PETALING JAYA (June 3): The freshly restored Battersea Power Station in London, UK has obtained the highest-ranked position of World Gold under the Master Plan category at the FIABCI World Prix d’Excellence Awards 2021. The results were announced virtually yesterday.

According to a media statement today by S P Setia, being honoured with one of the most prestigious international awards is a great achievement for the Battersea Power Station and affirms its position as a world-class mixed-use development.

“This is a proud win for Battersea Power Station and for us, the Malaysian shareholders of this iconic project. We recognise the importance of creating values and are committed to contributing to building a harmonious and caring community,” said chairman of Battersea Project Holding Company Datuk Ahmad Pardas Senin.

Echoing similar sentiments, the chairman of Battersea Power Station Development Company Datuk Wong Tuck Wai added that the project has provided an extraordinary opportunity to revitalise a once derelict abandoned building into a progressive urban and sustainable development.

“Achieving this award from FIABCI World Prix D’Excellence right after the recent momentous handing over of the Power Station to its first residents makes us exceptionally proud of our endeavours,” he added.

On May 24, the restored and repurposed Battersea Power Station welcomed its first-ever residents when homeowners received the keys to their new homes following the completion of Switch House West.

Meanwhile, the mixed-use historic building (former coal-fired power station) will be home to Apple’s London Campus next summer, in addition to hundreds of new shops housed in the turbine halls, a 2,000-capacity event venue, an 18,500 sq ft food hall, a glass chimney lift and hundreds of new homes.

Some 25,000 people will soon be living and working here, creating one of London’s largest office, retail, leisure and cultural quarters.

KUALA LUMPUR (May 26): Battersea Power Station in London has opened the doors to its first-ever residents. Homeowners were handed the keys to their new homes in the Grade II* listed building, following the completion of Switch House West, the first major element of the Power Station to complete.

The rest of the building will be completed in stages throughout the rest of the year, with residents moving into the Boiler House and Switch House East in the coming months.

The occasion was marked on Monday May 24, 2021 with a special public performance by members of the London Symphony Orchestra, who played at the foot of the Power Station, alongside Battersea Power Station’s own Community Choir, as visitors and residents enjoyed alfresco dining at the restaurants and bars along the riverfront. (Photo credit: Ian Gavan/Getty Images for BPS)
“As custodians of this globally significant building, it is with great pleasure that we welcome residents into the Power Station for the first time in history. This is a proud day for Malaysia and the consortium of shareholders who transformed this historic building into a sustainable city living address, while restoring the landmark and giving it a new lease of life,” said Battersea Project Holding Company chairman Datuk Ahmad Pardas Senin in a press release today.

The occasion was held on Monday (May 24) with a special public performance by members of the London Symphony Orchestra, alongside Battersea Power Station’s own community choir.

Datuk Ahmad Pardas Senin, Chairman of Battersea Project Holding Company. (Photo credit: S P Setia Bhd)

Battersea Power Station Development Company chairman Datuk Wong Tuck Wai said strong progress continues to be made across the entire project and the group is delighted to see the Malaysian Vision for this thriving new London neighbourhood now becoming a reality.

Meanwhile, half a million sq ft of office space in the building will be handed over to Apple this summer to commence the fit-out of its new London Campus. Retail and F&B brands will begin fitting out their units later in the year, ahead of the Power Station opening to the public from next year.

The Northern Line Extension is on track to open from this autumn, with a new Zone One London Underground Station at Battersea Power Station significantly enhancing the connectivity of this part of London.

Datuk Wong Tuck Wai, Chairman of Battersea Power Station Development Company. (Photo credit: S P Setia Bhd)

Much progress is also being made to Electric Boulevard, the third phase of the project, which comprises buildings to the south of the Power Station by Gehry Partners and Battersea Roof Gardens.

The Power Station is at the heart of one of central London’s largest, most visionary and eagerly anticipated new developments, involving the transformation of a 42-acre former industrial brownfield site into a new town centre for London, comprising new homes, shops, cafes, restaurants, offices, event spaces and over 19 acres of public space including a six-acre park.

“Our Power Station residents join an already thriving community of people living, working and enjoying this new riverside destination. Following this latest significant milestone, we now look forward to completing the remaining elements of the Power Station, ahead of opening to the public next year,” said Battersea Power Station Development Company CEO Simon Murphy.

