S P Setia Bhd is launching Acorus 2 double-storey terraced homes located within its Setia EcoHill 2 township this weekend (March 27 and 28). With a gross development value (GDV) of RM29 million, the project will offer 62 units with a land area measuring 20ft by 65ft and a built-up of 1,401 sq ft. Selling prices start at RM466,000.

According to S P Setia’s press release, Acorus 2 will give homebuyers the flexibility to change their home layouts. For instance, the layout of the ground floor will allow more rooms to be added easily and is ideal for those wanting a bigger family room, working space, play area or a private garden.

In the statement, Setia EcoHill general manager Koh Sooi Meng said the flexibility is essential to help homebuyers adapt to their unprecedented living needs and lifestyle in the new normal following the Covid-19 pandemic. “We have come to a time where a house is more than just a roof above our heads. We now depend on our house not only for a space to live, but also to learn, work and play.”

Acorus 2 is the second phase of S P Setia’s SEHati Collection at Setia EcoHill 2, following Acorus, whose launch was via an online preview during the movement control order (MCO) period early this year. The first phase is fully booked.

“Seeing the overwhelming response garnered from the first phase, we are proud that our insightful concept and practical design proved to be well received. I believe the affordability and flexible layouts will cater to various needs of homebuyers, be it for young couples or multigenerational families,” Koh added.

EcoHill Walk, Semenyih’s first solar power hybrid commercial hub.

The SEHati Collection is a guarded community secured with smart home alarms and 24/7 security patrols. Surrounding conveniences and amenities include Tenby International School, fitness and event venues at Setia EcoHill’s Club 360 community clubhouse as well as upcoming commercial hub EcoHill Walk.

The development is connected to major Klang Valley highways, including the Kajang–Seremban Highway (LEKAS) and the Cheras-Kajang Expressway.

SEMENYIH: S P Setia Bhd is launching the Acorus 2 double-storey terraced homes located within its Setia EcoHill 2 township.

In a statement, the developer said the second of the 5-phased SEHati Collection, Acorus 2 consists of 62 units of double-storey terrace homes with a land area of 20’ x 65’ and a built-up of 1,401 sq ft.

It added that the Acorus 2 innovatively provides homebuyers the flexibility to change their home layouts.

With a gross development value of RM29mil, the homes are priced from RM466,000 onwards.

Setia EcoHill general manager Koh Sooi Meng said: “We have come to a time where a house is more than just a roof above our heads. We now depend on our house not only for a space to live, but also to learn, work and play.”

“In view of the situation caused by the Covid-19 pandemic, flexibility is essential to help homebuyers adapt to their unprecedented living needs and lifestyle in the new normal,” he said.

Although launched via a special online preview amidst the ongoing Movement Control Order (MCO), Acorus had received an overwhelming response and successfully achieved a 100% take-up rate.

“Seeing the overwhelming response garnered from the first phase, we are proud that our insightful concept and practical design proved to be well-received.

“I believe the affordability and flexible layouts will cater to the various needs of homebuyers, be it for young couples or multigenerational families,” Koh said.

PETALING JAYA: S P Setia Bhd is looking out for potential buyers of its landbank following several years of expansion on this front.

The property developer’s planned corporate move would allow it to raise funds for its other strategic developments as it sets a sales target of RM3.8bil for this year.

“From 2016 to 2018, we had embarked on several expansion initiatives. In 2016 and 2017, we acquired new landbank in the mainland of Penang, Bangi, Australia and Singapore, ” the company said in its 2020 annual report.

“We also acquired I & P Group Sdn Bhd and all its subsidiaries in 2017, therein expanding our landbank from 5,384 acres to 9,660 acres, ” it added.

S P Setia said it now has a total of 8,528 acres of landbank in Malaysia, Australia, the United Kingdom, Singapore, Vietnam, China and Japan.

These landbanks have a potential effective gross development value (GDV) of RM136.87bil, the property developer said.

