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AS A BUILDER of both homes and communities, S P Setia Bhd is cognisant of the immense influence it wields over society and the environment. Best known for projects such as its flagship Setia Alam township and its role in the redevelopment of London’s iconic Battersea Power Station, the award-winning property developer is dedicated to taking the lead in the planning and management of sustainable communities by prioritising sustainability in every stage of its properties’ life cycle.
S P Setia President and CEO Datuk Choong Kai Wai says it is important for the company to go green while meeting its bottom line. “Sustainability resonates with S P Setia and its values because it aligns with S P Setia’s commitment to environmental and social responsibility, which are in line with the company’s vision to be the leader in creating sustainable communities and enriching lifestyles”.
It is this dedication that prompted S P Setia to refresh its corporate vision and mission to better reflect its ambition to transform from within and ensure that it not only safeguards the well-being of its residents, but also upholds the rights and interest of its workforce and maximises shareholder value. This is also reflected in the developer’s sustainability framework, which lays out its key material matters and focus areas under its economic, environmental and social pillars. The framework also outlines its underlying key principles and business processes in line with the United Nations Sustainable Development Goals (UN SDGs).
Coming up with a plan is one thing; transforming words into action is another. S P Setia has taken concrete steps to put its purpose to work. Setia prides itself on its efforts to make its projects more livable for residents while preserving resources and sustaining the natural ecosystem in which these homes are built.
“In response to the growing concern for sustainable living, S P Setia has taken additional proactive steps to incorporate green and sustainable features into all its new developments,” says Choong in reference to its Setia eGreen Living initiative. These features include a built-in smart home system, centralised Green Switch, contactless food and parcel drop box called Box 366, smart door lock and rainwater harvesting system. Its homes will also be solar photovoltaic (PV) conduit-ready and electric vehicle (EV) port-ready.
These are in line with S P Setia’s commitment to achieving net zero emissions by 2050. As part of its efforts, the developer is in the process of installing rooftop solar PV systems on 16 designated assets under its strategic partnership with Tenaga Nasional Bhd. This is to address its Scope 2 emissions from the generation of electricity. It has also implemented inherently energy-efficient rainwater harvesting systems along the general traffic areas in its developments, which help reduce the pressure on freshwater resources and decrease surface runoff that could otherwise result in soil erosion or flash floods.
S P Setia recognises its Scope 3 emissions — discharged indirectly in a company’s upstream and downstream activities. It is focused on tackling this through measures such as its landscape strategy, while maintaining its strict preservation and adherence to biodiversity. The developer has mapped out how best to carry out strategic tree planting and carbon sequestration.
The environment aside, S P Setia has also put a lot of thought into ensuring that it uplifts its communities and the economic health of its neighbourhoods. The developer has conducted fabric recycling programmes with social enterprises Komuniti Tukang Jahit and Kloth Cares, both of which help disadvantaged women achieve financial independence by upskilling them with tailoring skills.
Meanwhile, its charity arm, S P Setia Foundation, has been giving a leg up to underprivileged Malaysians since 2000. The foundation aspires to create a brighter future for its communities by supporting the UN SDGs. Its priorities are to help advance education among disadvantaged students, and provide assistance to Malaysians who are underprivileged, disabled, poverty stricken or critically ill. It has also set out to aid those who are affected by epidemics, natural disasters or other similar emergencies, as well as organise activities to promote national harmony through education, sports, culture or the arts.
Its initiatives include the Sincerely, Setia Healthcare & Well-Being Assistance Programme, which provides funding to assist families of B40 patients who require long-term treatment at hospitals. It also runs the Sincerely, Setia Youth Unity Programme, which empowers youths by encouraging them to pitch ideas that can create a positive social impact, and supporting the selected proposals with grants.
There is also the Sincerely, Setia Volunteer Weekend programme, which aims to engage and support the country’s underprivileged communities, particularly members of the Orang Asli community, the B40 group and people with disabilities.
As the world grapples with pressing concerns over climate change and social injustice, it has become apparent that players in the property sector like S P Setia have a pivotal role to play in promoting sustainability, and it is clear that the company has already taken up the mantle to ensure a positive outcome for the communities and ecosystems in which it operates.
