KUALA LUMPUR (Dec 1): S P Setia Bhd on Thursday (Dec 1) announced the appointment of Annuar Marzuki Abdul Aziz (pictured) as its new chief financial officer (CFO) effective Dec 1.
He replaced Datuk Yuslina Mohd Yunus, 55, who had held the post as acting CFO since May 9.
Prior to holding the CFO position at S P Setia, Annuar Marzuki, 52, was CFO and chief investment officer of KLCC Property Holdings Bhd.
He also had stints as UEM Group Bhd group CFO from September 2009 to August 2013 and PLUS Expressway Bhd CFO between June 2006 and August 2009.
S P Setia’s net profit surged more than six times to RM70.18 million in the third quarter ended Sept 30, 2022 (3QFY2022) from RM11.01 million in 3QFY2021, underpinned by higher contribution from its property development business.
Group revenue grew 44.8% to RM860.94 million from RM594.55 million.
The property developer secured total sales of RM2.7 billion in the cumulative nine months ended Sept 30, 2022, mainly from local projects, which contributed RM2.34 billion or about 87% of total sales. The balance RM359 million came from international projects.
S P Setia’s share price settled half a sen or 0.72% higher at 70 sen on Thursday, bringing the group a market capitalisation of RM2.83 billion.
KUALA LUMPUR (Dec 1): S P Setia Bhd on Thursday (Dec 1) announced the appointment of Annuar Marzuki Abdul Aziz (pictured) as its new chief financial officer (CFO) effective Dec 1.
He replaced Datuk Yuslina Mohd Yunus, 55, who had held the post as acting CFO since May 9.
Prior to holding the CFO position at S P Setia, Annuar Marzuki, 52, was CFO and chief investment officer of KLCC Property Holdings Bhd.
He also had stints as UEM Group Bhd group CFO from September 2009 to August 2013 and PLUS Expressway Bhd CFO between June 2006 and August 2009.
S P Setia’s net profit surged more than six times to RM70.18 million in the third quarter ended Sept 30, 2022 (3QFY2022) from RM11.01 million in 3QFY2021, underpinned by higher contribution from its property development business.
Group revenue grew 44.8% to RM860.94 million from RM594.55 million.
The property developer secured total sales of RM2.7 billion in the cumulative nine months ended Sept 30, 2022, mainly from local projects, which contributed RM2.34 billion or about 87% of total sales. The balance RM359 million came from international projects.
S P Setia’s share price settled half a sen or 0.72% higher at 70 sen on Thursday, bringing the group a market capitalisation of RM2.83 billion.
KUALA LUMPUR: S P Setia Bhd could post a stronger set of fourth-quarter (4Q) results, based on the completion of some of its projects.
This is despite the generally cautious outlook for the property sector in the face of rising interest rates.
According to CGS-CIMB Research, S P Setia’s fourth quarter results are expected to come in stronger with the handover of its Australian projects, Sapphire by the Gardens and UNO Melbourne.
“We believe the group is on track to achieve its sales target for the financial year 2022, as the management expects new property sales in the second-half, given its good product mix that is skewed towards landed homes,” the research house said.
CGS-CIMB Research noted that as of the end of September 2022, S P Setia’s total unbilled sales stood at RM8.4bil, compared with RM9.8bil as at the end of September 2021.
“To recap, the group’s planned launches in the financial year 2022 amount to RM4.04bil gross development value (GDV).
“We expect 2022 to 2024’s net gearing to improve on the back of international project handovers and the potential sale of non-strategic land in the near term,” CGS-CIMB Research said.
Hence, Kenanga Research expects S P Setia’s 4Q net profit to be strong at RM135mil once the handover of Sapphire Melbourne is completed in October 2022. Sapphire Melbourne has a GDV of RM1.2bil, it said.
“The contribution from Sapphire will spill over to the financial year 2023 on gradual handovers, while UNO Melbourne, which has a RM1.5bil GDV will also start to contribute upon its completion in 2023.
The research house said it is cutting S P Setia’s financial year 2022 and 2023’s net profit forecasts by 36% and 21%, respectively.
“We remain cautious on S P Setia as the prospects of the property sector seem to be deteriorating further, clouded by eroding affordability due to rising interest rates and elevated input costs, and its near-term performance will continue to be weighed down by high debt servicing obligations and a high-cost structure,” Kenanga Research said.
Kenanga Research said it is reducing its target price to 38 sen from 58 sen after raising its revised net asset value discount to 90% to reflect its elevated debt levels as it has the highest net gearing within its coverage.
The research house also noted that this might potentially lead to liquidity issues in a weaker market environment moving forward.
Meanwhile, UOB Kay Hian (UOBKH) Research is more positive and upgraded S P Setia to a “buy” given its recent share price weakness.
“However, we lower our target price to 82 sen in tandem with the earnings adjustment.
“Our target price is based on a 78% discount to its revised net asset values, which implies 0.2 times 2023’s price to book value,” it said.
