S P Setia Bhd will be hosting its fourth annual Setia4Malaysia Unity Run on Sunday (Sept 29) at Setia EcoHill Walk in Semenyih, Selangor.

Supported by the Ministry of Youth and Sports, there will be two categories for the run: A 5km fun run and a 21.1km half-marathon. There will also be special performances, family-oriented workshops, games, a bazaar and more. Sponsors include the likes of Nestlé, Uphaplast, Dadi Cinema, Oat Krunch, SportsNutrition, Yukazan and KTS Cellular Malaysia.

In a media statement on Wednesday, the developer said it is expecting over 5,000 participants and visitors. The event will start at 4.30am with warm-up sessions, Zumba and various activities for all ages. Runners will enjoy complimentary goodies and e-vouchers from ZUS Coffee and Dadi Cinema, among others. Additionally, the bazaar will feature 20 curated local lifestyle vendors offering locally-made clothing, home essentials, food and beverages as well as handmade crafts, gifts and collectables.

Runners’ registrations at JomRun are open until Sept 27, 2024.

The first Setia4Malaysia Unity Run kicked off in 2021 as a virtual run during the Covid-19 pandemic. In 2022, the event became a physical one with over 2,000 participants at Setia Bayuemas Lake Park in Klang. Last year, the run expanded to Setia AlamImpian, Shah Alam and Aeropod by Setia, Kota Kinabalu, drawing a crowd of more than 4,000.

In conjunction with its 50th anniversary celebration, S P Setia Bhd has launched the Setia Homefest sales carnival in selected sales galleries nationwide until Sept 17.

Setia Homefest will showcase developments in Setia Eco Glades, Setia Alam Impian, Setia Eco Park, Taman Rinting in Johor and Aeropod in Kota Kinabalu, among others.

The sales carnival offers the Homefest Package (including kitchen and renovation), cash rebates and anniversary rewards of up to RM50,000, a weekly catch of up to RM10,000, along with fun activities that are aligned with its core values of Live, Learn, Work, Play such as scavenger hunts, and a chance to win prizes, and Touch ‘n Go e-wallet credit worth up to RM300.

“We are pleased to launch our highly anticipated Setia Homefest carnival together with our 50th anniversary celebration, and in our bid to build great communities that have driven us in the last 50 years,” said SP Setia chief commercial officer Christinne Lim

“We hope that our most valued customers, Citizen Setia, and the public will bring their families, spouses and friends to enjoy the activities, rewards and benefits from this eventful sales carnival, and especially with our latest developments in the pipeline that are being offered,” she added.

SP Setia is hosting entertaining events during Setia Homefest in its various developments.

The upcoming ones are in Setia Warisan Tropika in Sepang and Aeropod in Kota Kinabalu on August 24; Bandar Kinrara in Puchong and Temasya Glenmarie in Shah Alam on August 25; Setia Alamsari in Kajang, Taman Rinting in Johor, Setia Fontaines in Penang and Setia Eco Park, Shah Alam on August 31, Setia EcoHill in Semenyih on Sept 1, Setia Bayuemas in Klang on  Sept 7 and Setia Eco Templer in Rawang on Sept 8.

For more information and the latest updates, log on to https://spsetia.com/enus/others/50anniversary or follow S P Setia’s Instagram accounts; S P Setia Bhd and Citizen Setia.

S P Setia Bhd reported a net profit of RM404mil for the six-month period ended June 30, 2024 (1H24) – an increase from last year’s earnings of RM121mil.

The property developer gained RM361mil profit from strategic monetisation of its land bank in Taman Pelangi Indah 2, Johor and Glengowrie, Semenyih.

Revenue in 1H24 rose to RM2.97bil from RM1.9bil in the previous corresponding period last year.

In a statement yesterday, S P Setia said the completion of the land deals marked a strong financial milestone for the group.

For the second quarter ended June 30, 2024 (2Q24) , the group concluded the disposal of its 50% equity stake in Retro Highland Sdn Bhd to MMC Land Sdn Bhd pertaining to Taman Ikan Emas, Cheras redevelopment project under the public-private strategic partnership with the Kuala Lumpur City Hall.