“Over the years, S P Setia has consistently introduced cutting-edge technology and innovative sustainability solutions into our developments. S P Setia firmly believes that through these efforts, we can achieve sustainable and vibrant communities that positively impact the environment, enhance energy efficiency, foster social cohesion, improve community health and promote overall well-being of the community that we have built.”
AS A BUILDER of both homes and communities, S P Setia Bhd is cognisant of the immense influence it wields over society and the environment. Best known for projects such as its flagship Setia Alam township and its role in the redevelopment of London’s iconic Battersea Power Station, the award-winning property developer is dedicated to taking the lead in the planning and management of sustainable communities by prioritising sustainability in every stage of its properties’ life cycle.
S P Setia President and CEO Datuk Choong Kai Wai says it is important for the company to go green while meeting its bottom line. “Sustainability resonates with S P Setia and its values because it aligns with S P Setia’s commitment to environmental and social responsibility, which are in line with the company’s vision to be the leader in creating sustainable communities and enriching lifestyles”.
It is this dedication that prompted S P Setia to refresh its corporate vision and mission to better reflect its ambition to transform from within and ensure that it not only safeguards the well-being of its residents, but also upholds the rights and interest of its workforce and maximises shareholder value. This is also reflected in the developer’s sustainability framework, which lays out its key material matters and focus areas under its economic, environmental and social pillars. The framework also outlines its underlying key principles and business processes in line with the United Nations Sustainable Development Goals (UN SDGs).
Coming up with a plan is one thing; transforming words into action is another. S P Setia has taken concrete steps to put its purpose to work. Setia prides itself on its efforts to make its projects more livable for residents while preserving resources and sustaining the natural ecosystem in which these homes are built.
“In response to the growing concern for sustainable living, S P Setia has taken additional proactive steps to incorporate green and sustainable features into all its new developments,” says Choong in reference to its Setia eGreen Living initiative. These features include a built-in smart home system, centralised Green Switch, contactless food and parcel drop box called Box 366, smart door lock and rainwater harvesting system. Its homes will also be solar photovoltaic (PV) conduit-ready and electric vehicle (EV) port-ready.
These are in line with S P Setia’s commitment to achieving net zero emissions by 2050. As part of its efforts, the developer is in the process of installing rooftop solar PV systems on 16 designated assets under its strategic partnership with Tenaga Nasional Bhd. This is to address its Scope 2 emissions from the generation of electricity. It has also implemented inherently energy-efficient rainwater harvesting systems along the general traffic areas in its developments, which help reduce the pressure on freshwater resources and decrease surface runoff that could otherwise result in soil erosion or flash floods.
S P Setia recognises its Scope 3 emissions — discharged indirectly in a company’s upstream and downstream activities. It is focused on tackling this through measures such as its landscape strategy, while maintaining its strict preservation and adherence to biodiversity. The developer has mapped out how best to carry out strategic tree planting and carbon sequestration.
The environment aside, S P Setia has also put a lot of thought into ensuring that it uplifts its communities and the economic health of its neighbourhoods. The developer has conducted fabric recycling programmes with social enterprises Komuniti Tukang Jahit and Kloth Cares, both of which help disadvantaged women achieve financial independence by upskilling them with tailoring skills.
Meanwhile, its charity arm, S P Setia Foundation, has been giving a leg up to underprivileged Malaysians since 2000. The foundation aspires to create a brighter future for its communities by supporting the UN SDGs. Its priorities are to help advance education among disadvantaged students, and provide assistance to Malaysians who are underprivileged, disabled, poverty stricken or critically ill. It has also set out to aid those who are affected by epidemics, natural disasters or other similar emergencies, as well as organise activities to promote national harmony through education, sports, culture or the arts.
Its initiatives include the Sincerely, Setia Healthcare & Well-Being Assistance Programme, which provides funding to assist families of B40 patients who require long-term treatment at hospitals. It also runs the Sincerely, Setia Youth Unity Programme, which empowers youths by encouraging them to pitch ideas that can create a positive social impact, and supporting the selected proposals with grants.