“We believe its near-term earnings recovery has been fairly priced in at its current valuation, with a lack of catalysts in 2022 and an interest rate hike as the potential sentiment dampener for the sector,” UOBKH Research added.
KUALA LUMPUR (Nov 17): S P Setia Bhd’s net profit surged more than six times to RM70.18 million in the third quarter ended Sept 30, 2022 (3QFY2022) from RM11.01 million in 3QFY2021, underpinned by higher contribution from its property development business.
Group revenue grew 44.8% to RM860.94 million from RM594.55 million, its bourse filing showed. No dividend was declared.
Profit before tax from its property development business jumped 82.66% to RM131.07 million from RM71.76 million, as revenue expanded to RM809.95 million from RM546.96 million, thanks to stronger contribution from its southern region’s commercial projects.
Loss before tax (LBT) for its construction business, which largely provides intercompany construction services to the group’s property development companies, narrowed to RM3.3 million from RM8.95 million, as revenue rose to RM3.94 million from RM2.63 million.
Other operations remained loss making, with an LBT of RM11.12 million versus RM10.53 million previously, even though revenue rose 74.52% to RM47.05 million from RM26.96 million.
For the cumulative nine months ended Sept 30, 2022 (9MFY2022), S P Setia’s net profit grew 35.22% to RM217.78 million from RM161.05 million in 9MFY2021, as revenue rose to RM2.75 billion from RM2.73 billion.
In a separate statement, S P Setia said it secured total sales of RM2.7 billion in 9MFY2022 mainly from local projects, which contributed RM2.34 billion or about 87% of total sales; the balance RM359 million came from international projects.
SP Setia President-cum-Chief Executive Officer Datuk Choong Kai Wai said RM478 million of completed inventories were sold and RM592 million of bookings were secured as at Sept 30, 2022.
“The group’s local projects progress is envisaged to be improved by the fourth quarter of this year despite the recent acute labour shortages faced by the real estate industry,” Choong said.
“Our developments in Australia are progressing well — Sapphire by the Gardens was delivered to homebuyers last month, whilst UNO Melbourne is slated for partial completion by this year-end. Hence, we expect revenue from Australia to contribute significantly to our final quarter of FY2022,” he added.
Choong said the group is set to achieve its sales target of RM4 billion set for FY2022 backed by unbilled sales totalling RM8.4 billion, which will provide earnings visibility to the group in the short to mid term.
S P Setia is currently anchored by 47 ongoing projects and an effective remaining land bank of 6,687 acres, with a gross development value of RM119.47 billion as at Sept 30, 2022.
S P Setia shares closed 0.5 sen or 0.95% higher at 53 sen on Thursday, giving it a market capitalisation of RM2.16 billion.
ONYX Hospitality Group and S P Setia Bhd have teamed up to introduce a new property in Kuala Lumpur.
Located in Setia KL Eco City along Jalan Bangsar, Amari Kuala Lumpur offers city experiences for pragmatic travellers.
The 252-room hotel offers four dining experiences and facilities, such as an infinity pool overlooking the city skyline and a fitness centre featuring state-of-the-art equipment for a good workout.
The hotel is within walking distance to a few malls and is also directly connected to the Abdullah Hukum LRT/KTM station, with easy access to Kuala Lumpur City Centre as well as the many shopping and entertainment hubs in the city.
Setia KL Eco City Mall is a five-minute walk away, as are The Gardens Mall and Mid Valley Megamall, which are conveniently connected via a bridge walkway.
At the soft launch of the hotel, Onyx Hospitality Group chief executive officer Yuthachai Charanachitta said, “The opening of Amari Kuala Lumpur marks our continuing commitment to Malaysia, which is soon to be home to all three of our core Onyx brands.
“We are also proud to have S P Setia Bhd as a trusted partner, in bringing our brand of Thai hospitality experience to Penang and now Kuala Lumpur.”
S P Setia Bhd president and chief executive officer Datuk Choong Kai Wai said, “The opening of Amari Spice in Penang and Amari Kuala Lumpur in Setia KL Eco City marks the brand’s first hotels under its portfolio.
“Amari is a flagship brand of Onyx Hospitality Group with a rich and long-standing heritage of over 55 years, and we are confident that the brand will add value to our developments.”
Designed by the award-winning Blu Water Studio Sdn Bhd, the interiors of Amari Kuala Lumpur draw inspiration from ecology and evolution, aiming to provide guests a space to reawaken their senses.
Breathing life into each space are vivid and seamless greenery.
Amari Kuala Lumpur’s restaurant and bar concepts include the signature all-day dining Amaya Food Gallery, inspired by Asia’s hawker stalls and interactive street foods, featuring live cooking stations serving a variety of cuisines infused with local and Thai flavours.
Refreshing cocktails and drinks are best enjoyed at Amaya Bar’s al-fresco seating.
Boasting elegantly whimsical interiors, Cascade offers a range of selected teas and barista coffee along with pastries.
