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As Malaysia enters the fourth week of the Movement Control Order and the Malaysian government calling out for support in the fight against Covid-19, S P Setia through its charity arm, S P Setia Foundation, stepped up and donated RM500,000 worth of medical equipment and supplies to the Malaysian hospitals and frontliners.
This is in addition to the previously committed pledge of RM1.0 million to the Government-Linked Companies (GLCs) and Government-Linked Investment Companies’ (GLIC) Disaster Response Network (GDRN) Collective Contribution.
To date, S P Setia Foundation has delivered a ventilator, patient monitor system and syringe pumps to Hospital Selayang, Selangor. Over 4,300 units of N95 face masks were procured and given to the Hospital Kuala Lumpur and 50 units of aerosol boxes, a protective device when intubating patients, were distributed to various hospitals across Peninsular Malaysia.
S P Setia Foundation has a record of supporting the nation or provide relief in times of crisis. Since its inception in 2000, the Foundation has raised over RM74.3 mil to support various charitable pillars as listed in its trust deed.
Among these are initiatives for distressed Malaysians affected by epidemics; assisting in the advancement of the education of disadvantaged pupils in Malaysia; providing assistance in meeting the needs of Malaysians who are underprivileged, disabled, poverty-stricken or critically ill; and organising activities that will promote national unity.
The GDRN, together with various partners, is working and coordinating together to streamline GLC and GLIC’s support to assist the Ministry of Health (MOH) in responding to the Covid-19 pandemic.
Of the RM51.5 million collected as of 1 April 2020, RM42.6 million has been allocated to support the MOH to purchase medical supplies, and RM8.9 million has been earmarked to support families, front-liners and stranded university students with non-medical supplies.
S P Setia will continue to expand its humanitarian efforts to help ease those affected by the unforeseen and unexpected hardship following the pandemic.
In the pipeline is Setia’s Food Aid initiative for foreign workers, which will be rolled out as soon as possible
S P Setia Expands Its Humanitarian Efforts To Support The Fight Against Covid-19
As Malaysia enters the fourth week of the Movement Control Order and the Malaysian government calling out for support in the fight against Covid-19, S P Setia through its charity arm, S P Setia Foundation, stepped up and donated RM500,000 worth of medical equipment and supplies to the Malaysian hospitals and frontliners.
This is in addition to the previously committed pledge of RM1.0 million to the Government-Linked Companies (GLCs) and Government-Linked Investment Companies’ (GLIC) Disaster Response Network (GDRN) Collective Contribution.
To date, S P Setia Foundation has delivered a ventilator, patient monitor system and syringe pumps to Hospital Selayang, Selangor. Over 4,300 units of N95 face masks were procured and given to the Hospital Kuala Lumpur and 50 units of aerosol boxes, a protective device when intubating patients, were distributed to various hospitals across Peninsular Malaysia.
S P Setia Foundation has a record of supporting the nation or provide relief in times of crisis. Since its inception in 2000, the Foundation has raised over RM74.3 mil to support various charitable pillars as listed in its trust deed.
Among these are initiatives for distressed Malaysians affected by epidemics; assisting in the advancement of the education of disadvantaged pupils in Malaysia; providing assistance in meeting the needs of Malaysians who are underprivileged, disabled, poverty-stricken or critically ill; and organising activities that will promote national unity.
The GDRN, together with various partners, is working and coordinating together to streamline GLC and GLIC’s support to assist the Ministry of Health (MOH) in responding to the Covid-19 pandemic.
Of the RM51.5 million collected as of 1 April 2020, RM42.6 million has been allocated to support the MOH to purchase medical supplies, and RM8.9 million has been earmarked to support families, front-liners and stranded university students with non-medical supplies.
S P Setia will continue to expand its humanitarian efforts to help ease those affected by the unforeseen and unexpected hardship following the pandemic.
In the pipeline is Setia’s Food Aid initiative for foreign workers, which will be rolled out as soon as possible
How top developers are navigating the MCO
It is an unprecedented time as the nation grapples with the Covid-19 pandemic. Plans are being redrawn and new measures are being imposed by the government, affecting all sectors, including property development.