Last year, the company said it had managed to sell some land in Setia City, Shah Alam to Supermax Corp Bhd’s subsidiary for RM73.5mil.

This land will eventually house Supermax’s business headquarters.

“This forms part of our placemaking plans, in which we seek to attract reputable corporations to invest in our township to increase overall footfall and vibrancy, ” the company said.

Meanwhile, the company said that it had managed to see a significant reduction in its completed property inventory despite the challenging economic climate in 2020.

“During the year, our emphasis shifted from launching new properties to reducing our completed inventory.

“These efforts proved successful, contributing to a reduction in inventories from RM1.46bil to RM1.09bil, ” S P Setia said.

The company noted that the year 2020 saw it offering attractive incentives for the sale of its completed projects with its campaigns including Setia Now.

Moving forward, S P Setia said it would like to grow its property investment portfolio to generate 10% of its earnings before interest and taxes (EBIT) by 2025 and 30% by 2035.

To do this, the company said it would reduce its gearing levels and maintain an optimal capital structure.

“The monetisation of selected landbank to raise funds will be the key focus area for 2021, ” it said.

S P Setia said it would also like to diversify into new markets and businesses in industries such as logistics, e-commerce, healthcare and assisted senior living residences.

The company also noted that it would also expand its investment property portfolio to diversify its business and secure steady revenue streams.

KUALA LUMPUR (March 24): Property developer S P Setia Bhd said it had identified several potential areas for business diversification, according to the group’s 2020 Annual Report released today.

It said logistics, e-commerce, healthcare and assisted senior living are among the markets to be explored by the group.

This is among the key areas to build S P Setia’s business in a profitable yet sustainable manner, noted the group.

S P Setia said it is constantly on the lookout for partners who are able to offer different areas of expertise that would complement and unlock the value of its land bank.

“We seek to strategically expand our investment property portfolio as a means of business diversification and to secure steady revenue streams,” it said.

Moreover, it seeks to reduce its gearing and maintain the optimal structure by continuously reviewing its capital structure to ensure it is able to support project development and growth, besides monetising selected land bank to raise funds, which will be a key area in 2021.

As property sales are the group’s key source of revenue, S P Setia said it had accelerated the adoption of digital technologies to engage with potential buyers online by launching two apps, namely Setia On The Go and Setia Virtual-X, with various targeted advertising and promotional activities during the movement control order (MCO) period.

To recap, the property developer returned to the black in the fourth quarter ended Dec 31, 2020 (4QFY20) with a net profit of RM55.49 million, from a net loss of RM263.43 million for the immediate preceding quarter, due to the absence of an impairment loss of RM336.3 million from its 40%-owned British joint venture (JV) Battersea Project Holding Co Ltd.

Its quarterly revenue also recovered by 3.08% quarter-on-quarter (q-o-q) to RM1.11 billion from RM1.08 billion for 3QFY20.

However, on a yearly basis, net profit dropped by 24.03% year-on-year (y-o-y) to RM55.49 million from RM73.04 million for 4QFY19, but quarterly revenue grew by 39.88%.

For the full FY20, however, S P Setia was in the red with a net loss of RM321.03 million against a net profit of RM353.75 million a year earlier.

At the time of writing today, S P Setia was down three sen or 2.73% to RM1.07, with some 1.22 million shares traded. At RM1.07, the group had a market capitalisation of RM4.3 billion.

16 MARCH, SHAH ALAM: S P Setia Berhad’s flagship township development, Setia Alam in Shah Alam, Selangor, held an online launch for its latest Bywater Homes double-storey terrace project, Plenum. The online launch saw the phase being fully booked within an hour of going live on 14 March, Sunday.

With a gross development value (GDV) of RM52 million, Plenum consists of 62 freehold units measuring 22ft by 70ft. Price starts from RM778,000, and its two built-up sizes are 2,157sqft and RM2,080sqft.