The Cellar is an exclusive private space for wine lovers. Shelves in the private room are brimming with a wide selection of wines, whiskey, brandy and other spirits.
Amari Kuala Lumpur’s four meeting and events spaces on the second floor include a 220sq ft ballroom for up to 200 guests and a business lounge for boardroom meetings.
Equipped with state-of-the-art technology and natural light from floor-to-ceiling windows, the hotel sets the perfect stage with flexible spaces, seating and a stage for any event.
Amari Spice in Penang and Amari Kuala Lumpur are jointly owned by Onyx Hospitality Group and S P Setia Bhd, and managed by the former.
Since taking on his new role as S P Setia Bhd president and CEO on Oct 1, 2021, Datuk Choong Kai Wai has been a lot busier, but the change has not needed too much of an adjustment.
“I have been with the company for more than 12 years … I am already immersed in the Setia culture. But, coming here in a bigger role, it is more challenging and has more responsibilities,” Choong tells City & Country during an interview at the group’s corporate headquarters in Setia Alam, Shah Alam.
“My intention is to make Setia a fitter Setia, to consolidate it and broaden our income base.” He adds that this goal is to counter the ever-increasing competitive nature of the property development business.
Choong, previously CEO of Setia (Melbourne) Development Co Pty Ltd in Australia, brings with him more than 30 years of experience in the property and construction industry. Having graduated with a Bachelor of Science in mechanical engineering from City, University of London, he joined S P Setia
in May 2010 and headed the group’s Australian division in Melbourne. The business Down Under has grown and S P Setia is now a recognised brand in the property market there.
Its completed projects in Australia include the 805-unit Fulton Lane on Franklin Street, the 329-unit Parque Apartments on St Kilda Road, the 48-unit Maison on Neerim Road and the 47-unit Marque on High Street, Prahran.
Meanwhile, its ongoing developments include the Sapphire by the Gardens twin-tower project, with a 64-storey residential tower alongside the five-star Shangri-La Hotel; and the 636-unit Uno Melbourne on A’Beckett Street.
As Choong has spent so much time managing the Australian projects, he believes his experience will benefit the group as a whole. “I am bringing best practices from Australia, in terms of planning, efficiency, rightsizing the structure, new methods and trends,” he says.
The new methods he is looking to bring in involve construction, such as how to lock in the price in design and contracts to reduce project overruns. Other areas that he would like to see level up are product quality and delivery, workmanship and customer service.
In the meantime, the group’s property sales in both local and international markets have been good, surpassing its FY2021 ended Dec 31 sales target of RM3.8 billion to reach RM4.26 billion. Local sales contributed 82%, coming mostly from the central region of Peninsular Malaysia, while 18% were from international sales.
For FY2022, the sales target is RM4 billion. According to the group’s 2QFY2022 financial report, the first half of the year saw RM1.67 billion collected, with local sales making up 83%, or RM1.38 billion, and the remaining 17%, or RM294 million, from overseas sales. The central region contributed the most with RM944 million, supported by RM286 million from the southern region and RM149 million from the northern region. Cleared inventory contributed RM272 million. Choong says the group aims to increase sales targets incrementally to reach RM6 billion by 2027.
As at 1H2022, the group was anchored by 47 ongoing projects, with a land bank of 7,042 acres and an estimated gross development value (GDV) of RM120.88 billion.
S P Setia will be launching a new phase in its residential development Musika Homes (GDV of RM463 million) in Setia Alam. Musika Homes will offer 436 two-storey terraced houses. There will be a total of four phases.
Phase 1, called Altora (114 units), was launched on Oct 15, with selling prices from RM963,000 to RM1.34 million. Phase 2, called Barola (120 units), is scheduled for launch either at end-November or in early December, with selling prices from RM998,000 to RM1.44 million. The two other phases, called Caprica (102 units) and Dimina (100 units), will be launched at a later date.
S P Setia will also be launching Temasya Prisma in Temasya Glenmarie in Shah Alam. The mixed-use development sits on 2.14 acres of freehold land and will offer 216 residential units with built-ups of 678 to 1,098 sq ft.
Choong points out that the digitalisation of the sales process has helped improve its business operation and would be a necessity for developers if they want to succeed. Apart from banking on township developments to aid its sales, he says, the group is looking to add to its portfolio by venturing further into the industrial property sector.
“Township development is our mainstay, but we are going into new areas like industrial property, where there is a demand now. We have two big pieces of land that are suitable for industrial development.”
One of the tracts is in Setia Alam and measures 400 acres; a memorandum of understanding has been signed with an international firm to develop the site. The land is undergoing conversion from agriculture to industrial use. As the areas surrounding the tract are already industrial in nature, Choong is confident that the areas and the industrial property to be built there will do well.
The other industrial project is the 192-acre Taman Industri Jaya in Johor. In early October, the group unveiled Setia Neo II, a RM75.4 million development consisting of 56 two-storey terraced factories with a land area of 24ft by 80ft and 24ft by 108ft and priced from RM1.12 million.