Once open to the public, Battersea Power Station will house over 100 shops, bars and restaurants, as well as unique events and leisure spaces, including the Chimney Lift Experience, which will be operated by global events and entertainment leader IMG. The glass elevator will transport visitors 109m up inside one of the Power Station’s iconic chimneys, before they emerge at the top to enjoy unrivalled 360 degree views of the capital’s skyline.

Circus West Village, the first chapter in the regeneration of Battersea Power Station, is home to over 1,500 residents and over 20 bars, restaurants, cafés and fitness and leisure offerings. The thriving riverside neighbourhood welcomes over three million people on average each year, thanks to its annual events programme.

With the Northern Line being extended to give this new neighbourhood its very own Zone 1 London Underground station this year, Battersea Power Station is expected to draw Londoners, international visitors and workers from across the capital, with journey times to the West End and the City taking approximately 15 minutes. It will be one of the go-to places for South West London, boosting the local economy and creating over 17,000 jobs.

KUALA LUMPUR (May 25): S P Setia Bhd’s net profit for the first quarter ended March 31, 2021 (1QFY21) jumped more than threefold to RM75.23 million, from RM24.09 million a year ago, mainly driven by progressive revenue recognition from strong take-up rates achieved.

Its quarterly revenue also rose 49.83% to RM1.05 billion, from RM702.66 million a year ago, its filing to Bursa Malaysia showed.

The group did not declare any dividend for the latest quarter.

The group said both revenue and profit before tax for 1QFY21 were higher than the corresponding quarter in the preceding year, mainly driven by progressive revenue recognition from strong take-up rates of mature townships in the Central region as well as its Daintree Residence project in Singapore, as a result of pent-up demand following the roll-out of the Covid-19 vaccine in many countries.

The group also said in a statement that it recorded a strong sales performance of RM1.19 billion for 1QFY21.

“Local projects contributed RM923 million or approximately 78% of the sales, whilst the remaining RM265 million or approximately 22% were contributed by international projects mainly from Daintree Residence, wherein the demand for residential properties in Singapore has gained traction recently,” it said.

On the local front, it said sales were primarily derived from the Central region at RM705 million, followed by the contribution from the Southern region at RM148 million while another RM74 million was from the Northern region.

“We have intensified our marketing efforts to generate more sales before the Home Ownership Campaign 2020 ends in May 2021. In addition, we had also launched a total gross development value (GDV) of RM525 million landed properties. They comprise mostly double-storey terrace and/or semi-detached homes during this period, and the responses were overwhelming in some of our flagship developments,” said S P Setia president and chief executive Datuk Khor Chap Jen.

“Also in line with the business strategies for FY21, we had cleared RM206 million worth of completed inventories during this period. We will continue our focus in clearing our completed inventories while in parallel launch new demand-driven products in our matured townships. The group also secured noteworthy bookings of RM1.29 billion, and the priority is to convert these bookings into sales swiftly, and hopefully with the support of a quicker end financing process,” he added.

The group continues to be cautiously optimistic of sustainable market momentum for the second half of FY21, especially with the recent announcement of the Movement Control Order 3.0 by the Malaysian Government imposed across the nation.

Nonetheless, it opined that the economic outlook is projected to improve on the back of the ongoing nationwide vaccination programme, which will ultimately spur the economy, specifically the local property market.

“Given the strong start in our sales performance for this current year, the group will strive to maintain the sales momentum while at the same time continue the emphasis on its strategic priorities to strengthen and optimise the capital structure alongside its land bank utilisation,” it said.

In embracing the new norm, it said the group’s digital transformation journey will be accelerated as well as sustainability agendas being implemented across its products and business operation.

As of March 31, 2021, the group has 47 ongoing projects, with an effective remaining land bank of 8,513 acres valued at a GDV of RM135.7 billion and total unbilled sales of RM10.12 billion, which will tide the group over the next two years.

At noon break, S P Setia slipped one sen or 0.99% to RM1, valuing the group at RM4.06 billion.

PETALING JAYA (May 25): S P Setia Bhd recorded a strong sales performance of RM1.19 billion for its first quarter ended March 31, 2021, mainly from its local projects which has contributed RM923 million or 78% of the sales.