“We are elated by the overwhelming response received for Plenum as with all our Bywater Homes’ earlier phases. This is a testament to the trust purchasers have in the Setia brand and in what Setia Alam can offer. Especially with the COVID-19 Movement Control Order and its recovery phases after that, there is a higher realisation and demand for homes in matured townships that is safe and secured, surrounded by a variety of amenities and seamless connectivity infrastructures which are fundamental for self-sustaining lifestyles,” said Bandar Setia Alam Divisional General Manager Tan Siow Chung.

He added, “Many of our buyers for the Bywater Homes project are upgraders from surrounding areas like Meru, Kapar, Bukit Tinggi in Klang as well as Shah Alam.”

Tan Siow Chung, Divisional General Manager

For those who have missed out on owning homes such as Plenum in Setia Alam, fret not! We are planning to launch the new township, Setia Alaman, which is adjacent to Setia Alam, very soon and can look forward to the same well-thought township planning as Setia Alam. Those who are interested in being the first to know about the launch can register their interest at spsetia.com/en-us/property/malaysia-(central)/setia-alam/setiaalam/home or contact +603 3343 2255.

Type E of Plenum double-storey terrace homes are fitted with 4+1 bedrooms

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KUALA LUMPUR (March 16): S P Setia Bhd’s township Setia Alam in Shah Alam, Selangor, saw 62 units of its Bywater Home two-storey Plenum product fully booked within an hour after its online launch on March 14.

The RM52 million Plenum homes measure 22ft by 70ft and come with two built-up of 2,157 sq ft and 2,080 sq ft with prices starting from RM778,000. The units come with four bedrooms.

Bandar Setia Alam divisional general manager Tan Siow Chung said in a press release that many of the buyers were upgraders from surrounding areas like Meru, Kapar, Bukit Tinggi in Klang and Shah Alam.

Tan said many of the buyers were upgraders from surrounding areas like Meru, Kapar, Bukit Tinggi in Klang and Shah Alam.

“We are elated by the overwhelming response received for Plenum as with all our Bywater Homes’ earlier phases,” he said.

Type F of Plenum offers thoughtfully designed spaces to live, learn, work and play with four bedrooms and two living areas.

“With the Covid-19 Movement Control Order and its recovery phases after that, there is a higher realisation and demand for homes in mature townships that are safe and secure, surrounded by a variety of amenities and seamless connectivity infrastructures which are fundamental for self-sustaining lifestyles.”

Meanwhile, S P Setia is readying itself for the launch of its new township Setia Alaman, which is adjacent to Setia Alam. More details will be forthcoming.

The property submarket known as KL prime fringe is formed by the triangulation of the affluent Damansara Heights in the north, cosmopolitan Bangsar in the centre and south, and transportation hub KL Sentral in the east. This area, located on the fringe of the Kuala Lumpur central business district, has rapidly emerged as the choice location for office space; a consequence of better access, upgraded road and rail connectivity and a proliferation of facilities and amenities to support the business communities and office crowds, says Knight Frank Malaysia’s Executive Director of Corporate Services, Teh Young Khean. “Geographically, these prime fringe areas have the double benefit of being within reasonable commute to KL city and major satellite cities in the Klang Valley, with access to a deep talent pool.”

Now, an upcoming landmark is poised to capture the attentions of businesses looking out for an office in this area dubbed as Kuala Lumpur’s new golden triangle, to better serve their needs in a post-Covid world with “cost optimisation and cost savings foremost on the minds of corporate real estate planners,” Teh says. The 42-storey Aspire Tower rises as the gleaming jewel in S P Setia’s KL Eco City, and is scheduled for completion in the second quarter of 2022. A Grade-A stratified office, Aspire Tower presents a rare opportunity for entrepreneurs and owner-occupants to purchase their own office in a part of Kuala Lumpur made most desirable by its location, proximity to established living precincts and a tempting view of capital gains by virtue of its prestigious business address on Jalan Bangsar and within a short stroll by pedestrian link bridge to Mid Valley City.

