Amari SPICE Penang and S P Setia Foundation hosted a group of children at their Warni-warni Aidilfitri Open House 2024.

The corporate social responsibility (CSR) programme brought together underprivileged children from all races who were hosted to an evening of good food, fun and laughter.

A special menu was put out by the hotel’s food & beverage department for the afternoon.

The kids were from SJKT Tasek Permai, SJKC Aik Hua and SK Batu Ferringhi accompanied by their teachers.

Lending support was Ms Suratchaya Palawongse Deputy Consul-General Royal Thai Consulate-General, Penang, Datuk Yuslina Mohd Yunus, Senior Executive Vice President , S P Setia Berhad and Ms Doris Hor,Head of Commercial, Amari SPICE Penang representing general manager Noorazzudin Omar.

Also present were corporate guests and business partners.

“The Festive Discovery programme, is another initiative by S P Setia Foundation in enriching students’ unity and understanding through festivity and cultural immersion.

“We welcome children from multiple ethnicities from orphanages and B40 families.

Our Hari Raya Aidilfitri celebration is a  special occasion to express our gratitude for your overwhelming support. We hope to continue serving you at Amari SPICE Penang,” said Hor in her address.

The kids were treated to some fine food, clown appearance and a ketupat making session.

They also received ‘duit raya’ from the organisers and posed for the camera to treasure the fond memories with their hosts.

Maybank IB introduced S P Setia’s expanded ESG tear sheet and assign an above average overall score of 57 (out of 100). SPSB introduced the Setia Green Roadmap in 2023 to help its transition towards carbon neutrality and net zero by 2050.

The house maintains its earnings forecasts, MYR1.66 TP (0.5x FY24E PBV) and BUY recommendation.

Improvement in “E” data disclosure needed
SPSB’s overall ESG score of 57, under Maybank’s proprietary scoring methodology is above average, which is close to its sector peer, SDPR at 63. SPSB’s score was dragged by the lack of disclosures on carbon emission data (pre-FY23) and energy and water consumption intensity data (in FY23), which make YoY comparison difficult. Additionally, there were two cases concerning work-related incidents leading to Lost Time Injury (LTI) recorded in FY23.

Implementing carbon reduction initiatives
SPSB introduced its Setia Green Roadmap in 2023 to help its transition journey towards a net zero organization by 2050. It aims to reduce Scope 1 and 2 carbon emissions by 45% by 2030 and by 70% by 2040, relative to a 2023 baseline. To reduce emissions across its business units, SPSB has introduced Setia e-GreenLiving, a range of sustainable home features
including smart home system, Green Switch, rainwater harvesting system and readiness for EV and solar power use. SPSB is now finalising the baseline relating to high-rise developments to reduce Scope 3 emissions. These initiatives could improve its ESG scoring going forward.

Undemanding valuation
Maybank IB said it continues to like SPSB for its undemanding valuation. It currently trades at 0.45x FY24E P/B versus industry average of 0.79x. Catalysts include: i) land sale (in FY24E), ii) REIT-ing of its investment properties (FY25-26E)
and iii) potential upward revision in BPS mall pricing (FY27E). As at Dec 2023, SPSB’s net gearing was 0.49x (also see our report dated 22 Mar 2024).

S P Setia Bhd has officially launched the LakePoint Complex commercial hub at the 1,235-acre freehold township of SetiaAlam Impian in Shah Alam on Saturday. The ceremony was officiated by the Sultan of Selangor, Sultan Sharafuddin Idris Shah.

“Since opening its doors to the public in August 2023, we have been receiving encouraging footfall from our target audience as well as [those] in the nearby catchment here in Shah Alam. That is approximately up to 12,000 visitors every month,” said S P Setia chairman Tan Sri Syed Anwar Jamalullail at the ceremony.

Occupying 6.99 acres, LakePoint Complex comprises LakePoint Central (a two-storey retail centre), LakePoint Club (clubhouse) and LakePoint Gallerie (sales gallery and office). The complex is situated next to the 31-acre LakePoint Park.