The company added that the remaining RM265 million or approximately 22% were contributed by international projects mainly from Daintree Residence, wherein the demand for residential properties in Singapore has gained traction recently.

In a media statement today, S P Setia said local sales were primarily derived from the central region at RM705 million, followed by the contribution from the southern region at RM148 million while another RM74 million was from the northern region.

For 1QFY2021, the group achieved a revenue of RM1.05 billion and profit before tax of RM142.4 million. Both revenue and profit before tax for the current quarter are higher than the corresponding quarter in the preceding year, mainly driven by progressive revenue recognition from strong take-up rates achieved.

19 MAY, SELANGOR: With the increasing demand and preference for landed homes with larger spaces in a low-density development, S P Setia continues to see positive take-up rates with its latest launches in Setia Tropika, Johor and Bandar Kinrara, Puchong.

At the beginning of May, the Alocasia series in Setia Tropika, Johor was launched. 100% of the non-Bumi units in its first and second phase were taken up that weekend. The tropical double-storey semi-d homes have a built-up of 3,005 sq ft and come with smart home features.

Offering 4 bedrooms and 5 bathrooms, beamless spaces and ample parking space fitting 3 cars in a row, Alocasia homes are designed to accommodate families with multiple generations comfortably under one roof.

Following this, more phases under the Alocasia series will be launched by the end of this year. For those who missed the earlier phase, booking is now opened for phase 3 and 4 where only 40 units are available. For more information, please visit https://spsetia.com/

The gross development value (GDV) for the entire Setia Tropika township in Kempas, Johor Bahru is approximately RM4.17 billion. The township offers recreational activities with its award-winning 12-acre Town Park which includes features like basketball and football fields, a multipurpose court, jogging and cycling track as well as an educational garden.

Upcoming housing projects in Bandar Kinrara, Puchong

Over in Klang Valley, Bandar Kinrara launched the latest phase of the Anggun series, Anggun 3 on 8 May which saw more than 80% of its units booked on the same day. Anggun 3 semi-detached homes come with a built-up of 3,197 sq ft, designed with contemporary tropical façade and interior features that allow more natural light and improved ventilation.

Its floor plans come with a large kitchen space for flexible arrangements and a spacious centralised family social area which connects to three bedrooms. In response to the encouraging take-up, more phases of the Anggun series will be underway. Those interested may contact 03-8082 9525 or visit the S P Setia website for more information.

Homebuyers can also stay tuned for more semi-detached projects within the premium enclave of Section 8, Bandar Kinrara. Legasi 4, the new phase of Bandar Kinrara’s well-received double-storey terrace series is slated to be launched this year. The matured township of Bandar Kinrara in Puchong with GDV of RM3 billion and acreage of 1,904 acres will have a total of 73,500 homes upon completion in 2025.

BINH DUONG (VIETNAM): S P Setia Vietnam will launch more projects in EcoLakes, in Binh Duong province namely phase three of Garden of Splendour 2 consisting of 257 terrace houses and 34 shophouses, as well as phase three of Valley of Dreams villa homes with 259 units this year.

In a statement, the property developer said previous phases had seen encouraging results, and the upcoming launch would meet the growing demand for housing within a master-planned community from local upgraders, foreign investors and expatriates.

File pic shows an artist’s impression of an S P Setia project at EcoLakes at MyPhuoc.

Launched in 2020, the green-inspired Garden of Splendour 2 terraces – phase one (165 units) and phase two (227 units), and Valley of Dreams villas (110 units) sold out within the first few days.

The company will also develop and operate a park near the stream in the villa precinct.

KUALA LUMPUR (May 7): S P Setia Bhd is selling eight parcels of plantation land in Johor to Scientex Bhd for RM518.1 million.

S P Setia said in a bourse filing its wholly-owned subsidiary Pelangi Sdn Bhd had entered into a conditional sale and purchase agreement with Scientex’s wholly-owned subsidiary Scientex Quatari Sdn Bhd for the disposal.

“The approximately 960 acres of freehold land is located in Mukim of Tebrau, district of Johor Bahru and registered for agricultural use. It is currently home to matured oil palm trees,” it said.

According to S P Setia, the sale consideration is arrived at between the parties on a “willing-buyer willing-seller” basis after taking into consideration the market value of the lands of RM480.8 million.