There is also the Sincerely, Setia Volunteer Weekend programme, which aims to engage and support the country’s underprivileged communities, particularly members of the Orang Asli community, the B40 group and people with disabilities.
As the world grapples with pressing concerns over climate change and social injustice, it has become apparent that players in the property sector like S P Setia have a pivotal role to play in promoting sustainability, and it is clear that the company has already taken up the mantle to ensure a positive outcome for the communities and ecosystems in which it operates.
“Over the years, S P Setia has consistently introduced cutting-edge technology and innovative sustainability solutions into our developments. S P Setia firmly believes that through these efforts, we can achieve sustainable and vibrant communities that positively impact the environment, enhance energy efficiency, foster social cohesion, improve community health and promote overall well-being of the community that we have built.”
KUALA LUMPUR (Nov 2): S P Setia Bhd on Thursday launched Candella 2, comprising 44 exclusive lakefront semi-detached homes, at its Setia Alamsari township development in Kajang.
According to a press release issued Thursday, Candella 2 has a gross development value of RM40 million and is the third phase of the township’s Casa Collection, which comprises double-storey semi-detached homes.
S P Setia divisional general manager Koh Sooi Meng said, “Candella 2 is our latest Casa collection of freehold lakefront landed homes, which offers residents a luxurious living experience while embracing the beauty of nature within the Moroccan-themed gardens. The collection is thoughtfully designed with a north-south orientation, ensuring that selected units can enjoy an uninterrupted lake view of the Serenity Lake Park.”
In the historical heart of Johor Bahru, a quiet renaissance is unfolding. The city centre’s urban regeneration is reshaping the commercial hub around its rich legacy and a futuristic vision. Here, Quayside JBCC, a luxurious hospitality development consisting of serviced suites and a 4-star International Hotel, adds to the new story of Johor that is being slowly realised.
A two-acre guarded community, Candella 2 offers four-bedroom, four-bathroom homes with built-up areas ranging from 1,961 to 1,999 sq ft at prices starting from RM879,000. The homes are freehold and are slated to complete by end-2025.
According to Koh, the open-plan layout design of Candella 2 homes will offer buyers flexibility in terms of space planning while allowing ample natural light to flow through the interconnected spaces and maximising the square footage of the units.
“We understand that today’s homebuyers prefer flexible living spaces that can be easily customised to their preferences. As Malaysia’s top property developer, Setia strives to prevail in the current property market by delivering projects that meet the market demands,” he added.
The statement said that each home has a dedicated family area on the first floor and a private side garden. It added that the homes’ facade and architecture, which draw inspiration from the intricate Moroccan motifs, feature a contemporary design with a touch of Arabesque style.
Candella 2 will also be equipped with Setia iHome sustainable features such as 2.25 kWp solar PV panels, rainwater harvesting system, an electric vehicle slow charging port, a green switch and a smart lock, it added.
Setia Alamsari is a 775-acre freehold township accessible via major highways such as the North-South Expressway (PLUS), Kajang-Seremban Highway (LEKAS) and Kajang Dispersal Link Expressway (SILK). It is near amenities including Universiti Kebangsaan Malaysia (UKM), the KPJ Kajang Specialist Hospital and Bangi Wonderland Theme Park & Resort.
It was 71-year-old Mat Zin Husin’s lucky day when he was chosen in the e-Peraduan campaign as the winner of a single-storey terrace house in Amansara North, Setia Fontaines here.
The campaign was hosted by Permodalan Nasional Bhd during Minggu Saham Amanah Malaysia (MSAM) 2023 while the winner’s home, valued at RM500,000, was sponsored by S P Setia.
Apart from the grand prize sponsorship, as the ‘Rakan Premier’ for MSAM 2023, S P Setia supported the programme by sponsoring the venue at Setia Fontaines and electrical goods for the daily lucky draw.
Mat Zin, a small business owner in Kampung Sawa, Pendang, expressed his gratitude, saying: “I’m overwhelmed with joy and would like to thank S P Setia for sponsoring the house and Permodalan Nasional Bhd for hosting MSAM 2023 in Penang.”