The KL Eco City development taps on the potential of this emerging new commercial hub within KL Fringe which has since attracted high-profile tenants from professional services, consumer electronics and new tech such as Samsung Malaysia Electronics,Zurich Malaysia, F-Secure, Gibraltar BSN Life Berhad , Phillip Wain Malaysia, WeWork, Shopee, Klook, J&T Express, Veolia Water. Situated within KL’s new golden triangle, KL Eco City leverages on its highly strategic location by creating new standards in accessibility, design and architecture, functionality as well as rental rates.

This 25-acre mixed-use and transit-oriented KL Eco City development is conceived as a city-within-a-city, anchored by commercial offices, luxury residential tower, lifestyle retail outlets and a four-star hotel which will be flagged under the Thai-originated Amari chain.  As winner of 2019 FIABCI Malaysia Property Awards (Office Category) and World Gold Winner of 2020 FIABCI World Prix d’Excellence Awards (Office Category), KL Eco City is a game-changer for the astute businessmen and investors.

Knight Frank Malaysia’s Executive Director of Capital Markets James Buckley states: “The strata market remains dominated by owner-occupiers who are usually small to medium business owners looking to pay down their own asset rather than paying off someone else’s. With the cost of borrowing at historic lows, these buyers, together with investors are looking for value and developments, such as KL Eco City, which have good amenities within well-integrated locations – those within close proximity to MRT/LRT stations are especially highly sought after.”

Buckley notes that transaction volumes in 2020 were almost at a standstill due to the lock down restrictions and the few that transacted would indicate prices have softened about 10 and 15 per cent. “In the fourth quarter of 2020, occupancy in KL City was 68.7 per cent whilst in KL Fringe, it was 85.7 per cent,” Buckley says, adding, “in general, KL City is dominated by the finance, oil and gas sectors, whilst there is a much broader tenant mix in KL Fringe who favour the improving connectivity, lower rents and good amenities.”

From left: YY Lau, JLL Property Services’ Country Head, Teh Young Khean, Executive Director of Corporate                                                                                                  Services at Knight Frank Malaysia and James Buckley, Executive Director of Capital Markets at Knight Frank Malaysia.

Naturally, interconnectivity is a key attraction for KL Eco City, with over RM200 million invested in six new ramps and bridges offering multiple ingress and egress onto its prime address of Jalan Bangsar. The entire project is served by a unique internal road system for smoother incoming and outgoing traffic flow. The upper tier lends support to the ground tier during peak hours; ingress can happen at the upper tier with egress through the lower tier, which doubles up the capacity to cater for traffic flow into and out of the development. The upper tier doubles as a passenger drop-off area and lower tier caters for service and delivery vehicles.

Located at the core of Kuala Lumpur’s major transport links, KL Eco City offers superiors public transportation through its LRT-KTM integrated rail hub comprising the existing Abdullah Hukum LRT Station which is linked to the new KTM Komuter Station. A pedestrian link bridge to Mid Valley City also provide easy access to The Gardens/Mid Valley Megamall extending the retail and lifestyle options.

Aspire Tower is the tallest and finest office tower in the heart of the KL Eco City development. As a landmark building, the name ‘Aspire Tower’ reflects the ambitions and aspirations of the people that work and invest within the development – the tower’s name is a call to action, encouraging Malaysian leaders, executives, entrepreneurs and business owners to keep ‘looking up’ and to continue to achieve their dreams. It also aims to cement the status of global corporations by upholding the greatest standard in the integration of flexible workspace, leisure and interconnectivity. Intelligently designed to engender creativity and collaboration between businesses, Aspire Tower aims to establish a dynamic corporate community.

The tower’s highest floor will host a sky dining and lounge concept, commanding views of the surroundings from the leafy enclaves of Bangsar/ Pantai and even the Petronas Twin Towers. Just below are various office configurations, with Executive office starting from 1,152 sq ft up to the en-floor Premier Office which covers 18,690 sq ft on higher floors.