“The settlement was via a full cash consideration, which resulted in a RM56mil profit for the group during the period.”

S P Setia said the total land and development sales achieved for year-to-date 2Q24 was RM2.3bil, surpassing more than 50% the group’s financial year 2024 (FY24) target of RM4.4bil.

“Local projects contributed 96% of the group’s development sales, with the central region dominating the development sales (60%) mainly from Setia Alaman Industrial Park’s contribution.

“In Johor, the southern region’s robust sales performance accounts for 35% of the group’s development sales, with further growth potential expected from the Rapid Transit System Link infrastructure development and Special Economic Zone establishment towards the later part of the year.”

S P Setia president and chief executive officer Datuk Choong Kai Wai is optimistic about the group’s operations and financial outlook for the rest of the financial year.

“This performance underscores our strategic focus on the Malaysian market, particularly in the southern and central regions,” he said.

Leveraging on the rising market demand for industrial development, Choong said S P Setia would continue to explore feasible investment opportunities and potential strategic partnerships for its land that is currently earmarked for industrial park development, particularly in Setia Alaman and the southern region.

The group is poised to unveil major projects including the first phase of Setia Federal Hill in Jalan Bangsar, Kuala Lumpur with an estimated gross development value of (GDV) RM1.4bil.

Reflecting on the group’s financial health and prospects, Choong said its strategic portfolio management and project launches are setting a strong foundation for sustainable growth.

“We have demonstrated consistency of crucial financial improvements in the past few quarters.

“We shall ramp up our efforts to capitalise on market opportunities and deliver more value to our shareholders in the long run.”

As of June 30, the group has a portfolio of 41 ongoing projects, supported by a robust land bank of 5,261 acres valued at a GDV of RM106.69bil.

Total unbilled sales stand at a notable RM4.16bil.

The group has cemented its presence in Malaysia’s key economic centres, namely the Klang Valley, Johor Baru, Penang, and Sabah.

Moreover, the group has expanded its international footprint, with notable projects in Vietnam, Australia, Singapore, China, the United Kingdom and Japan.

Additionally, S P Setia said it achieved successful de-gearing strategies in 1H24.

“From RM10.1bil borrowings in 4Q23, it has declined significantly by RM700mil within six months to RM9.4bil as of 2Q24.

“Net gearing ratio has consistently strengthened over the past few quarters to 0.41 times per 2Q24, compared with 0.49 times in 4Q23 due to the effectiveness of the group’s debt management and capital allocation strategies.”

S P Setia also said it has seen steady progress of inventories clearance so far this year.

“The company achieved RM244mil reduction of stocks compared with the 4Q23 level, representing a 15% clearance progressively taking place through a concerted effort throughout the group.”

Additionally, in conjunction with the group’s 50th anniversary this year, S P Setia said a series of high-energy sales and marketing campaigns and customer engagement programmes had been launched and some are set to be rolled out in collaboration with the group’s various strategic partners.

These efforts are expected to strengthen the group’s refreshed brand positioning and boost sales.

The group’s refreshed brand narrative, “Shaping Spaces That Shape Us All,” reflects its dedication to not just building structures but continue to shape and inspire communities and individuals to thrive in every aspect of life – live, learn, work, and play.

To mark the occasion, a mega event at Setia City Oval Lawn in its crown jewel township Setia Alam in Shah Alam was held where more than 5,000 people attended.

Guests were treated to an array of activities anchored on its refreshed brand theme.

Permodalan Nasional Bhd (PNB) will be organising the Malaysia Unit Trust Week (MSAM) 2024, from Aug 22 to 25, at Setia City Convention Centre (SCCC) here.

PNB Group chairman Raja Tan Sri Arshad Raja Tun Uda said that MSAM 2024, their annual flagship financial literacy carnival held for the past 23 years, is part of their commitment to unit holders for social investment in education, community enhancement, financial literacy, and knowledge-sharing initiatives.

“This year’s MSAM carries the theme “Uplift Your Life at MSAM”, aligning with PNB’s renewed goal to strengthen the financial standing of the people across generations.