Gracing the closing ceremony of the event were Raja Tan Sri Arshad Raja Tun Uda, group chairman of Permodalan Nasional Bhd and Datuk Dr Mohamad Abdul Hamid, Deputy Chief Minister 1, who presented the prize to the winner.
The event was also witnessed by Ahmad Zulqarnain Onn, president and group CEO of Permodalan Nasional and Datuk Azmi Mohd Ali, non-independent non-executive director of S P Setia.
The latest addition to Setia Fontaines, Amansara North, has achieved a take-up rate of 80%. Comprising single-storey terraces, double-storey terraces, and double-storey superlink houses, Amansara North “is the ideal neighbourhood for young families and homeowners looking to upgrade their homes while residing in a convenient location”. Residents here can enjoy a wide array of amenities in the area and have easy access to Penang Island, Bukit Mertajam, Sungai Petani, Kulim, Seberang Jaya, Permatang Pauh, and Simpang Ampat.
Strategically situated near North Seberang Perai, Setia Fontaines is a 1,691-acre mega township, “representing Setia’s latest venture in the state of Penang”.
Following the launch of Laelia I, the first phase of the Laelia 2-storey terraced homes collection, in July, S P Setia Bhd officially launched the second phase, called Laelia II, on Sept 16. All the non-bumiputera units were fully taken up, resulting in a take-up rate of 55%.
Laelia I has achieved a take-up rate of 58% and all the non-bumiputera units have been fully sold.
“Leading up to the launch of Laelia II, we received positive response from potential buyers and recorded interest in the project from more than 2,000 registrants,” S P Setia divisional general manager Razly Mohammad Rus tells City & Country in an email interview.
With the full take-up rates of non-bumiputera units in both Laelia I and Laelia II, Razly is optimistic that both phases will be sold out by year’s end.
The 7.16-acre Laelia II, with a gross development value (GDV) of RM72.7 million, offers 97 two-storey terraced homes — 48 are loft-style homes, and have built-ups ranging from 1,626 to 1,673 sq ft, three bedrooms and three bathrooms, and a starting price of RM629,000. The remaining 49 units are conventional terraced units that have built-ups ranging from 1,917 to 2,019 sq ft, four bedrooms and four bathrooms, and selling prices starting from RM798,000. Laelia II is slated for completion in September 2025.
Meanwhile, Laelia I will occupy 7.3 acres and have a total of 98 two-storey terraced homes — 44 are loft-style homes with built-ups ranging from 1,568 sq ft to 1,604 sq ft, and three bedrooms and three bathrooms; 54 are conventional 2-storey terraced homes with built-ups ranging from 1,865 sq ft to 1,960 sq ft. Laelia I, which is priced from RM600,000, is expected to be completed in August 2025.
Razly says Laelia features modern aesthetics such as a geometric façade and neutral tones as well as a flexible open-concept plan.
“Laelia’s adaptable open-plan layout allows for continuous space planning, giving residents the flexibility to modify and expand their living space with ease. This feature enhances the overall living experience, making Laelia a desirable choice for those looking for a personalised and comfortable home environment.”
“Laelia’s loft-style unit is an open-concept 2-storey terraced layout with an elevated second floor, similar to a mezzanine floor. The design incorporates higher ceilings to create a spacious and expansive feel to the living space,” he adds.
In addition, both Laelia I and Laelia II will include Setia i-Home sustainable and future-ready features such as a solar photovoltaic conduit and electric vehicle ports, a green switch for convenient control of electrical appliances, a smart lock for extra security and an innovative Box 366 food and parcel delivery dropbox.
Razly says the developer’s target market is first-time homebuyers, young families and residents of Klang. He adds that the loft-style offerings are an attractive option, especially among young buyers and couples in their 20s and 30s who want to own modular landed homes that are modern and spacious at a reasonable price.
“Young families who are upgrading from the neighbouring area of South Klang as well as first-time homebuyers were also captured by the budget-friendly price range of the 2-storey terraced units.”