Choong envisions future industrial properties to be build-then-sell and build-sell-lease products. He says the former will immediately give the group a profit while the latter will provide recurring income.
He believes properties that provide recurring income are necessary for the group to grow. “We want to build up our investment property portfolio and not just depend on trading properties,” he says, pointing to projects such as its malls, which are well occupied and provide good rental income. He also highlights that the Shangri-la Hotel in Melbourne will provide the group with RM93 million a year.
Moreover, Choong wants to “unfreeze” its land parcels to develop catalytic products and amenities such as petrol stations, schools and malls. He says there is about RM2.4 billion worth of land that could provide more value if it were given a change in use.
He adds that long-term projects such as the Battersea Power Station, which includes the recent launch of Koa, comprising 204 apartments priced from £560,000 (RM3 million); Setia Federal Hill in Kuala Lumpur, a 50-acre integrated mixed-use development; and those in Sabah need monitoring and there are dedicated teams to manage each project.
In addition to ensuring good financial performance, reducing its gearing is a key goal for the group, says Choong. He is also exploring senior living developments, for which the group is looking for suitable land.
He says high- or low-rise apartments could be built then sold, thus generating immediate profit for the group. To add further value, management of the property can provide the group with another source of income.
Choong cites as an example Stockland, an Australian property developer that has built about 60 retirement living villages. On July 28, the company announced on its website that it had sold its retirement living business, except for one property.
Choong says, “We are looking for land that is near a shopping centre, not too far from a golf course or train station. Obviously, we will take baby steps. We may do a joint venture with an Australian or Canadian company and take it from there.”
As for environmental, social and governance (ESG) matters, Choong says that for the environmental portion, the group plans to install solar panels at its new houses and design them to be EV charger-ready.
For now, it plans to install solar panels on commercial properties, which were kick-started with a ceremony on Sept 28, when the group rolled out its green initiative with Tenaga Nasional Bhd with the installation of solar panels atop S P Setia’s corporate headquarters in Setia Alam. Six other commercial assets — Setia City Mall, Setia City Convention Centre 1 and 2, Setia Ecohill Club 360, and the welcome centres in Setia Alamsari and Setia Tropika — will soon be fitted with solar panels.
Other ways to help reduce energy consumption in residences include the installation of a “green switch” that turns off the electricity except for essential items, devices or appliances. On a community level, Choong aims to install water dispensers in common areas in S P Setia’s developments where possible to reduce the use of single-use plastic bottles.
For the social component, the group has helped facilitate the Covid-19 vaccination programme by offering the use of its convention centre in Setia Alam, providing food aid, donating medical equipment and helping with the education needs of children, among others.
For the governance portion, Choong says the group has established an integrity and governance unit, an integrity framework and policies, as well as pledged against corruption and undertaken risk management, business continuity management and sustainability reporting.
“Integrity is very important to me. Any company without integrity will go down,” he adds.
For FY2022, the group has planned to launch RM4.25 billion worth of products. At least RM2.59 billion, or 61%, will be from the central region and the remaining portion will be in the southern and northern regions as well as international markets. Product-wise, 65% will be landed properties. In terms of price, 58% of its products will be priced below RM1 million.
Choong believes Australia and Vietnam will contribute more significantly to the group because of the ongoing projects there. In Vietnam, the group signed a joint venture with Becamex, a leading real estate developer in the country, to form Setia Becamex. The plan is to develop two projects: the 226ha EcoLakes in Binh Duong province, which comprises landed and high-rise residential properties, commercial lots, a medical centre, schools and a clubhouse; and the 10.8ha EcoXuan, a boutique township development in Lai Theu.
Choong says S P Setia is always on the lookout for opportunities. Locally, the land has to be close to good infrastructure and he sees development growth corridors in the west and south of Peninsular Malaysia.
On the overseas front, he says the group is always keeping its ear to the ground, but certain pragmatic conditions need to be met. “I always look to develop projects in a city or place where the population is growing. Melbourne and Sydney are growing, Vietnam is growing. That is the first thing we look at. Of course, [economic] stability and clarity in planning will reduce our risk.”
In summarising his mission for S P Setia, Choong says, “Setia will continue to lead in building sustainable communities across the nation and in countries where it is present, as well as create spaces for communal living, enriching lives.
“Malaysians will need more homes, and we will build sustainable homes for them.”
With upgrading works and rejuvenation projects in Setia Alamsari coming to an end, S P Setia Bhd general manager of Setia Alamsari, Soh Wai Fong, will shift the focus to enhancing the amenities and facilities of the township.
“We have spent about RM8.3 million on the overall landscaping and rejuvenation of the gardens so far. I’m happy to see the township, especially our Canal Park, is liked and enjoyed by not only the residents here in Setia Alamsari but also the public from the surrounding area. It is one of our most popular parks that is always crowded in the evening,” Soh says. S P Setia took over the township in 2017.