S P Setia’s president and chief executive officer Datuk Khor Chap Jen said the sale of the lands is part of the group’s business strategy to improve efficiency by monetising some of the land bank to be ploughed back into its other project developments for immediate launches as well as paring down debt or other use deemed fit by the company.

“It is expected to contribute positively to S P Setia’s profits for the next few years,” he said.

According to him, S P Setia currently has 11 ongoing projects in the Southern region, and post-sale of the above, the group will still have an effective total remaining land bank of approximately 7,569 acres.

“Our focus for this financial year is to optimise the current landbank utilisation and by launching properties that are in demand within our matured townships,” he said.

In a separate statement, Scientex said the proposed acquisition represents a strategic investment opportunity to increase and boost its existing land bank.

“The close proximity between Scientex’s existing developments and the proposed development will enable Scientex to generate better operational efficiencies through greater economies of scale to be achieved during project implementation,” it said.

It also said the landbank expansion is in line with the goal of Scientex to build more affordable homes with an objective of completing 50,000 affordable homes throughout the nation by 2028.

“The land is expected to provide a steady and sustainable property development model as Scientex continues to focus on affordably priced landed properties, for which demand continues to remain firm and resilient,” it said.

The group also noted the proposed acquisition will be funded by internally generated funds and bank borrowings.

The proposed acquisition is expected to be completed in the first half of 2024, it added.

S P Setia’s share price gained three sen or 2.91% to close at RM1.06 today, valuing the group at RM4.3 billion. Meanwhile, Scientex went up two sen at RM4.13, valuing the group at RM6.4 billion.

KUALA LUMPUR (May 4): S P Setia Bhd has proposed the establishment of an Islamic medium term note programme of up to RM3 billion in nominal value.

The property developer today lodged the Sukuk Wakalah Programme with the Securities Commission Malaysia (SC) pursuant to the SC’s Guidelines on Unlisted Capital Market Products.

“The Sukuk Wakalah Programme allows for the issuance of rated and senior unsecured sukuk from time to time, subject to total outstanding amount of sukuk wakalah not exceeding RM3 billion at any point in time,” S P Setia said in a bourse filing.

Meanwhile, Malaysian Rating Corporation Bhd (MARC) has assigned a preliminary rating of AA-IS with a stable outlook to the sukuk programme.

“Proceeds from the proposed issuance will largely be used to fund capital injection into the group’s joint-venture Battersea Power Station project and refinance earlier borrowings undertaken to fund this project,” MARC said in a statement.

HSBC Amanah Malaysia Berhad is the principal adviser, joint lead arranger, joint lead manager and shariah adviser for the the programme. Other joint lead arrangers and joint lead managers are Maybank Investment Bank Bhd and RHB Investment Bank Bhd.

S P Setia shares closed unchanged at RM1.02 today, giving the group a market capitalisation of RM4.14 billion. The counter saw 2.29 million shares traded.

30 APRIL – KUALA LUMPUR – Spreading the festive joy, S P Setia is rewarding not just home buyers but everyone with limited-time Raya rebates and exciting vouchers up for grabs!

Win e-vouchers and enjoy festive activities while staying safe at home

Ring in the festivities with Setia Virtual Duit Raya from 1 May to 22 June 2021, as the Top 5 weekly winners will stand to win RM50 Shopee e-vouchers when you participate in Setia Raya Food Catcher on the Setia Virtual-X website (virtual-x.spsetia.com).

Put your culinary skills to the test to win a RM500 Panasonic e-voucher when you participate in the #RendangRayaSetia cooking contest with your 30-second Rendang recipe video uploaded on Facebook, Instagram or TikTok – remember to also hashtag #RendangRayaSetia and tag @CitizenSetia. The contest ends on 8 May 2021.

Home cooks can stay tuned for the Sedap Raya Live Cooking Show happening on Citizen Setia Facebook and Setia Virtual-X, featuring celebrity chefs Ili Sulaiman on the 2 May, Sunday at 10.30am and Dato’ Fazley Yaakob on the 9 May, Sunday at 10.30am who will be sharing their culinary tips and tricks.

Additional Raya rebates of up to RM30,000 and greater flexibility with Setia Flex+

Not forgetting our valued customers, homebuyers will enjoy additional Raya rebates of up to RM30,000, on top of offers from the Setia Flex+ campaign when they purchase a new home from S P Setia’s selected properties from the Central, Northern and Southern regions from 22 April to 22 June 2021.