The Movement Control Order (MCO), which has now has been extended to April 14, has resulted in a nationwide shutdown of all non-essential business premises, including property sales galleries. For developers, project launches are being deferred while sales have suffered.
City & Country contacted top 10 developers in The Edge Malaysia Property Excellence Awards (TEPEA) 2019 that are looking at innovative ways to stay in touch with homebuyers and investors in the short run. The Edge Malaysia Top Property Developers’ Awards, which anchors TEPEA, ranks the best property developers in the country based on both qualitative and quantitative attributes. With the exception of Sunway Property (the property arm of Sunway Bhd), IOI Properties Group Bhd and UOA Development Bhd, which declined to participate, the top developers talk about how they have resorted to digital platforms and mobile apps, with some opting to sell their products online. Below are their takes on and short-term plans for the MCO.
S P Setia Bhd
President and CEO Datuk C J Khor
“ We are leveraging our digital communication platforms to keep in touch with our buyers. These platforms include telephony, SMS, emails, websites, mobile apps, social media and social chat. When the MCO was announced, we immediately informed all our buyers that S P Setia has activated the work-from-home arrangement and provided them with the key contacts to call [should they require assistance].
We have also ensured that all of our product information is made available on our digital channels. Customers can view the product details and reach out to our personnel through the various digital channels available.
We have also introduced the Setia Community mobile app where buyers at our key townships can interact with us. We are continuously improving our services and adopting new communication channels to engage with our buyers.
Interest in Battersea Power Station project spikes 300% on Brexit
INTERESTin the £9 billion (RM49.64 billion) Battersea Power Station development in London surged, especially for the residential units, early this year, the same month the UK officially severed its links with the European Union (EU).
Enquiries and transactions in January were the busiest start to a year in at least five years for the developer, Battersea Power Station head of sales and lettings Mark Hutton said.
Interested buyers, who have been speaking with the developer for the past one year, are ready to commit, Hutton said.
The sales recorded early this year were across both Phase 2: The Power Station, and Phase 3: Frank Gehry and Foster + Partners buildings.
Generally, sales for the Battersea Power Station tend to peak in the spring, between March and May, and autumn (September to November).
Roughly, 50% of buyers for the Battersea Power Station are locals, while the remaining 50% are international purchasers from Asia, Europe and the Middle East.
The integrated development recorded £120 million in sales last year, a figure which is expected to be eclipsed this year based on the initial responses.
Battersea Power Station is owned by a consortium comprising SP Setia Bhd, Sime Darby Property Bhd and the Employees Provident Fund (EPF).
The commercial assets within the Battersea Power Station building are now directly owned by Permodalan Nasional Bhd and the EPF following an acquisition in early 2019.
Brexit has seen three extensions since the UK-wide referendum in June 2016, where the majority voted for a divorce from the EU.
The uncertainties regarding the withdrawal took a toll on sales of the Battersea Power Station units. However, the Conservative Party’s victory in the UK snap election in December 2019 enabled the UK to finally ink the exit from the EU in January 2020.
UK house prices jumped 0.4% in January due to greater market certainty and optimism and are up 0.9% year-on-year (YoY), according to a recent report by the Home. co.uk Asking Price Index — the UK’s only independent forward market indicator.
It added that while an uptick may be anticipated on a seasonal basis, the YoY figures show that market conditions are improving over and above expectations.
S P Setia to launch final tower of Setia City Residences
Setia Alam, S P Setia Bhd’s flagship development launched in 2004, has evolved from an oil palm estate into an award-winning, self-contained township.
Once accessible via only Jalan Meru, the 2,525-acre township in Shah Alam, Selangor, now boasts a wide variety of properties and is accessible via links such as the New Klang Valley Expressway, Federal Highway and Lebuhraya Shah Alam.
Today, Setia Alam has a gross development value (GDV) of RM20 billion and the entire township is expected to be completed by 2027.