Aspire Tower elevates productivity to new heights by offering a range of service premises advancing a lifestyle element beyond the conventional 9-to-5. Service premises which include wellness facilities adjoining with a swimming pool, sky dining and business centre are available for outright purchase by companies. This corporate office tower will be served by 16 elevators whisking its occupants to either the low zone or high zone via two independent lift lobbies. Proprietors at Aspire Tower can enjoy the unique benefit of owning car parking spaces where a purchase of selected office space within the tower entitles you to your very own private parking bays for absolute convenience. Each parking space transforms a significant cost outlay into an investment and an asset.

“The advent of the virus has caused organisations to re-evaluate not just where but how they work,” Teh observes. “Beyond an adoption of flexi-hours depending on the nature of work, there is also a demand for essential office facilities, for example, dedicated space for staff collaboration, sense of work, training, recruitment, meetings, support and other such services. We foresee that organisations which have adopted the hybrid working model may find this a beneficial model going forward.”

Aspire Tower possesses a great degree of modularity for its owners, with the flexibility to adapt its various unit sizes. For those looking to downsize in an era where flexi-working and WFH has become the norm, S P Setia’s tailored offerings feels like a comprehensive solution without the need for extended leasing negotiations. The building and development’s extended service premises also means that proprietors, occupants and the community can enjoy the holistic “workstyle” promoted by S P Setia, redefining the workplace and working culture.  Aspire Tower offers a range of lifestyle options to stimulate productivity workplace satisfaction and ultimately, talent retention in the millennial era while uniquely set up to cater for different enterprises.

A fairly limited pipeline of office spaces in the KL prime fringe has also increased the desirability of new office space in an area which has seen rising rental yield with tech, service providers and business process outsourcing firms decamping to newer developments on the city fringe from ageing Kuala Lumpur properties, of which an estimated 70 per cent are 15 years and more. JLL Property Services’ Country Head YY Lau points out: “newer stocks in the KL fringe which usually are part of master-planned integrated developments also means prestige for companies who require brand visibility, ease of access to F&B, hotels and residential options for employees.”

“The Covid-19 National Vaccination Plan which is expected to be rolled out in stages may help to lift economic sentiment,” Teh says. “We anticipate that the office market will gain some momentum by end 2021 or early 2022 as pent-up demand will galvanize companies to explore the market especially those who are presently adopting a wait-and-see approach. Well maintained MSC buildings within transit-oriented developments will continue to be in demand.”

KUALA LUMPUR (Feb 25): S P Setia Bhd has recorded sales of RM3.82 billion in the financial year ended Dec 31, 2020 (FY2020), surpassing the group’s target sales of RM3.8 billion.

In a media statement today, S P Setia said against the backdrop of this noteworthy accomplishment and complemented by a revenue of RM3.23 billion achieved by the group, impairment provisions of RM475.9 million made in the previous second and third quarters of FY2020 nevertheless resulted in the group registering a loss before tax of RM156.7 million for the year in review.

The provisions, largely for the impairment of the work in progress and inventories under construction of £62.4 million (RM336.3 million) arising from the Group’s 40% owned joint venture company, Battersea Project Holding Company Ltd, the United Kingdom (BPHC) in the third quarter FY2020, were made as a prudent measure and had no impact on the group’s cash flow position.

Excluding these impairment provisions, the Group would have a profit before tax of RM319.2 million for the year in review, said the statement.

S P Setia Bhd president and CEO Datuk Khor Chap Jen (pictured) said the group has recorded a significant surge of RM1.56 billion in sales and a substantial RM1.45 billion of bookings in the pipeline during the last quarter of FY2020 against the backdrop of a resurgence in Covid-19 cases and subsequent re-implementation of the movement control order (MCO).

Local projects contributed RM3.11 billion or approximately 81% of the sales while the remaining RM716.0 million or approximately 19% were contributed largely by international projects.

On the local front, sales were mainly from the Central region with RM2.28 billion, aided by RM312.0 million contribution from the Northern region while the Southern region contributed RM415.0 million.

