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.

23 APRIL, SETIA ALAM – S P Setia kick-started the year with positive take-up rates for its residential products as of the first quarter of 2021, despite the weak market sentiment that is expected of the property industry during the pandemic.

Acorus at Setia EcoHill 2, Semenyih was launched via a special online preview which saw its double-storey terrace units (20 ft x 65 ft) fully taken up before the Chinese New Year. Following this success, Acorus 2 was launched in March and attracted many home buyers with its reasonable price range. 70% of the units were taken up on the first day of its launch. Koh Sooi Meng, General Manager of Setia EcoHill was elated with the 100% take-up rate and hence had brought forward the launch of Acorus 2.

The latest phase of Setia Alam‘s Bywater Homes collection in Shah Alam, Plenum, also defied challenges of travel restrictions with overwhelming response from its online launch in mid-March, as all its double-storey units (22 ft x 70 ft) 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 is safe and secured, surrounded by a variety of amenities and seamless connectivity infrastructures.
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 next 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,” said Setia Alam Divisional General Manager Tan Siow Chung.

Launched in January, Melodia1 in Alam Impian, Shah Alam, secured 99% take-up rate. These double-storey terrace homes are sized at 22 ft x 75 ft and have modern contemporary designs. Following Melodia1’s success, Melodia2 is next to be launched in the second quarter of this year.

“The Covid-19 pandemic is unprecedented in many ways. Restrictions on our movements had reinforced the importance of the home as a sanctuary and home office,” said S P Setia Executive Vice President Datuk Zaini Yusoff.

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

Meanwhile, not only did S P Setia’s mid-range properties reached excellent take-up rates, its premium-range properties made noteworthy achievements in attracting the attention of home buyers and investors alike.

With GDV of RM156 mil, Glades of Westlake, a unique modern-oriental concept which is the second last island phase of Setia Eco Glades in Cyberjaya, was launched towards the end of March and saw almost 70% of its double-storey semi-detached homes (41 ft x 85 ft) priced from RM1.8mil and bungalows (59 ft x 85 ft) priced from RM3.1mil booked within just 3 weeks after the launch.

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

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

Setia Eco Park’s Precinct Arundina in Shah Alam, which is Phase 1B with GDV of 114 mil launched towards the end of March, has also seen 70% of its double-storey semidetached units (from 32 ft x 75 ft) priced from RM1.3mil taken up within a month. It has recently completed Central Park, which will form the green lung of the development with natural waterways and greenery to foster a healthy communal lifestyle.

The ongoing accelerated trend of digitalisation is significantly affecting all levels of societies and organisations. We salute our Board of Directors for playing an active role in ensuring our organisation adapts to change swiftly and remains competitive. As stewards of the organisation, they have been advocating unconventional thinking to improve oversight of risks and opportunities posed by the disruptive forces and events, including, but not limited to, the enormous shifts in the way we work and live expedited by the current COVID-19 pandemic.