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KUALA LUMPUR: There has been an increase in the number of Hong Kong buyers looking to purchase a home at Malaysian-owned Battersea Power Station in London in the past few months as UK immigration policy could pave the way to citizenship for Hongkongers.
Recently, British prime minister Boris Johnson had vowed to overhaul immigration rules to grant almost three million Hong Kong residents a pathway to British citizenship in response to Beijing’s move to impose the national security law as a threat to the city’s autonomy.
Battersea Power Station Development Company (BPSDC) head of residential sales and lettings Mark Hutton said the Battersea Power Station project is luring Hongkongers due to the plentiful green space, proximity to famous shopping areas and prestigious education institutions as well as having an iconic address in London.
“We have seen healthy interest from Asia buyers this year for properties at Battersea Power Station given the ongoing demand for well-located high-quality residential property in London that have a wealth of amenities, ” he added.
As such, BPSDC, the project development manager will be opening its brand new sales and marketing suite in Hong Kong next week to provide potential buyers a dedicated service in the region.
The Battersea Power Station development, which has a gross development value of £9bil, is owned by a consortium of Malaysian investors comprising S P Setia Bhd, Sime Darby Bhd and the Employees Provident Fund.
The Battersea Power Station project sits on a 42-acre mixed development comprising residential, offices, retail, parks and community spaces.
Overall, property agents are seeing an increase in property inquiries in cities such as London and Birmingham after Beijing announced its plan to impose the national security law that many fear will dismantle the city’s political freedom.
More Hongkongers show interest in Battersea Power Station homes
KUALA LUMPUR: There has been an increase in the number of Hong Kong buyers looking to purchase a home at Malaysian-owned Battersea Power Station in London in the past few months as UK immigration policy could pave the way to citizenship for Hongkongers.
Recently, British prime minister Boris Johnson had vowed to overhaul immigration rules to grant almost three million Hong Kong residents a pathway to British citizenship in response to Beijing’s move to impose the national security law as a threat to the city’s autonomy.
Battersea Power Station Development Company (BPSDC) head of residential sales and lettings Mark Hutton said the Battersea Power Station project is luring Hongkongers due to the plentiful green space, proximity to famous shopping areas and prestigious education institutions as well as having an iconic address in London.
“We have seen healthy interest from Asia buyers this year for properties at Battersea Power Station given the ongoing demand for well-located high-quality residential property in London that have a wealth of amenities, ” he added.
As such, BPSDC, the project development manager will be opening its brand new sales and marketing suite in Hong Kong next week to provide potential buyers a dedicated service in the region.
The Battersea Power Station development, which has a gross development value of £9bil, is owned by a consortium of Malaysian investors comprising S P Setia Bhd, Sime Darby Bhd and the Employees Provident Fund.
The Battersea Power Station project sits on a 42-acre mixed development comprising residential, offices, retail, parks and community spaces.
Overall, property agents are seeing an increase in property inquiries in cities such as London and Birmingham after Beijing announced its plan to impose the national security law that many fear will dismantle the city’s political freedom.
Campaign Spotlight: FCB Malaysia and SP Setia release short film with both live action and animation
KUALA LUMPUR, MALAYSIA — Advertising agency FCB Malaysia produced a short film with a combination of animation and live action for Malaysian property developer SP Setia on Eid al-Fitr.
FCB Malaysia was appointed by SP Setia after winning the creative pitch held earlier this year. The agency also secured a second, additional project in the quarantine months.
“This year’s celebrations may not be what we are used to but what makes it special is that we are all making the extra effort to stay connected and to stay together as a family,” said Ong Shi-Ping, the chief creative officer of FCB Malaysia.
“What makes this piece stand out is how concept and execution are inherently tied together, the animation element is an integral part of the idea.”