“Continuing our initiatives from previous years, financial education and Science, Technology, Engineering, and Mathematics (STEM) will be our focus to inspire young people to pursue knowledge and higher education,” he said in a statement to the media in conjunction with the MSAM corporate partners networking event today (Aug 7).

In addition to the usual financial literacy activities and knowledge-sharing sessions, this year’s event will include programmes such as a music festival, a food carnival (Maybank Islamic MAE-Dan Selera), and an auto festival.

Raja Arshad said 50 exhibitors, including companies from the PNB Group, Amanah Saham Nasional Bhd’s (ASNB) agents, regulatory bodies, and state government agencies will be showcasing investment education activities and exhibitions at MSAM 2024.

Additionally, MSAM 2024 will offer visitors prizes worth approximately RM1 million, including a serviced apartment and a BYD Dolphin electric vehicle.

PNB also announced its premier partners for MSAM 2024, which are Malayan Banking Bhd (Maybank), SD Guthrie Bhd, Sime Darby Bhd, and S P Setia Bhd.

Sime Darby Property Bhd, Perusahaan Otomobil Kedua Sdn Bhd (Perodua), and MNRB Holdings Bhd are the main partners.

Duopharma Biotech Bhd and Projek Lintasan Kota Holdings Sdn Bhd (Prolintas) are categorised as partners.

For more information, visit https://www.pnb.com.my/msam/ or follow them on Instagram: @minggusahamdigital and on Facebook at “Minggu Saham Amanah Malaysia”. — BERNAMA

As we stroll through Essex Gardens, the first phase of the Setia Eco Templer township in Rawang, Selangor, it is clear that this is a close-knit community. Management corporation (MC) chairman C K Lee and Laurelcap Property Management Sdn Bhd associate director Ho Hon Chiap often stop during our walk to greet and chat with the residents. There is a sense of ease in their interactions, one that is not easy to come by these days.

“I always tell Ho that if everyone smiles upon seeing you, it means you are doing a good job,” Lee says. “Indeed, our [the MC’s] relationship with the MO (management office) is very close. We are helping, supporting and facilitating each other to work towards the same goal — to make Essex Gardens the top place to stay in this part of the Klang Valley.

Ho says: “All 11 MC committees have been really, really supportive in helping us carry out day-to-day and mid- to long-term management plans for such a unique project here. They are also the most committed MC and most close-knit community that I have ever worked with.

“But having said that, the stress is also there, as the residents really care about the community. Every day, we receive messages and photos from the residents about different things — maybe debris in the pond or some street light not working. Every one of them is concerned about the community, and they sincerely want this little paradise they call home to stay as it is now and in the future.”

Away from the hustle and bustle of city life, the picturesque Setia Eco Templer is a one-of-a-kind landed residential development, as it is adjacent to the majestic Bukit Takun, Templer’s Park and Kanching Eco-Forest Park. With nine natural creeks and a river from the forest running through Essex Gardens, it is an oasis for nature lovers.

“The residents of Essex Gardens are nature lovers, which is why we share the same goal of keeping the place as original as possible — hence the high expectations in property management,” Lee says.

The 194-acre Setia Eco Templer was developed by S P Setia Bhd (KL:SPSETIA), and built around the natural terrain, hence the low density. Essex Gardens comprises only 234 houses on a 45.32-acre tract, which translates into roughly five houses per acre.

“If we do some mathematics here, there is only one unit for every 8,000 sq ft. The average land size per unit is 3,000 sq ft, so that means that some 25,000 sq ft in an acre is common area. Now, you can imagine the work involved in the upkeep of the place, especially the landscape — as the trees, plants, creeks and river are all natural, even the drain is natural. Most importantly, they represent Essex Gardens. Without these natural features, the project is no longer unique,” Lee says.