“We managed to clear RM695 million of completed inventories in FY2020 and will continue to do so in FY2021. Riding on the upsurge in sales momentum during Q4FY2020, S P Setia will maintain its sales target of RM3.80 billion for FY2021. There are positive sentiments and optimism arising from the mass vaccination programme, which will be rolled out in stages globally and across Malaysia,” said Khor.

As of Dec 31, 2020, S P Setia has 48 on-going projects, with an effective remaining landbank of 8,528 acres valued at a gross development value of RM136.87 billion and total unbilled sales of RM10.05 billion which will sustain the Group over the next two years.

THIS year, SP Setia Bhd extends its lunar new year greetings with a meaningful message.

In its festive video titled Different Traditions, Same Celebration, the developer has embraced the diversity in Chinese New Year celebrations.

The heartwarming video, inspired by the different Chinese dialect groups in Malaysia, depicts the unique celebrations of the respective communities.

It seeks to convey the message that despite the nuances of each dialect, all communities share one common aim – to make it a celebration of new beginnings, prosperity and abundance.

From Cantonese, Hainanese and Hokkien to Foochow, Teochew and Hakka, the traditions and customs of each group are vividly captured, furnishing the video with educational value.

Transcending the differences are the values celebrated by all families – happiness, sense of togetherness, and hope for a better tomorrow.

With that, SP Setia wishes everyone an auspicious, joyous and prosperous Lunar New Year.

Watch the video at www.youtube.com/watch?v=b1U3V7sPSd0&t=1s

SETIA ALAM (Feb 2): S P Setia Bhd CEO Datuk Khor Chap Jen and deputy president and COO Datuk Wong Tuck Wai will be retiring by the end of September 2021, the company has appointed Datuk Choong Kai Wai to succeed Khor and Datuk Koe Peng Kang to succeed Wong effective Oct 1, 2021.

In a media statement today, SP Setia has announced the succession plan which is part of the company’s leadership talent agenda, implemented based on the robust leadership discussions within the company.

“I have full confidence that Choong will continue to provide great leadership, given his breadth of leadership and business experience both in the domestic and international market. He will build on the current foundational success of S P Setia and continue to build organisational capabilities to carry on the good momentum set by Khor,” S P Setia chairman Tan Sri Datuk Seri Syed Anwar Jamalullail said in the media statement.

Khor was appointed the acting CEO on Jan 1, 2015 and subsequently, took on the CEO position on April 1, 2016, with a clear mandate to reposition S P Setia to a market leadership position. His leadership has seen many awards achieved by the company and team Setia, ranging from the coveted awards of being the World Gold recipient of five FIABCI Prix d’Excellence Award to many others. He was also instrumental in the successful completion of the integration process following the acquisition of I & P Group Sdn Bhd by S P Setia in 2017.

Meanwhile, Choong comes with more than 30 years of experience in the property and construction industry with experiences ranging from technical to business leadership roles. He holds a BSc (Hons) Mechanical Engineering from The City University London and is currently the Executive Vice President of S P Setia leading the Australian market.

Choong joined S P Setia in May 2010 as the CEO of Setia (Melbourne) Development Pty Ltd and has since grown S P Setia’s business in Australia and positioned the brand name of Setia very strongly within the Australian Property market, known for quality design and precision in on-time delivery.

Choong will be supported by Koe, who graduated with a BSc (Hons) Civil Engineering from the University of Leeds and completed his MSc in Construction Management from the University of Birmingham. He has been in S P Setia since 1997 and has been directly involved in the development of the Eco Series for the S P Setia Group.

Koe will carry on the operational excellence of S P Setia from Datuk Wong Tuck Wai, who was appointed the acting COO on Jan 1, 2015 and COO on April 1, 2016.

“The board of directors, management and staff of S P Setia look forward to working closely with Choong in his new role as CEO. His international experience will add on new perspectives to growing our business beyond the Malaysian shores as we look at diversifying and expanding S P Setia into a global business player, complementing the current regional and global investments.

The rich combination of both the experiences of Choong and Koe will present S P Setia with the right opportunity to take the group to greater heights,” said Syed Anwar.