Title: Jauh Di Mata Setia Di Hati
Client: S P Setia
Chief Marketing & Communications Officer: Tina Tong
Head, Group Brand Communications: Adelene Wong
Manager Group Branding & Communications: Andy Lee
Senior Executive, Group Branding & Communications: Mohd Razswan Bin Rus
Agency: FCB Kuala Lumpur
Co-owner & Chief Executive Officer: Shaun Tay
Co-owner & Chief Creative Officer: Ong Shi Ping
Creative Director: Tjer
Creative Strategist: Mandy Chock
Creative Group Heads: James Voon & Jonathan Chan
Senior Designers: Chong Woey Shin & Felicia Lee Hui En
Copywriter: Izham Fazely
Head of Account Management: Sharon Rodrigues
Account Director: Diana Chua
Account Executive: Tim Lee
Senior Producer: Wira Chon
Production House: PRS Productions (M) Sdn Bhd
Executive Producer: ST Fah
Film Director: Telly Koay
Co-Director & Offline Editor: Sherwynn Victor
Production Assistant: Xuan Lee
Visualizer: Kong Hwee
Post House: Meccanica Efx
Post Producer: Fiefa Wan
Online Editor: Hamman
Graphic & Animator: Alvin Ng & Amin
Colourist: Ooi Yi Jing
Audio House: The Rec Room
Audio Producer: Xin Yu
Music Composer: Kieran
Audio Engineer: Jhen Thoo
SP Setia chalks up RM470mil 1Q sales
PETALING JAYA: Property developer S P Setia Bhdsecured total sales of RM470mil in the first quarter of financial year 2020 (1Q20), with about 77% of the sales contributed by its local projects.
In addition to the sales secured, the group had also secured about RM723mil bookings in the pipeline in the January-March 2020 period.
According to its president and chief executive officer Datuk Khor Chap Jen, SP Setia’s focus during the conditional movement control order (MCO) would be on the swift conversion of these bookings into sales.
SP Setia told the stock exchange yesterday that its 1Q20 revenue fell by almost 19% year-on-year (y-o-y) to RM702.66mil, mainly attributable to the closure of sales offices and construction sites in compliance with the MCO.
The MCO had also hampered the signing of sale and purchase agreements and hence, delayed the conversion of the company’s bookings into sales.
Meanwhile, its net profit in the first quarter took a sharper fall by 62% y-o-y to RM28.46mil. In the same quarter last financial year, the group recorded a net profit of almost RM75mil.As a result of the lower profitability, SP Setia registered a loss per share of 0.93 sen in 1Q20, as compared to an earnings per share of 0.22 sen in 1Q19. No dividend was declared for the latest first quarter.
Moving forward, the company said that the continued practice of social distancing over the extended conditional MCO period will impact on construction progress.
For comparison, SP Setia recorded a total sales of RM4.56bil in FY19.
In the first three months of 2020, the property developer has also focused on clearing its inventories, whereby RM102mil worth of inventories were monetised during this period.Moving forward, other than focusing on clearing the completed inventories, SP Setia said it will remain prudent with limited new launches concentrating on the mid-range landed units in established townships to cater to the demand of owner-occupiers.
S P Setia poised to record better financials in FY21/22, says HLIB Research
KUALA LUMPUR (May 15): S P Setia Bhd is poised to record better financials over the next two years, backed by its overseas projects, particularly in the UK and Australia, according to Hong Leong Investment Bank (HLIB) Research.
The property developer is operating in a challenging environment this year amid the ongoing Covid-19 outbreak and fragile political climate, but HLIB said the dismal outlook is expected to bottom by year-end.
“FY20 (financial year 2020) is expected to be a bottom year as FY21 and FY22 will be supported by large foreign recognitions from the UK and Australian projects,” the research firm said in a note today.
“As the group expects economic activities to take a breather, sales target for FY20 has been revised to RM3.8 billion from RM4.55 billion, which represents a drop of circa 16% year-on-year,” it added.
HLIB has maintained its “hold” rating on S P Setia with a lower target price of 75 sen from 85 sen previously, with an 80% discount to RNAV of RM3.77. The stock was traded at 77 sen, at the time of writing.