Initially developed by S P Setia’s sister company, I&P Group Sdn Bhd, Setia Alamsari was formerly known as Alam Sari. I&P Group started developing the first 432.5-acre parcel in 2007.
Subsequently, in 2017, S P Setia bought a 342.5-acre site nearby and acquired I&P Group. The two parcels were then merged into a 775-acre township and rebranded as Setia Alamsari, with a total gross development value (GDV) of RM5.1 billion.
Under the refined master plan, there are eight parks and open spaces spread over the township. Three parks have been completed and opened — the Canal Park, Lake of Reflection and The Lawn. The developer has also upgraded the main access roads, Persiaran Alamsari 1 and 2.
Soh wants to make this township more self-sustainable
S P Setia launched the first commercial phase of Setia Alamsari, called Emporia, in August. About 90% of the 30 double-storey shoplots have been taken up so far. Built-ups range from 3,208 to 6,610 sq ft and units are priced from RM1.57 million.
“It is the first commercial phase [in the township] in the past 15 years. It has been very well-received because these shoplots have high visibility as they are located at our main roundabout and right next to the upcoming mosque. Many buyers are anticipating the footfall from the Friday prayers, apart from the residents’ daily needs and services,” he shares.
The mosque, which is located on a 3.51-acre site, will have a capacity of 4,000 to 5,000 people with facilities such as a main prayer hall, classroom, gym, multipurpose hall, staff quarters, rooms, kitchen, mortuary house, management office, children’s playground and slaughter house.
“It is a full-fledged mosque and could easily be one of the biggest in the vicinity. The residents-initiated project has also become one of our new launches’ biggest pull factors because the majority of our buyers are Malay,” Soh says, adding that the target completion date of the mosque is end-2024.
Soh shares that 98% of buyers are Malay professionals, business owners or white-collar workers from Bangi and Kajang, with some from Cyberjaya and Putrajaya, as well as a minority from the other states and areas.
The mosque, which is located on a 3.51-acre site in Setia Alamsari, will have a capacity of 4,000 to 5,000 people (Photo by S P Setia)
“We do have buyers from other areas, even from other states, buying our houses here because of the mosque. Besides, Setia Alamsari is a development that ticks all the boxes for the Malay community — family-oriented concept and design, serene and lush environment, plus the upcoming mosque. In fact, the houses around the mosque sold out very fast,” Soh says.
Adjacent to the mosque are the Verdale bungalows, which were launched in December 2019. There are 47 two-storey bungalows with built-ups ranging from 3,161 to 3,881 sq ft and selling from RM1.97 million. It was fully taken up even though the upscale product was launched during the pandemic.
“We are handing over the Verdale bungalows in mid-October, and the Edence & Florence next to them by the end of this year,” Soh says.
Similar to Verdale bungalows, Edence & Florence is an upscale phase that consists of 36 double-storey semi-detached houses with a built-up of 3,118 sq ft. The selling price starts at RM1.52 million and 92% of it has been sold since the launch in September 2020.
“To be honest, we were unsure of the market’s response to these high-end landed properties when we first introduced them, but to our pleasant surprise, they were very well-received. In March this year, we launched another phase of bungalows called Serambi Villa. Only 30% has been sold so far, mainly due to the current higher than expected loan rejection rate. However, we don’t have a problem getting buyers. It is just that the process of concluding the deal is longer,” Soh shares.
Also for sale now are Caressa and Caralyn 1, double-storey cluster homes situated in the southern part of Setia Alamsari.
The Canal Park is one of the three completed parks in Setia Alamsari (Photo by SP Setia)
Caressa has 88 units of cluster homes with built-ups ranging from 1,963 to 2,022 sq ft. It was launched in September 2022 with a selling price of RM788,000 and the take-up rate was 93% as at early October.
Meanwhile, Caralyn 1 comprises 44 cluster homes located next to Caressa with similar built-ups and pricing. It is 60% sold so far.
Soh attributes the success of the launches to the strong purchasing power of the locality and the unit layouts that were designed from the perspective of users.
“Our target buyers are Malays, who usually have bigger families. That is why we have the flexible layout design, which allows the buyer to turn the family area on the first floor into a bedroom, or leave it to be a prayer room.
“I know more developers have taken the family area of the first floor out to make each room bigger for better space utilisation because the space often ends up as a messy storage space. However, for the Malay community, it is a bonus space that they can use for prayer, or wall up to be an extra room with a window (because Caressa and Caralyn are cluster homes) for their third or fourth child,” Soh explains.
Following the success of Caressa and Caralyn 1, S P Setia plans to launch Caralyn 2, which will consist of 44 double-storey cluster homes, by the end of this year or early next year, depending on government approval. The new phase will have built-ups of 1,945 to 2,011 sq ft and an estimated selling price of RM833,000.
Other launches in the pipeline are Candella 1 (cluster homes) and Aderny (double-storey terraced homes), which are scheduled for launch next year.