LakePoint Central has a net lettable area of 28,038 sq ft, of which 83% has been occupied by Urban Marketplace as the anchor tenant; food and beverage (F&B) outlets such as JomPa Cafe, RAWi Authentic Fusion Cuisine, The Gorpis Kafe and Frosted by Sheena; DBC Physiotherapy wellness centre; Adanis hair and beauty salon; RHR Xcluseev fashion boutique; and Universiti Teknologi Mara’s (UiTM) art gallery, Crystal Art Gallery.

LakePoint Club offers members-only clubhouse facilities, including four badminton courts, a futsal court, an Olympic-size infinity swimming pool, a wading pool, a sauna, a dance studio, a games room, a gym that overlooks the LakePoint Park and a grand ballroom that is able to accommodate up to 1,000 people. Club membership is open to the public.

Setia AlamImpian was launched in November 2006 as Alam Impian by I&P Group Sdn Bhd. The township was renamed Setia AlamImpian following the merger between S P Setia and I&P Group in 2017.

With a gross development value of RM8.2 billion, the township consists of seven art-themed precincts, namely Performing Arts, Fine Arts, Musical Arts, Digital Arts, Cinematic Arts, Industrial Arts and Minimalist Arts.

According to S P Setia, there are plans to launch semi-detached and bungalow units within the Cinematic Arts precinct in the fourth quarter of this year and in 2025 respectively, and details are still being finalised.

Upon the township’s expected completion in 2036, the entire township will have a population of over 80,000 residents with 20,000 residential units.

S P Setia Bhd has collaborated with Faz Food Catering this Ramadhan month to offer a buffet spread with a nostalgic twist.

Presenting more than 100 delicacies, the “Kenangan” buffet at Setia City Convention Centre (SCCC) is set to entice customers with wonderful flavours of the Malay cuisine.

The buffet derived its theme from the legendary Tan Sri P Ramlee’s roles in his iconic songs and films, whereby these elements were evident in the decorations and names of the stalls at the buffet.

Among the stalls available are Roti 3 Abdul, which serves the staple bazaar Ramadhan snack – Roti John, as well as Kopi O’ Nujum Pak Belalang.

Faz Food Catering founder Mohd Fazren Mohd Rafi said the team thought of adopting the theme following the end of royalty payment for the usage of the artist’s work.

“The crowd has not picked up yet because the start of Ramadhan also coincided with the new school term. We expect more customers in the coming weeks,” he told reporters at the media preview of the buffet.

Mohd Fazren said the menu selection was strictly Malay cuisine because the team wanted its customers to reminisce about the days of eating at their hometowns or kampung.

“We know other buffet at hotels include a wide variety of cuisines such as Western and Japanese. We want to focus on just Malay cuisine because we know many people miss certain dishes such as masak lemak cili api or just a simple telur goreng kicap.

“I had a customer personally thank me for serving masak lemak ikan talang because he last had that dish 20 years ago. That is the experience I want for my customers,” he added.

Other Malay dishes available at the buffet are rebung masak asam pedas, daging berlada, paru sambal, along with an assortment of desserts and scrumptious traditional kuih.

Among other attractions at the venue are the Pawagam P Ramlee entrance and the Bilik Seniman Bujang Lapok photo area.

Situated in the township of Setia Alam, SCCC comprises a variety of indoor and outdoor venues, with good accessibility to nearby amenities.

The green building index-certified venue has hosted multiple events such as corporate banquets, weddings, product launches and outdoor events since it opened its doors in November 2012.

The Kenangan buffet is available from March 14 to April 5. Tickets are available for RM118 per pax for adults and RM75 per pax for senior citizens and children.

S P Setia Bhd launches the final phase of its Irama Villa series in Bandar Kinrara, Puchong. Irama Villa IV comprises 38 double-storey terrace homes, targeting couples, young families and upgraders.

“We are confident that the 38 units will be well-received and taken up swiftly, especially among our affluent target market of families, upgraders in the catchment areas of Puchong who recognise our signature products and their steady values. There is a demand for larger floor plans and column-less porches and layouts, particularly ones with sleek, contemporary designs,” S P Setia divisional general manager Razly Mohammad Rus said.

Priced from RM1.7mil to RM3.05mil, Irama Villa IV has a build-up from 2,414 sq ft to 2,927 sq ft with four to five bedrooms.

Irama Villa IV has been designed with features such as a smart lock for enhanced security, a solar photovoltaic conduit for clean energy and electric vehicle (EV) ports. Under the Setia eGreenLiving concept, units have a Box 366 food and parcel delivery dropbox.