According to HLIB, S P Setia will continue efforts to clear its RM1.3 billion worth of inventories to support earnings in this year’s challenging environment.
It also noted that some construction sites which have met the eligibility requirements and gotten approval have resumed construction work albeit at a slower pace.
S P Setia’s earnings of RM28.5 million in the first quarter of this year were below HLIB’s and consensus estimates largely due to a higher-than-expected effective tax rate and the halt in construction activities from the movement control order implementation.
The research house has cut its FY20 and FY21 earnings forecasts for S P Setia by 37.9% and 4.5%, respectively, after imputing a higher effective tax rate, slower progressive billings and weaker sales in FY20.
“We also introduce our FY21 earnings forecast at RM591.4 million,” it said.
S P Setia maintains sales target despite challenging outlook
KUALA LUMPUR (April 30): Property developer, SP Setia Bhd is not only maintaining its sales target of RM4.55 billion for 2020 but is also confident of retaining its pole position in Malaysia despite a challenging economic outlook amid the ongoing Covid-19 outbreak.
In its Integrated Annual Report, the group said the projection would be backed by the 48 ongoing projects and total unbilled sales of RM10.67 billion, while at the same time leveraging on the versatility of its product offerings.
However, this is barring any further escalation of impact from the pandemic and further extension of the Movement Control Order which would affect business, it said.
The group said SP Setia would continue to be cautious, versatile and position its launches to serve the underlying demand for owner-occupier products such as mid-range landed properties and products that would enhance the value of a township.
The group added it would launch commercial products such as shop lots in Alam Impian, Kota Bayuemas, Temasya Glenmarie, Setia Eco Glades and Taman Pelangi as these commercial products are essential to support and scale up the existing development mix and to ensure the sustainability of these housing areas.
S P Setia initiates ‘Setia Food Aid’ humanitarian effort
15 April, SETIA ALAM – The increased vulnerability of foreign workers in the Covid-19 crisis has compelled S P Setia to initiate the Setia Food Aidhumanitarian effort for approximately 6,000 foreign workers working at more than 50 of its project sites across the country. This is one of the largest humanitarian initiatives the Group has rolled out in light of this pandemic in addition to the previously committed pledge of RM1.0 million to the Government-Linked Companies (GLCs) and Government-Linked Investment Companies’(GLICs) Disaster Response Network (GDRN) Collective Contribution and S P Setia Foundation’s RM500,000 donation of medical equipment and supplies to the Malaysian hospitals and front-liners.
Many of these foreign workers live from hand to mouth, and the Movement Control Order (MCO) has denied them of their only source of income, causing grave concerns on where their next meal will come from. The struggle to afford food has taken a toll on many of the foreign workers working at the construction sites. Their needs are now increasingly exigent, especially with the extension of the MCO which necessitated S P Setia to initiate this hardship humanitarian effort.
S P Setia provided dry rations such as rice, instant noodles, canned food, flour, salt, sugar and cooking oil to approximately 6,000 of its site workers across the nation. The food aid which started on 9 April 2020 will continue until the end of MCO or until they can commence work, whichever earlier. The company is expected to spend approximately RM500,000 weekly for this aid.
Setia welcomes NGOs, groups or individuals who, as part of their good intention to help, wish to donate food to the foreign workers. However, as advised by the Ministry of Health that everyone must play their role and comply with the MCO which was enforced to curb the spread of the virus, it is imperative that these intentions should be carried out in tandem with Setia Food Aid programme and delivered through proper channels for the safety of all involved including the foreign workers.
On the same note, the government has decided to allow several additional economic sectors to operate in phases on condition of strict adherence to health and safety guidelines. S P Setia will be submitting applications for several of its projects that meet the eligibility requirements listed and will be enforcing strict social distancing guidelines and practices for all including the foreign workers who will be working at those sites during this MCO period.
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.