Clockwise from top: Artist’s impressions of Caralyn; Serambi Villa and Lake of Reflection; Casablanca Park located next to Caralyn
“In the past few years, we have been more focused on upgrading and enhancing the overall environment of the township. From this year onwards, we are focusing more on new launches and providing more amenities to make this township more self-sustainable.
“We have put up ads to sell two pieces of petrol station land within the township. We are also planning to build two single-storey dine-in/drive-through restaurants, which will be located opposite Emporia. At the same time, we will continue to add more facilities such as pocket parks and pavilions,” Soh says.
Soh is optimistic about the future of the township given the successful rebranding and rejuvenation projects as well as other external catalysts such as the announcement of the Putrajaya Bangi Expressway, which will ease the traffic coming in and out of the township.
The developer is also looking at improving connectivity and upgrading access roads. It recently completed a new link on the eastern side of the township and is awaiting approval from the Kajang Municipal Council (MPKJ) for its opening.
The new link will connect the residents to Jalan Bangi Lama and Semenyih, cutting the travel time by 20 minutes, according to Soh. He foresees it will bring more people into the township.
Setia Alamsari is well connected to highways such as the KL-Seremban Highway, Kajang-Seremban Highway and Kajang SILK Highway. It is near amenities such as UKM KTM station, Bangi Gateway, IOI City Mall, Alamanda Shopping Centre, Bangi Golf Club, Stadium Kajang, the German-Malaysian Institute and KPJ Kajang Specialist Hospital.
KUALA LUMPUR (Nov 4): S P Setia Bhd’s Altora, which was launched on Oct 15, has achieved a take-up rate of 85% while Phase 2A will be launched by the end of November. These are the first two phases of Musika Homes, the developer’s last double-storey terrace collection in Setia Alam.
In a press release on Friday (Nov 4), S P Setia divisional manager Tan Siow Chung said: “We are excited to launch the music-inspired Musika Homes as it is the last collection of double-storey terrace homes for Setia Alam. With the success seen for the previous Bywater Homes collection, which has been fully sold, we are positive that this collection will be well received by home buyers looking to move into this area from Meru, Bukit Tinggi, Kapar and Shah Alam. We have also received good responses from those living in urban areas of Damansara, Petaling Jaya, Subang and Puchong.”
Altora offers 114 units of double-storey terraces with four bedrooms and four bathrooms. The homes have built-ups ranging from 2,298 to 2,520 sq ft, land area of 22ft by 75ft and a 5ft open yard. The homes have selling prices that start from RM963,000 to RM1.34 million.
Units in Altora have open wet and dry kitchens and the flexibility of converting a room into a workspace on the ground floor. The master bedroom also has a private balcony and a customisable closet space.
Phase 2A will have 120 double-storey terraces with built-ups similar to Altora. Details on the built-ups, land area and selling prices are still being finalised.
Facilities in Musika Homes include outdoor recreational spaces, the music-themed gardens, Musical Note Pavilion and Piano Plaza with jogging tracks and resting areas.
Musika Homes in Setia Alam has an estimated gross development value of RM463 million and will have four phases with 436 units of double-storey terrace homes in total. It is located 10 minutes away from Setia City where amenities such as Setia City Mall, medical centres, education institutions are within a 5km radius. It is also accessible via highways including the New Klang Valley Expressway (NKVE), Federal Highway, West Coast Expressway (WCE) and the newly opened Damansara-Shah Alam Elevated Highway (DASH).
KUALA LUMPUR (Nov 1): S P Setia Bhd took the No 1 spot at this year’s The Edge Malaysia Top Property Developers Awards (TPDA). The developer has taken the No 1 spot for the fourteenth time, ever since the awards were established in 2003. S P Setia Bhd also took the top spot in the Best in Qualitative Attributes sub-award.
The TPDA anchors The Edge Malaysia Property Excellence Awards (TEPEA) 2022, which were presented at the gala dinner on Tuesday (Nov 1) night at the Shangri-La Hotel Kuala Lumpur.
S P Setia Bhd president and CEO Datuk Choong Kai Wai said the achievement was beyond their expectations, as the industry had just recovered from the pandemic.
“We would like to thank our board of directors, our stakeholders and of course our purchasers who have been by our side throughout the years. Without them, we would not be where we are now, so that has encouraged us to deliver more value to our purchasers.
“It has been a challenging journey so far, especially after the pandemic but we were able to pull it off because of our team spirit. After all, S P Setia has always been known for its exemplary teamwork,” he said.
Other developers on the Top 10 list were Gamuda Land — Gamuda Bhd, Property Division (No 2), UOA Development Bhd (No 3), Sime Darby Property Bhd (No 4), IJM Land Bhd (No 5), Sunway Bhd — Property Division (No 6), IOI Properties Group Bhd (No 7), Eco World Development Group Bhd (No 8), UEM Sunrise Bhd, OSK Holdings Bhd and Mah Sing Group Bhd (joint No 9), as well as Matrix Concepts Holdings Bhd and Tropicana Corporation Bhd (joint No 10).