The development is part of the 1,904-acre Bandar Kinrara township, which launched  Anggun Villa in December 2023. Previous parcels such as Legasi 4, Anggun 3, Theara, Theara 2, Irama Villa I, Irama Villa II and Irama Villa III have been fully sold.

The township has access to the Kinrara Bk5 light rail transit (LRT) station, the Shah Alam Expressway, the Maju Expressway, the New Pantai Expressway, Lebuhraya Damansara-Puchong and Middle Ring Road 2.

Irama Villa IV is due for completion in 2026 and has an RM74.1mil gross development value.

S P Setia Bhd has achieved an 85% take-up rate for Irama Villa IV, since its official launch on March 3. Irama Villa IV is the final lineup of the Irama Villa series in the 1,904-acre Bandar Kinrara township in Puchong.

According to a press release dated March 1, Irama Villa IV has a gross development value of RM74.1 million. Occupying 5.53 acres of freehold land, it will consist of 38 units of two-storey terraced homes with built-ups ranging from 2,414 to 2,927 sq ft. The selling price starts from RM1.7 million to RM3.05 million. It is due for completion in 2026.

S P Setia divisional general manager Razly Mohammad Rus said: “We are confident that the 38 units will be well-received and taken up swiftly, especially among our affluent target market of families, upgraders in the catchment areas of Puchong who recognise our signature products, and their steady values.”

“There is a demand for larger floor plans and column-less porches and layouts, particularly ones with sleek, contemporary designs,” Razly added.

Irama Villa IV is targeted to couples, young families and upgraders.

Under Setia eGreenLiving concept, Irama Villa IV will come with sustainable amenities such as Box 366 food and parcel delivery dropbox, smart lock for enhanced security, a solar photovoltaic conduit for clean energy and electric vehicle (EV) ports.

Situated within the Bandar Kinrara township, Irama Villa IV benefits from the township’s accessibility to major highways such as the Shah Alam Expressway, Maju Expressway, New Pantai Expressway, Lebuhraya Damansara-Puchong and the Middle Ring Road 2.

S P Setia Bhd has reported a 71.12% jump in its fourth quarter net profit to RM148.24 million from RM86.63 million a year earlier, helped by higher sales of its properties.

Revenue for the quarter ended Dec 31, 2023 (4QFY2023) fell 18.98% year-on-year to RM1.38 billion from RM1.71 billion, which the group attributed to lower revenue from the property development segment following the completion of the group’s Daintree Residence in Singapore in the previous year.

However, this was mitigated by higher contributions from the group’s Australian market due to the handover of UNO Melbourne units and higher domestic property development revenue, the group said in a bourse filing on Thursday.

S P Setia Bhd’s 1,235-acre Setia AlamImpian has many things going for it. Strategically located in Shah Alam, its homes are freehold with individual titles, and it is a well-planned development with seven arts-themed landscaped precincts — Performing Arts, Fine Arts, Musical Arts, Digital Arts, Cinematic Arts, Industrial Arts and Minimalist Arts.

Launched in November 2006 by I&P Group Sdn Bhd as Alam Impian, Setia AlamImpian today continues to thrive and grow under S P Setia as its new flagship development, following the merger of the I&P Group with S P Setia in 2017.

The appeal of the township is reflected in its latest projects. For instance, all 103 shopoffices at Impian Prisma 2 have been fully sold since they were launched in August 2022. Completion is expected in 2025. This follows the successful Impian Prisma, which comprises 48 shopoffices that are currently fully occupied.

An ongoing project is Casablanca 2, which comprises 64 cluster homes, that has been 94% sold since its launch in September 2022, with handover scheduled for this year. Casablanca 3, comprising 60 units of cluster homes and 12 semidees, has been 60% taken up since its launch in June 2023. Completion is scheduled for November 2025.

The township currently has over 3,500 completed residential properties and a population of more than 14,000.

More recently, the township unveiled its brand new LakePoint Complex — comprising LakePoint Central (retail centre), LakePoint Club (clubhouse) and LakePoint Gallerie (sales gallery and office) next to and integrated with the new and improved LakePoint Park (31-acre park and lake) — complete with landscape and infrastructure enhancements.