At its heart is the 240-acre Setia City, which is slated to bring Setia Alam to the next phase of growth. Currently, buildings of note are S P Setia Headquarters, Setia City Mall, Setia City Convention Centre, Audi Centre Setia Alam, Top Glove Tower and Trefoil, which offers small office flexible office space.
Setia City
S C Tan, general manager of S P Setia, tells City & Country that the developer has about 100 acres of undeveloped land in Setia City. Three more corporate plots of about 2.5 acres each are up for sale.
Setia City Mall — a joint venture between S P Setia Bhd and Lendlease Development (Malaysia) Sdn Bhd — is also set to be the largest mall in Shah Alam when Phase 2 is completed by the second quarter. Upon completion, the mall will have 1.2 million sq ft in total.
Tan adds that the mall is currently more than 90% tenanted and the extension is scheduled for opening in 3Q.
Trefoil is now 70% occupied. In Setia City, Setia City Residences is the only product available for sale now.
Setia City Residences
Located diagonally across from Setia City Mall, Setia City Residences is a serviced apartment project offering a total of 780 units in three towers. The first two towers — Towers A and B — were launched in
August 2016. Tan says S P Setia plans to launch Tower C by end-March.
Tower C at the end of this month. Completion is scheduled for early next year, so buyers of Tower C don’t have to wait long to get their units,” he says.
Setia City Residences has a GDV of RM350 million. The units in Tower C have built-ups of 858 to 1,221 sq ft and will come with two to three parking bays. To be priced at RM593,000 to RM790,000, they will be fully furnished.
There will be one sub-basement car park and five levels of podium car park — from levels three to seven — while the facility floor is on the eighth floor. The facility deck will have a variety of facilities, such as a yoga lawn, swimming pool, playground, gymnasium, Jacuzzi, tennis court, spiral skyway, oval pavilion, barbecue pit, par course and function hall.
There will also be 10 retail units on the ground floor, of which one will be a standalone building next to the apartment block. These retail units are sized from 3,822 to 6,655 sq ft. Tan says these units will be rented out first.
He notes that S P Setia is looking to build more high-rise properties in Setia City, with the possibility of including apartments, small office home office (SoHo) and strata offices, which will represent the company’s “live, learn, work, play” development philosophy.
S P Setia set to achieve higher earnings this year
PETALING JAYA: S P Setia Bhd is set to achieve strong earnings this year despite the challenging market conditions.
The company, which has set a bullish sales target of RM4.55bil for this year, will be focusing on landed residential projects to grow its earnings, said Macquarie Research in a report.
TA Securities said overall demand for the group’s landed properties remain resilient, with maiden launches in Setia Safiro Cyberjaya and Setia Mayuri Semenyih fully taken up.
Credit Suisse said it expects SP Setia’s 2020 profit to improve 11% year-on-year, on the back of more advanced progress billings and also ongoing efforts to monetise unsold inventories.
The research house is maintaining an ‘outperform’ call with a target price of RM1.70.
MIDF Research meanwhile is maining a ‘buy’call on the stock with an unchanged target price of RM1.86.
Credit Suisse meanwhile said further monetary easing will be supportive of the property market.
In spite of the challenging economic climate, S P Setia Bhd achieved total sales of RM4.56bil, to meet its RM4.55bil sales target for 2019.
This was in spite of global geopolitical issues such as the US-China trade tensions, unrest in Hong Kong as well as tight lending criteria in Malaysia.
For the year ended Dec 31,2019, the group’s revenue and profit before tax came in at RM3.93bil and RM598mil, respectively.
Local projects are the biggest contributor to sales, bringing in RM4.01bil or about 88% of sales, while the remaining 12% is fulfilled by international projects such as UNO Melbourne in Australia, Daintree Residence in Singapore and EcoXuan in Vietnam, according to the company.
On the local front, sales were largely from the central region with RM2.78bil, aided by a RM747mil contribution from the southern region and RM480mil from the northern region.