The TPDA was evaluated on both qualitative and quantitative attributes. In the qualitative category, judges evaluated each company on its expertise, image, innovation and creativity, as well as product quality and the value it creates for buyers.
In the quantitative category, companies were evaluated on their shareholders’ funds, turnover, profitability and cash holding or gearing. The developer with the highest score for the Best in Quantitative Attributes was UOA Development Bhd.
The scores and rankings of the TPDA were audited by Deloitte Malaysia.
TEPEA 2022 also featured nine other awards, namely The Edge Malaysia-PAM Green Excellence Award, The Edge Malaysia-PEPS Value Creation Excellence Award, Affordable Urban Housing, Outstanding CEO, Outstanding Property Entrepreneur, Outstanding Contribution to the Real Estate Industry, Property Development Excellence (industrial and integrated township), Excellence in Place Regeneration, and Excellence in Conservation and Adaptive Reuse.
The winner of The Edge Malaysia-PAM Green Excellence Award was 1 Lasam by Nurilim Sdn Bhd, while Menara Affin by Affin Bank Bhd received the honourary mention.
Besides that, The Edge Malaysia-PEPS Value Creation Excellence Award was won by South Brooks in Desa ParkCity by Perdana Parkcity Sdn Bhd, while Taman Desa Bertam (Phase 1) by Teladan Setia Group Bhd took home the honourary mention.
Under the Affordable Urban Housing category, Bandar Baru Setia Awan Perdana (Phase 1A) by Lagenda Properties Bhd and SkyAwani 2 Residences by SkyWorld Development Group, both emerged as winners.
Outstanding CEO was awarded to Gamuda Land CEO Ngan Chee Meng and Matrix Concept Holdings Bhd group managing director Ho Kong Soon. The Outstanding Property Entrepreneur award, on the other hand, was won by i-Bhd chairman Tan Sri Lim Kim Hong.
Apart from that, there were two winners for the Outstanding Contribution to the Real Estate Industry award, which were Rahim & Co International Sdn Bhd executive chairman Tan Sri Abdul Rahim Abdul Rahman, as well as Triterra Metropolis Sdn Bhd joint chairman and CIOB president Datuk Seri Michael Yam.
The Property Development Excellence award was split into two categories, industrial and integrated township. Winners for the industrial category were Eco Business Park 1, Tebrau, Johor by Eco World Development Group Bhd, and Bandar Bukit Raja Industrial Gateway by Sime Darby Property MIT Development Sdn Bhd. Meanwhile, IOI Resort City by IOI Properties Group Bhd and Sunway City Kuala Lumpur by Sunway Bhd both won the integrated township category.
SkyArena, Setapak by SkyWorld Development Bhd and Bangsar South, Kerinchi by UOA Development Bhd took home awards for Excellence in Place Regeneration.
Lastly, there were two winners for the Excellence in Conservation and Adaptive Reuse award, namely REXKL by architects and co-founders Shin Chang and Shin Tseng, as well as The Marian Boutique Lodging House, Kuching by Urban Village Sdn Bhd director of project company Datin Rosemarie Wong-Jabu.
The awards were presented by City & Country, the property pullout of The Edge Malaysia weekly and supported by EdgeProp.my. GSPARX Sdn Bhd, a subsidiary of Tenaga Nasional Bhd, was the official solar partner, while Kaimirra Tutan was the official jewellery partner.
LONDON (October 13): The most-anticipated opening of Grade II* listed Battersea Power Station will take place this Friday (Oct 14), marking the rebirth of the iconic building in London, the UK, nearly 40 years after the lights were switched off.
The Power Station is Phase 2 of the development that houses 254 apartments and more than 100 shops, restaurants and cafes. Some 500,000 sq ft of its office space will be home to Apple campus in London, while another 25,000 sq ft will be occupied by SharkNinjia.
A consortium of Sime Darby Property Bhd (40%), SP Setia Bhd (40%) and the Employees Provident Fund (EPF) (20%) bought the Battersea Power Station site in September 2012. The development is managed by Battersea Power Station Development Company (BPSDC).
In March 2019, the EPF and Permodalan Nasional Bhd acquired Power Station’s commercial assets for £1.58 billion (RM8.197 billion).
The opening ceremony on Wednesday (Oct 12) was officiated by the Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah.
Besides the Power Station, a new pedestrianised high street called Electric Boulevard – which is part of Phase 3 development – will also be open to the public this Friday.
In conjunction with the opening ceremony, a five-day “Festival of Power” will run from Oct 14 to 16 and Oct 22 to 23, with live performances, family friendly activities, installations and more.
£5 billion GDV has been realised
Spanning across 42 acres, Battersea Power Station has a gross development value (GDV) of £9 billion (RM45.6 billion), with the overall project divided into seven phases. At a media briefing, BPSDC chairman Datuk Jagan Sabapathy said 60% of the site has been developed, with the remaining 40% within at least the next 10 years. So far, £5 billion worth of GDV has been realised.