Zaili: The township’s transformation is to cater to the current and future markets. We believe this will continue to position Setia AlamImpian as a highly sought after township in Shah Alam and the Klang Valley.

The developer expects the complex to attract visitors from local and neighbouring communities, and targets to receive monthly footfall of 10,000 to 12,000.

According to S P Setia general manager Datuk Muhamad Zaili Muhammad Yusof, the new additions and enhancements are all part of a rebranding exercise that started in 2021, following the merger. “The township’s transformation is to cater to the current and future markets. We believe this will continue to position Setia AlamImpian as a highly sought after township in Shah Alam and the Klang Valley.”

Reflecting the transformation of Setia AlamImpian, the township’s original tagline “Township of the Arts” has been changed to “Arts Inspired Living”. “This reflects our mission to position Setia AlamImpian as a desirable, wholesome township that is artistically pleasant for all; a place for people to call a sanctuary, a place for growth, a place where everything works, and a place for the creation of joyous moments,” says Zaili.

LakePoint Complex eyes 15,000 visitors

Situated within the Digital Arts commercial precinct, the components of the LakePoint Complex were completed in the second half of last year.

The complex will be the township’s main hub, says Zaili. “With three components — retail, clubhouse and sales gallery — the complex is meant to serve the residents of Setia AlamImpian as well as the public.”

The 2-storey LakePoint Central, which offers 28,038 sq ft of net lettable retail space, is currently 83%

occupied by local tenants comprising F&B outlets (JomPa Café, RAWi Authentic Fusion Cuisine, The Gorpis Kafe and Frosted by Sheena). Other tenants include a wellness centre (DBC Physiotherapy), a grocer and anchor tenant (Urban Marketplace), hair and beauty salon (Adanis), fashion boutique (RHR Xcluseev) as well as an art gallery by UiTM (Crystal Art Gallery).

“We collaborated with UiTM Shah Alam’s College of Creative Arts to establish an art gallery at LakePoint Central. This will allow them to establish their presence in line with the township’s theme of ‘Arts Inspired Living’ and also allow residents to commission painting and purchase artworks of various forms for their homes,” Zaili says. “The college will also help establish an art village at LakePoint Park, offering merchandise and art activities.

Meanwhile, there are two available retail lots for lease at LakePoint Central. We are still looking for the right tenant mix,” he adds.

The completion of LakePoint Central fills a gap and meets the demand for retail offerings within the township, says Zaili. “Before the completion of LakePoint Central and Impian Prisma (48 units of 2-storey shopoffices), residents of the township did not have many options in terms of retail outlets, especially F&B and grocers. Now, residents don’t have to travel out for their daily necessities.”

The retail space also boasts an al fresco terrace with seating spaces that overlook the central park. “Apart from accommodating community events and activities — such as FitBeat Sunday, a poundfit workout activity that is currently held on two Sundays a month — this space offers a good view of the park’s musical fountain. There are three shows a day on Fridays, weekends and public holidays.”

The exclusive LakePoint Club offers state-of-the-art facilities for residents. “The purpose of introducing the clubhouse is to promote a healthy lifestyle among the residents in line with Setia AlamImpian’s value propositions and sustainable development goals (SDGs),” says Zaili.

The facilities offered include four badminton courts, a futsal court, an Olympic-size infinity swimming pool, wading pool, sauna, dance studio, games room, a gym overlooking LakePoint Park and a grand ballroom that can accommodate up to 1,000 people for various functions and events. The badminton and futsal courts and the grand ballroom are open to the public but the other facilities are exclusive to residents.

Seamlessly integrated with the LakePoint Complex, the scenic LakePoint Park — comprising a 14-acre lake and 17-acre park — is now open to visitors after its closure in mid-2018 for upgrading works. Apart from the musical fountain, other key attractions are a jogging and walking track, skate park, tricycle/bicycle park, children’s playground, the Expression Bridge and open amphitheatre.

“We’ve reshaped and redesigned the park, turning it from a passive park into an active one, and incorporating art-themed features such as musical instruments and sculptures,” says Zaini. “We have also installed solar-powered lighting for the park so people can jog at night. This is in line with our ESG (environmental, social and governance) initiatives.”