For the final quarter of 2019, the group witnessed its strongest period, with a RM1.49bil spike in sales.
It said this was attributed to eleventh-hour purchases by home buyers to take opportunity of the incentives of the Home Ownership Campaign (HOC).
A total of RM675mil in sales from the HOC were secured during the fourth quarter.
For the full-year, total sales brought in by the HOC amounted to RM1.82bil.
SP Setia said its efforts to clear inventories had also contributed an additional RM637mil.
MIDF Research said the company’s earnings were within expectations.
SP Setia’s 2019 core net income of RM306.8mil came in within expectations, meeting 101% and 97% of our and consensus full year estimates respectively.
“Note that we have excluded mainly disposal gains on former British Embassy Land and foreign exchange losses in our core net income calculations.”
UBS meanwhile said SP Setia’s core profit after tax and minority interests (Patmi) was in line with its estimates.
“We expect launches in the first quarter to be slow before management starts ramping up again in the second quarter. “
Keeping up with CNY custom across the sea
SP SETIA’s Chinese New Year tradition continued miles away as business associates and friends gathered for a yee-sang toss during the annual festive dinner organised by the company’s Melbourne office.
Malaysians who could not return home to celebrate with their families, were able to share in the Chinese New Year atmosphere Down Under.
Setia (Melbourne) Development Company Pty Ltd chief executive officer Datuk Choong Kai Wai together with his team greeted and welcomed guests to the dinner.
“Malaysians are very lucky to have diverse cultures and we want to continue such traditions by celebrating with other Malaysians here in Melbourne.
“The different cultures coming together reflects the true Malaysian spirit, making this event a happy occasion for all,” said Choong.
Guests at the event included BMW Australia chief executive officer Marc-Heinrich Werner, Fender Katsalidis founder Karl Fender and Beulah International director Erica Chan.
Besides tossing of the yee sang, dinner guests were treated to traditional delicacies from Malaysia to give them a taste of home.
I&P’s Legasi 2 homes: Prospective buyers queue for days before launch
PUCHONG (Feb 18): The latest launch of double-storey terraced houses by I&P Group, a subsidiary of S P Setia Bhd saw prospective buyers forming a queue a few days before the official launch last Saturday (Feb 15).
Almost all 76 units of Legasi 2 located in Bandar Kinrara, Puchong in Selangor have since been taken up.
About 500 people turned up for the launch with the queue forming as early as Tuesday (Feb 11).
According to a media statement by S P Setia today, nearly all 76 units were fully sold except for the few limited Bumiputra units.
The freehold Legasi 2 units have built-ups from 2,161 sq ft to 2,655 sq ft with a starting price from RM1 million. The completion date is slated for February 2022.
Legasi 2 (gross development value of RM87 million) is the second series of the fully sold out Legasi 1 that was launched last year.
Located in the mature township of Bandar Kinrara, residents of Legasi 2 will get to enjoy seamless connectivity via major highways such as the Bukit Jalil Highway, Shah Alam Expressway, Lebuhraya Damansara-Puchong, North-South Expressway and Kuala Lumpur-Putrajaya Expressway.
Bandar Kinrara was launched in 1991. The township spreads across 1,904 acres offering residential, commercial and retail properties.
Luxury living in the heart of Klang Valley
Mature and tranquil, Seputeh fits the needs of homebuyers in search of an affluent urban lifestyle in one of KL’s most-sought-after neighbourhoods
Location has always been a key consideration when it comes to investing in a home. However, due to the scarcity of land, the choice is limited for potential homebuyers looking for properties in mature neighbourhoods that are also conveniently located close to the Kuala Lumpur city centre.
This is why Seputeh, which is situated on the fringe of KL, continues to be one of the most-sought-after addresses in the capital city
The federal constituency and township of Seputeh is strategically sited in the heart of the Klang Valley. Lying adjacent to the affluent township of Bangsar, the area’s appeal started growing in the 1970s, when it was slowly being developed into a residential suburb. Seputeh’s location, virtually between KL and Petaling Jaya, became a magnet for homebuyers. And until today, the area’s lush greenery remains a prominent feature.