With the opening of the Battersea Power Station underground station on the Northern Line extension, the site has been transformed into a new “15-minute” live, work, play neighbourhood with community at its core.
“Infrastructure is around us for this project, The Northern Line tube station is a big game changer for the whole area. Now, we have a few more phases, there will be greater value creation. The completion of this building adds a significant value to us and the surrounding areas. I believe Power Station will become a must-go destination in London,” Jagan explained.
The target for the whole development is to have a balanced mix of space for commercial and residential, said BPSDC CEO Simon Murphy.
“When everything is done in 2032, it would be roughly 50:50 [between commercial and residential]. We can choose based on what the market wants, but we don’t want to be dominated by one asset class.”
Currently, the take-up rate for the commercial asset is 95%, with 100% for offices, said Murphy.
“For retail F&B, by the time we open on Friday, it would be north of 90%.”
He went on to share that there has been a 50% increase in capital appreciation since the first launch of its residential project.
“If you had bought the Phase 1 project in 2017, your capital gain growth would have been at least 50%.”
Phase 1, dubbed Circus West Village, opened in 2017 after construction work started in July 2013.
Over £600 million property sales in past 18 months
It is worth noting is that the majority buyers of the residential units are UK nationals.
“We have very strong local supporters,” said Jagan, noting that more than £600 million (RM3.12 billion) in sales have been recorded in the past 18 months.
In conclusion, he said: “Through the enduring strength of the Malaysian-UK relationship, the extensive experience of the shareholders, and the unrelenting ambition of the Malaysian people to deliver excellence across the globe, we have reached this tremendous milestone to bring this London icon back to life.
“Not only has a new destination been created from reviving a disused power station but a thriving community has already been established since opening the first phase of the project, Circus West Village, that we are committed to nurturing for years to come.” he added.
To recap, Battersea Power Station started to supply energy in 1935 before being decommissioned in 1983. At its peak, it supplied a fifth of London’s electricity.
LONDON, October 13 — The Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah Ibni Almarhum Sultan Ahmad Shah Al-Musta’in Billah has officiated the opening ceremony of the Malaysian-owned Battersea Power Station in Central London, ahead of its public launch this Friday.
His Majesty was accompanied by Raja Permaisuri Agong Tunku Azizah Aminah Maimunah Iskandariah Almarhum Al-Mutawakkil Alallah Sultan Iskandar Al-Haj, along with the Malaysian High Commissioner, HE Datuk Zakri Jaafar.
Al-Sultan Abdullah and Tunku Azizah’s arrival at the Battersea Power Station were received by Permodalan Nasional Bhd (PNB) group chairman Tun Arifin Zakaria, Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz; High Commissioner of Malaysia to the United Kingdom (UK) Datuk Zakri Jaafar; UK Minister for Investment, Dominic Johnson and UK Minister for Trade Policy, Greg Hands.
The Yang di-Pertuan Agong officiated the opening of the Battersea Power Station by symbolically turning the power back on in Turbine Hall A — which had laid dormant for over 40 years and will now house part of the Power Station’s retail offering.
He then unveiled a plaque commemorating the visit — a permanent reminder of the strong ties between Malaysia and the United Kingdom.
Almost four decades after its closure, the restored Grade II* listed landmark opens to the public on Friday, Oct 14.
Once a coal-fired power station, it is now set to become one of London’s most exciting retail and leisure destinations.
Under the custodianship of its shareholders, Sime Darby Property, S P Setia and the Employees’ Provident Fund (EPF) since 2012, the Grade II* listed iconic landmark has been restored to its former glory, and the wider area has been transformed into a vibrant community.
In 2019, Malaysia’s leading fund management companies, PNB and EPF became long-term commercial asset holders securing the future of the landmark for many generations to come.
High Commissioner of Malaysia to the UK, His Excellency Datuk Zakri Jaafar said the reopening of the Battersea Power Station is a testament of Malaysia’s capability in undertaking major development projects here in the UK.
“I am confident that we will see more of this endeavour in the future. I congratulate PNB, Sime Darby Property, S P Setia and EPF for all of their efforts in rehabilitating and redeveloping Battersea Power Station.
“This is an outstanding achievement and represents the close bilateral, economic and investment ties between Malaysia and the UK,” he said.
Chairman of Battersea Project Holding Company and senior independent non-executive director of Sime Darby Property, Datuk Jagan Sabapathy said through the enduring strength of the Malaysia-UK relationship and the extensive experience of the shareholders, the consortium has revitalised the London icon.
“Not only has a new destination been created from reviving a disused power station, but a thriving community has already been established since the opening of the first phase of the project, Circus West Village,” he said.
EPF chief executive officer Datuk Seri Amir Hamzah Azizan said the transformation of what was once a coal-fired power station into a holistic residential, retail and leisure destination that is also capable of supplying sustainable energy marked a very important milestone in London’s property development history.
“As a long-term institutional investor, we look forward to witnessing Battersea Power Station flourish as a sustainable community and business hub,” he said. — Bernama