S P Setia president and CEO Datuk Choong Kai Wai, Lee and Laurelcap Property Management (Sel) Sdn Bhd director Jerry Lee (third to fifth from left) with (from left) The Edge Malaysia editor emeritus and the awards’ chief judge Au Foong Yee, The Edge Media Group publisher and group CEO Datuk Ho Kay Tat, The Edge Malaysia editor-in-chief Kathy Fong and City & Country senior editor E Jacqui Chan (Photo by Suhaimi Yusuf/The Edge)

Common goal

A community that shares a goal is the key to success for this development. It achieved a 96.85% collection rate in 2023, despite the 11% increase in maintenance fees from RM2.25 per share unit to RM2.50 in October 2023.

“It was the first revision since the project’s VP (vacant possession) in 2019. It was a necessary move because, from 2022 to 2023, our account was in deficit, which caused some maintenance work to be deferred because of budget constraints. With the increase in maintenance fee, major maintenance and upgrading works have been carried out over the past few months, such as repainting works and replacement of the solar bollard lights,” says Lee.

Coming up with a plan and budget for monthly and long-term maintenance work was the first priority when Laurelcap was appointed property manager for Essex Gardens two years ago.

“The project was not in its best condition when we first took over. But we can’t blame the previous MO. It was mainly due to the lockdowns. At that time, there were many restrictions on carrying out maintenance and upkeep work. Do not forget that the common areas of Essex Gardens required extra daily attention, such as tree pruning and trimming, and creek and river cleaning and maintenance,” Ho explains.

The blurred line between wear and tear and defects also contributed to the delay in maintenance work, he adds. “It is a one-of-a-kind project with so many natural elements. There was some debate and discussion on which falls under wear and tear, and which one is a defect that needs to be rectified.”

Lee says the rising cost of property management also contributed to the project’s falling into “bad shape”. “Therefore, raising the maintenance fees is a must and the proposed rate is reasonable. The agenda was quickly approved by the residents because our wish is to get the place back in shape as soon as possible.”

Thanks to the determination of residents and the property management team, Essex Gardens has successfully regained its former prestige. This achievement culminated in its emergence as a Gold winner in the Below 10 Years — Multiple-owned Strata Residential category at The Edge Malaysia Best Managed & Sustainable Awards 2024 (BMSPA 2024).

Art of communication

A key performance index that was given to the property management team by the MC was “befriend and get close” to all the proprietors, says Lee.

“As a property investor myself, I understand how important a responsible and responsive MO is to property value creation. Listening to the residents, hearing them out, communicating with them, and building good relationships are secrets of efficient property management,” Lee says. “However, we do not encourage the MO to go beyond its boundaries to attend to some unreasonable request. Anything beyond its responsibility, the MC will step in to help. It is also our responsibility as part of the MC, to be the mediator between the MO, resident and developer.”

Lee adds that maintaining a good relationship with the developer is vital for future advisory on the project’s related matters.

“The developer is resourceful. It is the designer and builder of the project and it has the experience and expertise in handling emergencies when something beyond the MC and MO’s capabilities happens. For example, a minor landslide happened in Essex Gardens in 2022, when the Klang Valley experienced abnormal rainfall, which caused several flash floods here and there. The developer took the initiative to restore the site at its own cost,” he recalls.

The developer has also agreed to spend RM2.1 million to set up 1.2km of perimeter fencing with CCTV, motion sensors and spotlights between the houses and a public river, whose section that is within the gated community is currently closed to the public.

“The authority has issued a statement [to open up the river]; so, it is something that is happening soon. Once it happens, outsiders will be able to access Essex Gardens freely from upstream.

“Thus, the fencing is important, direct access to a natural running river was one of the biggest selling points of Essex Gardens, which was a problem to solve. As much as we want the place to stay as it is, we cannot oppose the local authority’s decision, as it is true that the river is public and it is not part of the compound, and we are made aware of it. We want the beauty, but security is paramount. And we are very grateful that S P Setia was willing to build it for us at its own cost after some meetings and discussions,” Lee says.

He adds that it is also a result of the good relationship that the MC and residents have maintained with the developer over the years.

Apart from the perimeter fencing, the MC is also looking to upgrade the development’s campsite with new a toilet and washing area, as well as build a futsal court and a floating event space on the two-acre lake.