In terms of what it delivers, there is no denying Seputeh’s pull factor for people keen to own homes. Over the years, its attraction has gone from strength to strength, solidifying its position as one of the city’s highly coveted neighbourhoods.
Connected and convenient
Seputeh’s reputation as a thriving and mature residential area continues to draw investors and homebuyers, thanks largely to its locale and accessibility. It is linked to major highways such as the Federal Highway, New Pantai Expressway (NPE) and East-West Link Expressway, allowing commutes to key areas such as the KL city centre and Petaling Jaya within minutes.
Mid Valley City, one of the most established and popular commercial precincts in the Klang Valley, is also within walking distance — a major plus point for Seputeh’s residents. In terms of connectivity, the area is just a short drive to KL Sentral, the city’s main transport hub. Seputeh also has its own KTM Komuter station, on the Batu Caves-Seremban line, and is just a stop away from KL Sentral.
With six railway networks under one roof, including the LRT, MRT, Monorail as well as KTM Kommuter, Seputeh acts as a gateway for effortless intercity commuting. KL Sentral is also linked to KLIA Express for seamless airport connectivity, along with KTM’s electric train service (ETS), linking the city to other towns in the north, such as Ipoh, Taiping and Butterworth.
Affluent and mature
Over the years, the areas surrounding Seputeh have seen the rise of new residential developments as well as business districts and commercial developments, further enhancing the appeal of the neighbourhood. However, Seputeh’s main attraction is undoubtedly its proximity to KL’s hot spots.
Geographically, Seputeh is strategically located next to the affluent residential areas of Bangsar, Pantai Baru and Damansara Heights. It is also conveniently near a number of schooling options, such as SMJK Kuen Cheng, SMK Taman Desa, Vikas International School, Methodist College and Brickfields College. Major medical facilities such as the Bangsar Medical Centre and Pantai Hospital Kuala Lumpur are within easy reach, offering unprecedented convenience for residents.
Seputeh is also home to a number of popular local Chinese and Malay restaurants as well as international eateries, making it a haven for foodies. In terms of retail options, the vastly popular Mid Valley Megamall and Gardens Mall are just a stone throw’s away while Bangsar Village and Nu Sentral are close by. Moreover, the Thean Hou Temple, one of the most famous in the Klang Valley, is in the vicinity.
The township is also home to Taman Dusun Bandar, a beautifully landscaped park perfect for early morning or evening strolls.
With its many positive attributes, along with its verdant surroundings, established community and great connectivity, Seputeh continues to thrive as a township that is held in high regard by both investors and residents.
Over the years, property prices in the area have not only remained stable but also continued to be a top consideration for homebuyers.
A luxurious option
With limited land within the township restricting its development, interest in new real-estate projects in Seputeh has remained high. Prospective investors wanting a luxurious home in this highly coveted neighbourhood need look no further than Setia Sky Seputeh.
Built on 4.4 acres of prime land in Taman Seputeh, Setia Sky Seputeh ushers in a new era in luxurious living in a prime location renowned for its tranquil and cosy surroundings. The freehold development prides itself on its resort-themed residences, which are 290 spacious units spread across two 37-storey towers.
Privacy is a key component of Setia Sky Seputeh, with the floors housing only four to six units, each featuring its own lift lobby. Generously proportioned from 2,300 to 3,000 sq ft, the units are designed to emulate the feeling of living in a semi-detached home or bungalow. This in itself is unique for a high-rise development.
Inspired by the elegant contoured terrain of the site, Setia Sky Seputeh’s façade features a distinctive curvilinear design that gives the development a well-defined structural identity. The unusual architectural design also affords each unit a broad balcony with wide windows for optimal light penetration.
To ensure it caters for the holistic and recreational needs of its dwellers, Setia Sky Seputeh offers a number of facilities that emphasise resort-style living. The development boasts 1.5 acres of resort-themed landscape, including a beach podium and a man-made sandy beach with approximately 700sqm of sand streching more than 100m.
