the property comprised 99 terrace and semi-detached units priced from RM898,000 and RM1.4mil respectively.

The houses formed the third phase of the Setia Pearl Island project, Rajoo said.

“The slightly higher pricing reflects a bigger built-up area, high quality specifications and better landscaping designs.

“A total of 54 units will be launched at the end of this month and the rest at the end of June,” he said.

Rajoo said for example, the new units were equipped with homogeneous tiles which had better designs instead of ceramic tiles.

“The living rooms of the new units are also much bigger,” he said.

Rajoo added that 35 of the 99 new units had been sold.

In the third and fourth quarters, SP Setia will launch landed and high-rise homes for Setia Pearl Island with an estimated gross sales value of about RM210mil.

“The landed component comprises 37 three-storey linked houses priced from RM900,000 and eight three-storey semi-detached houses from RM1.5mil onwards,” he said.

“The high-rise project, with an approximate gross sales value of RM160mil, comprises 300 condominiums each with a built-up area of 1,500sq ft,” he said.

The project will launched at the end of this year.

“These two projects will conclude the Setia Pearl Island project,” he said.

On its ongoing projects, Rajoo said the group had sold about 58% of its Reflection scheme, comprising 315 condominium units, launched in April.

“We have sold over 70% of the 58 semi-detached houses launched last October,” he said.

Rajoo said the group was now offering its Invest Setia Home Scheme that allowed purchasers to pay a deposit of 2.5% of the selling price and obtain up to 95% of the loan.

“Under this scheme, the developer will absorb the progressive interests during the construction period,” he said. - The Star


June 1, 2010 at 9:43 PMVoice

Hmmmm... I'm surprised to see that Reflection is only 58% sold. I thought they were selling like hot cake during the months of soft launch. Looks like lots of withdrawal before the SPA were signed.

Generally, the Setia Pearl Island project has not shown attractive capital appreciation. Only Phase 1 purchasers are making some capital gain, but not much gain (if not losing) made by subsequent phases.

Setia, though as well known developer in KL, has not demonstrate good result in Penang, and I wonder why ??

Anyone can explain??

June 1, 2010 at 11:10 PMUnknown

Over supply? Or too many investors and too few genuine owners? Location wise, it's still not too bad compared to Balik Pulau / Teluk Kumbar. Quality wise, could be better but I suppose it's still acceptable. Concept wise, I think it is good.
Yet, I wonder why the appreciation is doing rather badly compared to others.

June 6, 2010 at 11:23 AMUnknown

Blame it on investors and property agents if we may. The place is already very nice.

July 11, 2010 at 11:08 PMRobin

What's the problem with Reflection?

Developer still offering 95/5 package with 2.5% rebate and still has a lot of units unsold.

Anyone can comment on SPI houses?

July 11, 2010 at 11:32 PMUnknown

I am owner of Reflections. I suggest you to go to their sales office to check updated sales percentage.

From my record, I booked in August 2009, signed SnP in April 2010. The SnP was stamped in April 2010 too.

Most units at good location already sold out. And you not longer can get extra 1 car park.

SPI houses have nice landscape and nice environment. There is 1 good advice from Peter Yee which I agree:

"Always buy property in a rich man's area, not in a poor man's area."

Mr Business of Cari Forum

July 19, 2010 at 12:23 PMUnknown

"SP Setia (north) general manager S. Rajoo says the RM180mil high-rise project in Setia Pearl Island, Sungai Ara, comprising 300 condominiums would be launched in the second quarter of 2011, while the RM180mil Setia Eco Greens project in Sungai Ara, comprising 167 terraced and semi-detached properties, and the RM65mil Brookes Residence projects in Taman Jesselton, comprising 11 bungalow houses, have been targeted for launch in the first quarter of next year."

what will happen if this is true and is going to replace the initial planned "Commercial/shop lots" area? I guess a lot of buyers will be disappointed