Launched in 2006, Setia Bayuemas is a 545-acre freehold township accessible via the North-South Expressway (Elite) and Shah Alam Expressway (Kesas). It comprises affordable apartments, landed terraced homes, cluster homes, semi-detached homes and bungalows, and has an expected GDV of RM2.89 billion.
Currently, 180.6 acres, or 33%, of Setia Bayuemas is still undeveloped.
As such, Razly says, S P Setia will continue to roll out the remaining phases of Laelia as well as a greater product mix in the township.
Laelia in Setia Bayuemas is divided into four subphases: Laelia I, Laelia II, Laelia III and Laelia IV. The developer plans to launch the subsequent two phases of Laelia by 2024. Laelia III is expected to be launched in 4Q2023 (83 two-storey terraced homes) and Laelia IV (95 two-storey terraced homes), in 2024.
“Future launches in Setia Bayuemas will include new products to supplement the 2-storey terraced houses that are in high demand in the township, in line with Setia’s effort to establish a better township positioning.“Other upcoming residential launches include Rumah Selangorku and semi-detached bungalows. In addition, we expect to launch a second lake park in Setia Bayuemas (the first lake park, named Setia Bayuemas Lake Park, was completed in June 2022) as well as shop offices [at a later date].”
The Yang di-Pertua Negeri of Penang Tun Ahmad Fuzi Abdul Razak visited the 2023 Minggu Saham Amanah Malaysia (MSAM) Carnival at Setia Fontaines, Bertam, Penang today.
He arrived at 5 pm and was greeted by Permodalan Nasional Bhd (PNB) group chairman Raja Tan Sri Arshad Raja Tun Uda, and Penang State Legislative Assembly Speaker Datuk Law Choo Kiang, who accompanied him to visit the exhibition area.
The hour-long visit began with an introduction and briefing session by PNB president and group chief executive Ahmad Zulqarnain Onn.
At the Sime Darby Plantation booth, Ahmad Fuzi was briefed on the latest advanced machinery and technology used to control pests and insects in oil palm plantations. Ahmad Fuzi also spent time mingling and chatted with the staff from 50 exhibitors who were on duty in the carnival.
He also officiated the Jom Stem: Bicara Geo Bersama Persatuan Geologi Malaysia programme at SP Setia Berhad booth, launched the Ikhlas travel takaful plan and zakat (tithe)presentation by Malaysian Industrial Development Finance Bhd (MIDF), and took time to testdrive the bZ4X electric car by Toyota and Hyundai Ioniq 6.
PNB is the main organiser of 2023 MSAM themed ‘Bijak Melabur, Santai Berhibur’, held overnine days, from Sept 30 to Oct 8. For the first time, the carnival is being held in a hybridformat in line with PNB’s aspirations to enhance financial literacy among the people.
Exciting interactive games and activities are available at each exhibition booth, with Science,Technology, Engineering, and Mathematics (STEM) elements to make this year’s MSAM evenmore appealing.
Property developer SP Setia has launched Irama Villa III in Bandar Kinrara, its latest low-density freehold landed development within a self-sustaining township.
Offering 38 units of double-storey terraced homes on a 3.97-acre plot, the development is designed for those pursuing spacious living and excellent amenities.
“Irama Villa III presents an excellent opportunity for those seeking to upgrade their residences while enjoying the benefits of residing in a self-sustaining township equipped with extensive amenities. The growing demand for low-density properties is a testament to the desire for more space, enhanced security, and increased privacy among homeowners. We are confident that Irama Villa III will meet these expectations and more,” said divisional general manager Razly Mohammad Rus.
“This exclusive residence will feature Setia’s cutting-edge smart home features known as Setia i-Home, offering a living environment that is both environmentally conscious and future-ready,” Razly added.
Irama Villa III will include smart features, such as a smart lock for enhanced security, a solar photovoltaic conduit to harness clean energy, EV ports to support the adoption of electric cars, as well as a green switch for convenient control of electrical appliances. The units will also include the Box 366 food and parcel delivery dropbox.