“We have a playground and open field, but we do not have a futsal area for active residents. We also lack a multipurpose hall or an event space to organise community activities or private parties. Our lake on the south is farther away from the housing area, surrounded by forest, making it an ideal location for an event space. We are thinking of a floating platform on the lake that can hold about 150 people, just nice for a small wedding or community yoga or exercise space,” Lee says.

Asked about the importance of strong community and professional property management, Lee says both parties are crucial in sustaining a development.

“We (MC members and property manager) will not stay in our positions forever. Apart from restoring and maintaining this place to its original shape as much as possible, and continuing to enhance it, our main task is also to refine the SOPs and set a benchmark for management. This will ensure that in the future, no matter who takes over our current role, there will be a clear guideline and expectations to meet. It is also one of the key reasons for us to participate in BMSPA 2024.”

S P Setia Bhd celebrated its 50th anniversary today with a revitalised commitment to continue crafting spaces that cater to what the community and market needs.

Themed “Shaping Spaces That Shape Us All”, its chief executive officer Datuk Choong Kai Wai said the group has pioneered lively communities, driven by its “LiveLearnWorkPlay” philosophy for the last five decades.

“Today we reaffirm our commitment to these values, aiming to inspire and create spaces that resonate with beauty and purpose,” he said during the group’s Golden Jubilee celebration here today.

Choong also said the group will continue emphasising the importance of sustainability through its various initiatives, like Setia’s eGreen Living and Green Switch.

Meanwhile in conjunction with the group’s 50th anniversary celebration, a fresh approach was adopted for its brand.

This was seen through its four life-size cubics that will serve as an interactive space for the public.

Members of the public will be able to experienced arts and craft activities, ESG workshops, various competitions while enjoying a lineup of musical talents performances on July 21, 2024.

S P Setia Foundation, the charity arm of S P Setia Bhd, held its Sincerely, Setia Special Celebration World Environment Day 2024 recently at Setia EcoHill with students from Setia-adopted schools.

Up to 60 students from Sekolah Kebangsaan Semenyih, Sekolah Jenis Kebangsaan (Cina) Kampung Baru Semenyih, Sekolah Kebangsaan Bukit Tampoi and Sekolah Jenis Kebangsaan (Tamil) Ladang Rinching attended the fun and educational event.

“Since 2000, we are constantly looking for ways to reinvent our sustainable and social responsibility, and to drive positive change, and through this event – with our collaboration with the stakeholders — we hope the students have gain an enlightening educational session in sustainability,” said Setia Foundation’s management committee and Setia’s senior executive vice president Datuk Yuslina Mohd Yunus at the event.

Setia Foundation’s management committee and Setia’s GM of group brand marketing and communications Adelene Wong said: “We have championed our initiatives to align with the United Nations Sustainable Development Goals (UNSDGs), guided by our Trust Deeds. This is an important platform for us to further spearhead our sustainability efforts, especially for adopted school students under our Setia Caring School Programme.”

“We are grateful that this event is supported and sponsored by our valued sponsors to enhance the students’ overall experience, and to impart immeasurable lessons in sustainability,” she added.

Activities for the day were organised by Me Books, a children’s book publisher, with support from ACE Education Group. Ivan Se Hoo Kien Weng, principal of Dwi Emas International School under the ACE Education Group, together with a few teachers led the breakout group in the activities which included water densities and eco-painting, filtration experiments, a storytelling session, creation of posters and canvas momentos, with plenty of goodie bag giveaways.

S P Setia Bhd has completed the sale of its 388.38 hectare land parcel in Tebrau, Johor to Senibong Island Sdn Bhd for RM564 million.

The transaction was conducted through its subsidiary, Pelangi Sdn Bhd.

S P Setia had tried to sell the land twice before to Scientex Bhd, the deals however were blocked by the Economic Planning Unit.

S P Setia said by unlocking the value of this asset, the company said the deal enhanced its financial standing, contributing to an expected profit after tax of RM332 million.

President and chief executive officer Datuk Choong Kai Wai said the transaction complemented the company’s de-gearing efforts, which are happening according to plan and shall contribute to its future growth.