Upcoming developments

S P Setia plans to offer a wider, more differentiated range of products at Setia AlamImpian. It will build a new phase of premium resort-style semidees and bungalows within the Cinematic Arts precinct. The 40 units of semidees are scheduled to be launched in 4Q2024 and the four individually designed bungalows will be launched in 2025.

Other upcoming launches this year include that of Casablanca 4 (60 units of cluster homes, 10 semidees) and Ferrous 3 (101 units of 2-storey terraced houses) in June, and Hamlet (60 units of cluster homes) and Ferrous 4 (146 units of 2-storey terraced houses) in 3Q and 4Q respectively.

Ongoing projects include Ferrous 2 (116 units of 2-storey terraced houses; 40% taken up) and Ferrous (136 units of 2-storey terraced homes; fully sold). Both are targeted for completion in 2025.

About half of the township has been developed and S P Setia estimates that it will be fully completed by 2036 with a total of 20,000 residential units and a population of more than 80,000.

S P Setia Bhd’s Setia Warisan Tropika and Setia Eco Templer township developments received the Diamond Design awards at the Low Carbon City Awards 2023 held on Feb 8.

The awards was organised by the Malaysian Green Technology and Climate Change Corporation (MGTC) and held in conjunction with the Low Carbon Cities 2030 Challenge, which is an initiative by MGTC under the Ministry of Environment and Water, according to a statement on Thursday.

S P Setia senior executive vice-president Datuk Yuslina Mohd Yunus said, “We are honoured to receive this acknowledgement from MGTC, [Ministry of Natural Resources, Environment and Climate Change] for our townships of Setia Warisan Tropika and Setia Eco Templer.”

“It is a true reflection of our hard work in ensuring that all our developments generate low levels of carbon emissions, aligned with Setia’s pillars and vision to be one of the leaders in creating sustainable communities and enriching lifestyles. This is an impetus for us to further integrate Setia’s innovative, low-carbon design solutions across all our developments for our communities in the long term,” she added.

The statement also highlighted that both developments were awarded and credited based on their implementation of the Low Carbon City Framework, which includes key elements of energy, mobility, water, waste, and greenery, and their key efforts in low-carbon efficiencies, sustainable site planning, materials, resources and innovations.

Setia Warisan Tropika occupies a 129.96-acre tract in Bandar Baru Salak Tinggi in Sepang, Selangor, comprising a total of 1,274 residential units, two commercial plots and a clubhouse. The township is expected to be fully completed by 2030.

Setia Warisan Tropika township in Sepang

Setia Eco Templer, on the other hand, is spread across a 194-acre parcel in Rawang and is surrounded by Bukit Takun, Templer Park and Kanching forest reserves. The development comprises a total of 1,339 residential units and is slated for completion by 2029.

Setia Eco Templer township in Rawang

S P SETIA is welcoming the Lunar New Year with open arms and open houses.

A unique feature of these celebrations would be the inclusion of a Wishing Tree, which offers guests the opportunity to imbue their aspirations for the year ahead with symbolic significance.

Visitors across the nation are invited to attend a series of Chinese New Year open houses from Feb 17 to March 3.

In conjunction with the CNY festivities there will be a 10% promotion or RM10,000 upon purchase of selected properties.

The open houses will be at various S P Setia sales galleries across Malaysia.

In the Klang Valley, it will take place on Feb 17 at Bandar Kinrara Welcome Centre (10am to 4pm).

On Feb 24, the event will be held at Setia Alamsari Welcome Centre (10.30am to 4pm), Setia Bayuemas Welcome Centre (10am to 4pm) and Setia Warisan Tropika Welcome Centre (11am to 4pm).

On Feb 25, S P Setia will host open houses at the Setia Alam Gallery, Annex Building, S P Setia Corp, HQ (10am to 2pm), Setia Eco Park Sales Gallery (11am to 3pm) and Setia Ecohill Welcome Centre (11am to 4pm).

The festivities will continue at the CNY open house at Setia International Centre, KL Eco City (11am to 3pm) on March 2, while on March 3 it will be at the Setia Eco Templer Sales Gallery (11am to 4pm). The open house at Trio Sales Galleria will be held from, 11am to 3pm.

In Penang, look out for the CNY open house on Feb 17 at the Setia Experience Centre, Setia Fontaines (11am to 9pm).