Irama Villa III comes in sizes ranging from 2,165 to 2,770 sq ft, and 2,234 to 2,337 sq ft with 4+1 bedrooms and five bathrooms. The selling price starts at RM1.4 mil.
Conveniently linked to a network of major highways including the KESAS Highway, MEX Highway, NPE Highway, LDP Highway, and MRR2, Bandar Kinrara is connected to various parts of the Klang Valley and beyond. It is also convenient for those who rely on public transportation with its proximity to the Kinrara BK 5 LRT station.
For more information, visit https://spsetia.com/en-us/property/malaysia- (central)/puchong/bandar-kinrara/collections/irama-villa-3 or the Bandar Kinrara Welcome Centre.
Setia EcoHill 2, a renowned Eco-series township development by S P Setia Bhd has launched Banyan, the sixth and final phase of the SEHati collection.
Banyan, with a gross development value (GDV) of RM84mil, offers 113
freehold double-storey terrace homes. These homes boast a generous land size of 20 ft by 70 ft and feature a built-up area ranging from 1,777 sqft to 1,901 sqft.
“We are incredibly excited to introduce the last phase of terrace homes under our SEHati Collection. Banyan presents a remarkable opportunity, especially for aspiring young homeowners and upgraders seeking a new home within an affordable price range without compromising on innovation and sustainability with our Setia i-Home features,” divisional general manager Koh Sooi Meng said in a statement.
Starting from RM678,000, Banyan’s intermediate units comprise 4 bedrooms and 3 bathrooms, while the corner units offer 4 bedrooms and 4 bathrooms with a favourable North-South orientation.
Banyan features a 7-ft tiled backyard that can be easily converted into a wet kitchen or laundry area. Additionally, a 10 ft by 6 ft front yard garden adjacent to the living room allows homeowners to transform it into an inviting outdoor living space or a private garden oasis.
PETALING JAYA: S P Setia Bhd has achieved a new milestone in its Australian development after successfully acquiring a prime land site in Sydney, New South Wales, at an entry cost point of A$73.3mil (RM220mil).
This will be S P Setia’s maiden foray into New South Wales and the new venture is located at 20 Atchison Street in St Leonards, a neighbourhood described as a combination of urban amenities within a leafy suburb.
According to S P Setia, there are plans to develop a residential development with secondary commercial and retail use estimated at a gross development value (GDV) of A$236mil (RM708mil).
S P Setia group president and chief executive officer Datuk Choong Kai Wai expressed enthusiasm for the expansion.
“This acquisition of 20 Atchison street is an exciting and strategic move for S P Setia in Australia.
“We are proud of our legacy of excellence in the Australian property market, as demonstrated by the completion of the new iconic Melbourne projects: Fulton Lane, Parque, Uno and Sapphire by the Gardens.
“These projects have not only set the highest standards, but have also come to define the S P Setia brand in Australia, known and proven for its unwavering commitment to timely completion and quality,” said Choong in a statement.
According to S P Setia, the location at 20 Atchison Street consists of a 14,790-sq-ft parcel of freehold land and is located only six kms from the Sydney Central Business District or CBD.
It also enjoys proximity to the St Leonards Train Station, the future Crows Nest Metro Station (expected completion at end-2024), the St Leonards Medical Precinct, schools and the Chatswood Chase Shopping Centre, which is a major shopping and commercial precinct.
S P Setia also said the acquisition of 20 Atchison Street aligned perfectly with current market trends.
With an expected influx of 650,000 new migrants settling in Sydney and Melbourne, S P Setia said the demand for quality housing is anticipated to exceed supply, resulting in potential property growth.
According to S P Setia, the commencement of land development at 20 Atchison Street, St Leonards is scheduled for the third quarter of next year, which is perfectly timed to coincide with the projected market recovery.
Choong also said the land acquisition in 20 Atchison Street underscored S P Setia’s commitment in delivering outstanding developments that cater to the needs and aspirations of discerning homebuyers and investors in Australia.
“All our investments in Australia have generated good returns with a strong return on equity.
“We expect this to continue with the Sydney acquisition as S P Setia pursues its expansion strategy in Australia,” said Choong.
