Penang project lift for SP Setia

SP Setis Bhd's latest offering - Setia V Residences - has seen a strong take-up rate among local investors, with 70 per cent of its 178 units already sold.

The upscale development project, which straddles Penang's famous seafront promenade Gurney Drive, Lorong Burma and Jalan Kelawei, is set to be marketed in China, Hong Kong and Taiwan, said SP Setia North general manager Khoo Teck Chong.

"This project has been instrumental in helping us to exceed our revenue targets for this year. We hope to convince more local investors to check out our second tower, which each unit tagged at between RM1.7 million and RM2.5 million," he told Business Times during the official launch of the Setia Gallery and Suites on Gurney Drive.

The units in Tower B, each having a built-up area of between 1,300 sq ft and 1,800 sq ft, will offer either city or shoreline views.

In addition, there will also be facilities the that developer has tagged as "six-star".

They include a sky deck with an infinity pool, a pavilion and landscaped gardens, guest lounge and viewing decks, concept kitchen and barbeque area, as well as a large balcony with a dip pool in Tower A.

He said the company is targeting to chalk up RM250 million in revenues for its projects in the north next year.

On the island, SP Setia is also expected to focus on the Tanjung Bungah area, where it is planning to launch a RM1.1 billion mixed development project.

The proposed high-end project - tagged Setia Eco-Forest - will comprise landed properties and luxury condomiums.

It will boast of a green concept that is similar to the company's Setia Greens project, which promotes eco-living. - Marina Emmanuel (Business Times)

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