“By efficiently managing our capital structure, channelling resources into fast-developing projects, rationalising our cost structure, and directly boosting our bottom line, Setia is better positioned for expansion and long-term sustainability,” he said in a statement.

In tandem with this, Setia continued to direct its efforts into other revenue streams via landbank management, making its mark in industrial development and continuing with regional expansion in Vietnam and Australia to broaden its income base.

Setia has also commenced pre-initial public offering preparatory work to explore the establishment of a Real Estate Investment Trust (REIT).

“Our strategy to realise the values of our identified land assets has brought us one step closer to an even stronger financial state and supports our efforts to diversify our income base.

“We remain committed to our ethos of excellence and innovation, driving growth while delivering superior value to our stakeholders,” added Choong.

S P Setia Bhd has been presented the Heritage Award of the FIABCI World Prix D’Excellence Awards 2024 in Singapore on May 30 for Battersea Power Station.

S P Setia was part of the Malaysian consortium along with Sime Darby Property Bhd, Employees Provident Fund and Permodalan Nasional Bhd that gave new life to the London landmark.

“We are really honoured to receive this recognition for breathing new life into this iconic London landmark. It is all about how we have managed to preserve its history, façade and old charm while bringing in newness in our offerings, retail mix in the development. This award drives us to continue to push our boundaries in the foreign market,” said S P Setia CEO and president Datuk Choong Kai Wai.

The group also received certificates from the Ministry of Housing and Local Government (KPKT) at their awards excellence ceremony to celebrate the gold award winners of the FIABCI World Prix D’Excellence Awards 2024 in Putrajaya on June 7.

S P Setia chief operating officer Datuk Zaini Yusoff, who was present at the ceremony, said the recognition of the gold awards by KPKT encompassed the company’s previous wins from their developments.

To date, S P Setia holds the world record for the highest number of gold award wins across the globe, with a total of 17 FIABCI World Gold Prix d’Excellence Awards.

Poised to be London’s next bustling hub and destination, the fresh Battersea Power Station has a gross development value (GDV) of an estimated £9 billion (RM52 billion) and was purchased by its current shareholders in 2012.

It comprises 42 acres of prime land and real estate in London, which includes a 3.5 million sq ft of mixed use commercial space, 4,000 residences and hotel, the 164-room art’otel London Battersea Power Station.

“The regeneration development is a testament to Setia’s (and its respective shareholders’) dedication in championing sustainability. Its values resonate with Setia’s commitment to environmental and social responsibility, which are parallel with the group’s vision to be one of the leaders in creating sustainable communities,” stated the developer in a media release.

SHAH ALAM (May 30): S P Setia Bhd (KL:SPSETIA) on Thursday announced a partnership with China’s Ant Digital Technologies and JaGaSolution to establish a smart community app — Setia Go, to enhance property management quality and improve community engagement for its homebuyers.

S P Setia has collaborated with Singapore-based tech consultant StartupX to introduce its first cohort of startups on the app: Kiddocare (on-demand childcare platform); SOLS Energy (home solar programme); Oyen Insurance (pet insurance); Handibee (home warranty programme); BlueDuck (rental solutions); and GrabMaid (on-demand maid service).

Comprising various startups, the Setia Go app aims to redefine property management and improve community engagement, while offering a seamless and integrated experience for Setia homebuyers.

In his opening address, S P Setia president and CEO Datuk Choong Kai Wai said: “Setia Go illustrates our commitment in the National Technology and Innovation Sandbox initiative by Mosti (Ministry of Science, Technology and Innovation). And it’s part of our bid to champion emerging technologies and services across our platforms. I’m confident our partnership with Ant Digital Technologies and JaGaSolution will open more doors for stakeholders to collaborate in the future and introduce the latest innovations.”

Meanwhile, Ant Digital Technologies general manager of international business Derrick Loi told the press that the Setia Go app is also about establishing trust when businesses and consumers connect in a digital domain hence, the company has upgraded the app to create a seamless experience by having the right mix of partners for a curated user experience.

Loi also revealed that the next phases of app development will focus on integrating green and sustainable energy capabilities.