S P Setia launched its first Australian development, Fulton Lane, in 2011 and it has since expanded its development frontier and completed multiple projects with a total GDV of over A$2.2bil (RM6.5bil).
Among its latest and notable developments in Australia is the Sapphire by the Gardens project in Melbourne, which played a significant role in achieving S P Setia’s 2022 targets.
“The successful settlement of Sapphire by the Garden showcased S P Setia’s commitment to delivering high-quality developments that meet the demands of the Australian market,” the firm said.
S P Setia said its track record in Australia also showed its dedication to creating impressive and innovative developments that contribute to the growth and vibrancy of the Australian property market.
“The company’s continued success in the region is testament to its commitment to quality, sustainability and enhancing the lives of the communities it serves,” added S P Setia.
As of June 30 this year, the company had a portfolio of 44 ongoing projects, supported by a land bank of 6,870 acres valued at a GDV of RM125.77bil.
KUALA LUMPUR (Sept 4): S P Setia Bhd further expanded its business in Australia by acquiring a prime land site in Sydney, New South Wales. It is also the company’s maiden foray into the state.
With an optimal entry cost point of A$73.3 million (RM220 million), the site is located at 20 Atchison Street in St Leonards and only 6km away from Sydney CBD. S P Setia plans to develop the 14,790 sq ft freehold land into a residential development with secondary commercial and retail use. It has an estimated gross development value (GDV) of A$236 million (RM708 million) and is targeted to be launched in the third quarter of 2024 (3Q2024).
In a statement issued on Sunday (Sept 3), S P Setia president and chief executive officer Datuk Choong Kai Wai stated, “The acquisition of 20 Atchison Street is an exciting and strategic move for S P Setia in Australia. We are proud of our legacy of excellence in the Australian property market, as demonstrated by the completion of the iconic Melbourne projects, namely Fulton Lane, Parque, Uno and Sapphire by the Gardens.”
He added that with a projected shortage of new supply levels for several years and an expected influx of 650,000 new migrants settling in Sydney and Melbourne, the demand for quality housing is anticipated to exceed supply, resulting in potential property growth.
“This exciting land acquisition underscores S P Setia’s commitment to delivering outstanding developments that cater to the needs and aspirations of discerning homebuyers and investors in Australia. All our investments in Australia have generated good returns with strong ROEs (returns on equity). We expect this to continue with the Sydney acquisition as Setia pursues its expansion strategy in Australia,” said Choong.
S P Setia launched its first Australian development, Fulton Lane, in 2011. It has since expanded its development frontier in Australia and has completed multiple projects, with a total GDV of over A$2.2 billion (RM6.5 billion). One of S P Setia’s latest and notable developments in Australia is the Sapphire by the Garden project in Melbourne. This project played a significant role in helping the company achieve its 2022 targets.
S P Setia is expanding its footprint in Australia with the acquisition of a prime land site in Sydney, New South Wales a maiden foray into this state for the developer.
Located at 20 Atchison Street in St Leonards, the land is nestled in the dynamic landscape of Sydney’s North Shore, the St. Leonard’s neighbourhood expertly merges urban amenities within a leafy suburb. Making it a highly desirable residential choice for property owners.
The group will be acquiring the land for AUD73.3million (RM220 million) and plans to develop a residential development with secondary commercial and retail use estimated with a Gross Development Value (GDV) of AUD236 million (RM708 million).
Datuk Choong Kai Wai, President & CEO, expressed his enthusiasm for this remarkable expansion, stating, “The acquisition of 20 Atchison Street is an exciting and strategic move for S P Setia in Australia. We are proud of our legacy of excellence in the Australian property market, as demonstrated by the completion of the iconic Melbourne projects: Fulton Lane, Parque, Uno, and Sapphire by the Gardens. These projects have not only set the highest standards but have also come to define the S P Setia brand in Australia, known and proven for its unwavering commitment to timely completion and quality.
S P Setia launched its first Australian development, Fulton Lane, in 2011. It has since expanded its development frontier in Australia and has completed multiple projects, with a total GDV of over AUD2.2 billion (RM6.5 billion).