Setia Flex+ is here to reward homebuyers with a waiver of 10% upon moving in within the first year, in addition to the rebates offered in existing Home Ownership Campaign (HOC) and stamp duty exemptions on the Memorandum of Transfer (MOT) and Loan Agreement. Customers will also be given the option to settle their differential sum with zero interest and a repayment plan of up to 5 years with SEAL. Setia Flex+ will ease the burden of their home loans, as well as deferred payment plans and other incentives – allowing customers get their priorities back on track and get the Setia home they have always wanted right now.

Following S P Setia’s successful launches and encouraging take-up rates in Q1 2021, now is the perfect time for interested home buyers to enjoy the Setia Flex+ packages when they purchase a new home from selected S P Setia projects from 16 April to 30 September 2021.

For more information on Setia Flex+, visit campaign.spsetia.com/setiaflexplus.

KUALA LUMPUR (April 23): S P Setia Bhd kick-started the year with positive take-up rates for its residential products in the first quarter of 2021 (1Q21), despite the weak property market sentiment during the pandemic.

Acorus at Setia EcoHill 2 in Semenyih was launched via a special online preview, which saw its two-storey 20ft by 65ft terraced houses fully sold before Chinese New Year. As a result, Acorus 2 was launched in March and achieved a take-up rate of 70% during the first day of its launch.

Moreover, the latest phase of Setia Alam’s Bywater Homes collection called Plenum, comprising two-storey 22ft by 70ft terraced homes, was also launched online in mid-March and the units were fully booked within an hour.

“We are elated by the overwhelming response received for Plenum attributed to the Covid-19 pandemic where there is higher realisation and demand for homes in matured townships that are safe and secured, surrounded by a variety of amenities and seamless connectivity infrastructures,” said Bandar Setia Alam divisional general manager Tan Siow Chung in a press release today.

The Plenum terrace homes of the Bywater Homes series in Setia Alam were fully taken up during its online launch.

“With Plenum fully taken up, we are focusing on our latest serviced apartment offering, Setia City Residences, located adjacent to Setia City Mall, which recently opened its new wing, making it the largest mall in Shah Alam. Also in the pipeline are the last phases of the Bywater Homes collection targeted to be launched by this year,” added Tan.

Melodia1 in Alam Impian, Shah Alam, which consists of two-storey terraced homes measuring 22ft by 75ft with modern contemporary designs, is 99% taken up since its launch in January this year. Following Melodia1’s success, Melodia2 is slated to be launched in 2Q21.

Following its launch in March, Carissa at Bayuemas in Klang, which offers 82 double-storey terraced homes (from 24ft by 70ft), has achieved a take-up rate of 90% within the same month.

Carissa terrace units are nestled within the serene surroundings of Bayuemas in Klang.

Residents of Melodia1 will come home to a contemporary musical-inspired park within the township of Alam Impian, Shah Alam.

Meanwhile, S P Setia’s premium-range properties also made noteworthy achievements in attracting homebuyers and investors alike.

The “Circle of Life” Koi pond is the centrepiece of the Hangzhou-inspired Glades of Westlake in Setia Eco Glades.

With a gross development value (GDV) of RM156 million, Glades of Westlake — a unique modern-oriental concept and the second last island phase of Setia Eco Glades in Cyberjaya — was launched end-March with almost 70% of its double-storey 41ft by 85ft semi-detached homes (priced from RM1.8 million) and 59ft by 85ft bungalows (priced from RM3.1 million) booked within three weeks after the launch.

Divisional general manager Goh Tzen Sernz said the good take-up for the premium offerings was a testament to the faith homebuyers have in the Setia brand and its lifestyle offerings. “We are confident that the demand will continue to rise for such products as more homebuyers are opting for a better living environment, not just to live, but also to work.”

The eco-luxury Precinct Arundina impresses with its spacious double-storey semi-detached homes at Setia Eco Park.

Setia Eco Park’s Phase 1B of Precinct Arundina in Shah Alam was launched at the end of March, and its two-storey semidees (from 32ft by 75ft) with prices starting at RM1.3 million are 70% taken up within a month. It has also recently completed the central park, which will form the green lung of the development with natural waterways and greenery to foster a healthy communal lifestyle.