In total, the podium level of Setia Sky Seputeh will have 31 types of facilities, including an extensive pool, BBQ area, a sky gym and an aqua gym, all designed to pamper the residents. All the facilities are view-oriented and residents get to enjoy the best of both worlds — lush views of the adjacent forest or cosmopolitan views of the city.
Developed by S P Setia, Setia Sky Seputeh is being developed under Setia 10:90, a build-then-sell (BTS) scheme. Targeted for completion by December 2020.
Additionally, the master plan includes a 30,000 sq ft multipurpose hall located adjacent to the development that will be managed by Dewan Bandaraya Kuala Lumpur (DBKL). This serves as another appealing factor not only for residents of Setia Sky Seputeh but also for the district of Seputeh, ensuring that the neighbourhood remains an exclusive address for homeowners and property buyers for a long time to come.
Over 300 celebrate CNY with Setia Warisan Tropika
PETALING JAYA (Feb 4): S P Setia Bhd welcomed more than 300 visitors to its Setia Warisan Tropika in Bandar Baru Salak Tinggi, Selangor last Sunday for a Lunar New Year celebration.
The developer also took the opportunity to introduce to its guests the latest offerings at the 129.93-acre freehold township development with an estimated GDV of RM1 billion.
According to S P Setia senior executive vice-president Datuk Koe Peng Kang, the development comprises 692 two-storey linked houses, 257 apartments, 406 townhouses under the Rumah SelangorKu scheme and a commercial project that will cater to the needs of the township’s residents.
Phase one comprises 187 linked houses in a gated community was unveiled last year. The strata-titled houses have built-ups ranging between 1,907 sq ft and 2,108 sq ft and are priced at RM550,000 onwards.
The other phases are still in the planning stage.
Koe noted that 70 of the linked houses will offer a flexi layout option to allow buyers to add in another room or customise the layout design.
The phase one project will also have an exclusive club house to house leisure and wellness facilities for residents.
The one-acre club house boasts a half-Olympic-size pool, an event hall, a basketball and futsal court.
Koe noted that Bandar Baru Salak Tinggi has growth potential as it is close to various amenities such as the Kuala Lumpur International Airport, klia2, Xiamen University Malaysia and Mitsui Outlet Park.
Setia Warisan Tropika is also within walking distance to the Salak Tinggi ERL station.
Battersea Power Station to procure up to RM213 mil Malaysian products, services
KUALA LUMPUR (Jan 30): Battersea Power Station targets to procure between RM160.5 million and RM213.5 million worth of Malaysian products and professional services in the upcoming phases of the project.
The regeneration project, in which a decommissioned coal-fired power station is being turned into a mixed-use development, is owned by a consortium of Malaysian investors comprising S P Setia Bhd, Sime Darby Bhd and the Employees Provident Fund.
In a statement today, S P Setia said the Battersea team had been working closely with the Malaysia External Trade Development Corporation (MATRADE) to promote the Malaysian supplies at the project in Central London and would visit Malaysia in the near future to engage further with suppliers and ensure the Malaysian component of the scheme continued to grow.
Battersea Power Station Development Company chief executive officer Simon Murphy said the power station and the third phase, which includes Malaysia Square, were its current priorities as the company prepared to open them both next year.
International Trade and Industry Minister Datuk Darell Leiking, who visited the project site over the weekend, said the government was committed in providing support to Malaysian traders and suppliers to enable their products and services to be exported to the United Kingdom.
“International projects such as Battersea Power Station demonstrate what can be achieved in terms of using the Malaysian supply chain when building great places and I have no doubt this will continue as the scheme progresses,” he said.
Battersea Power Station will be open to the public in 2021 and is at the heart of the wider 16.99-hectare redevelopment site that is expected to insert over £20 billion (£1=RM5.32) into the UK economy, providing 20,000 new jobs and contributing to the creation of a new Zone 1 London Underground Station that will be serviced by the Northern Line Extension.
