Setia City Mall

Greenhill Resources Sdn Bhd, a unit of the country's largest developer SP Setia Bhd, is bullish that its latest project, Setia City Mall, will generate big revenue.

Part of the optimism is based on the high take-up rate for the mall's retail space.

The estimated RM450 million Setia City Mall is due to open its doors for business in May next year.

Those that have confirmed tenancy include big names like Padini Concept Store, Golden Screen Cinemas, Urbanfresh, Harvey Norman, Fitness First, Courts and Wangsa Bowl.

Greenhill development director Robert Spinks said out of the 250 retailers expected 160 have confirmed their slots in Setia City Mall.

The mall consists of 740,000 sq ft of lettable space spread over four levels of zoned shopping space.

Its biggest tenant will be Parkson, which is taking a total of 120,000 sq ft.

Setia City Mall is jointly developed with Asian Retail Investment Fund, a fund managed by the investment arm of global property developer Lend Lease.

"We are confident the opening of Setia City Mall will help boost Greenhill's revenue," Spinks said at a media briefing Thursday.

He did not reveal any sales forecast.

Spinks said construction work on the mall was started in 2009.

"Gross development cost for the Setia City Mall is about RM450 million," he said, adding that the project would be a good and profitable venture for those involved.

Rental varies from RM5,000 to RM30,000, depending on size and lots.

Spinks said Setia City Mall would offer much more than the typical retail destination.

"It will provide a fun and affordable family experience - encompassing shopping, dining and entertainment," he said.

Meanwhile, SP Setia executive vice-president Khor Chap Jen said there will be a convention centre and a 250-room hotel located opposite the northern entrance of the mall.

"The construction of the convention centre, which is large enough to host a 200-table banquet, will commence next month," he said.

The company also plans to launch three blocks of SoHo (small office home office) apartments next to the hotel by the end of this year. - Business Times

Click here, for more information on Setia City Mall.

SP Setia buying Melbourne site for RM92mil

Australia property is creating lots of news (see my previous posts)… Even our local neighbourhood developer SP Setia Bhd is acquiring land in Melbourne Australia. SP Setia is a well established Property Developer in Malaysia and has Home Developments in Vietnam. Now they are gunning Australia. See excerpt below:

PETALING JAYA: SP Setia Bhd is buying a 0.42ha site in Melbourne’s Central Business District for A$30mil (RM92.4mil) to undertake a high-density inner-city integrated residential and commercial project.

In a statement to Bursa Malaysia yesterday, SP Setia said its unit Setia International Ltd would acquire the land from S.L. Nominees Pty Ltd and Jonquil Pty Ltd.

We will update this when more information is available. Meanwhile, anyone else to join the bandwagon??

Updated on 13 April 2010:

The leading property property developer in Malaysia, S P Setia announced the purchase of a 46,715 sq ft piece of land in the heart of the Central Business District (CBD) in Melbourne for RM92.4 million (AUD30 million) today.

The land enjoys dual street frontages with A' Beckett Street on its southern and Franklin Street on its northern boundaries, and is located between Elizabeth and Queen Streets. The largest remaining undeveloped site in the central spine of Melbourne's CBD, the land is a short walking distance to Melbourne Central Shopping Centre and Railway Station, and is close to the Queen Victoria Market. It is also close to RMIT University, University of Melbourne and La Trobe University and the beautiful Flagstaff Gardens.

See Full Press Release here

http://www.spsetia.com.my/corporate/news/attachments/melb.pdf

SP Setia revises upward sales target

SHAH ALAM: Property developer SP Setia Bhd has increased its sales target for the financial year ending Oct 31, 2010 (FY10) to RM2bil from RM1.65bil announced earlier, backed by a jump in sales of RM608mil recorded for the first quarter. The group achieved its highest ever sales of RM1.65bil in FY09 despite challenging market conditions last year.

President and chief executive officer Tan Sri Liew Kee Sin said he was upbeat about the sales target after the group recorded a six-fold increase in sales for the first quarter compared with RM101mil achieved in the same quarter of FY09. “The group’s sales have continued to hold up higher than pre-crisis levels due to strong branding and adoption of innovative marketing strategies,” he said after SP Setia’s AGM yesterday.

He added that the sustained sales performance, despite a price increase of at least 10% for the group’s entire product range, would underpin its targeted return to growth this year. “Of the RM2bil sales target, almost all will come from the local market and 10% from our project in Vietnam. “The market in Vietnam is not so stable at the moment and we are taking it slow and steady there,” he said.

Liew said the group’s main focus would be its projects in the Klang Valley, Penang and Johor Baru. “We have about 10 ongoing projects in Malaysia with a total gross development value of RM26bil that would last for 10 to 12 years on our 3,900 acres of land,” he said.

By Edy Sarif - StarProperty

Look at the way they are pricing their property. It's no wonder they can afford to revise their sales target. For example, their previous launch of double storey terrace 20'x70' with built up of 2,188sq ft is priced from RM405,000 onwards. What amazes me is that their properties are selling like hot cakes. For more information please visit SP Setia's website : http://www.spsetia.com.my/

Setia Alam Welcome Centre

This morning we went to Setia Alam Welcome Centre.

 Its a minute drive from my home.

Just to share a few photos of this prominent landmark in my neighbourhood.

The banners show few campaigns are on-going.

One section in the Welcome Centre.

Today, Bandar Setia Alam is launching the new 20'x70'. The price is RM468,000 for an intermediate unit. I feel its very much on the high side. Could get a semi detached for this price in other locations. Let's just see how their sales will be.

View from the highway.

Zoomed.

This building houses the administration, sales & marketing, customer care and estate management of Bandar Setia Alam. Next to it is the show village where numerous show units are built and fully furnished for customers to have a 'look & feel' of what they are buying.

Entry & Exit.

Parkson coming to Setia Alam

Setia City Mall is scheduled to be completed in end 2011. Its key anchor retailer will be Parkson with a floor space of 120,000 sq ft. The new store, spread over two levels, will add to Parkson’s portfolio of over 35 stores nationwide.

With the addition of Parkson, the new Setia City Mall moves closer to achieving its vision of becoming the destination of choice for neighbourhood shopping, entertainment and parklife.

I personally prefer Jusco as I feel Parkson's pricing is a little high. Also feel that Parkson has a different target market and more focus on "lifestyle concept". Well, won't complain as this developement will undoubtedly increase the value of Setia Alam township.

Setia Alam Property (2)

We went to Setia Alam Welcome Centre today. Did not see much crowd.. quiet, with only a handful of people. My first thoughts were that property here is expensive or the economy is still on the mend. As I walked across the sales gallery, I was surprised. Most of the properties for sale were taken up.

(1) Double storey terrace houses 20x65 with build up of 1,948 sq ft were all sold out. This range consists of 2 models which combined has over 100units. Selling price is from RM374k.

(2) Double storey terrace houses 30x55 with build up of 1,749 sq ft were all sold out. This range also consists of 2 models which combined has over 100units. Selling price is from RM398k.

(3) Double storey terrace houses 24x80 with build up of 2,741 sq ft were almost sold out. Selling price is from RM588k.

Prices are on the high side as compared to other location with the same build up. Yet people are buying.

(4) Double storey link semi D houses 34x75 with build up of 2,883 sq ft were the only range available with a chance to select your preferred unit. Selling price is from RM743k.

This success may be due to Setia Homeownership Package - The Best for the Best. Previously it was called 5/95. All buyer need to pay is the 5% deposit. Legal fee SPA, Legal fee Loan Agreement, Stamp Duty and progressive interest till completion will be borne by Setia. Buyer will start paying when his property is completed.

No wonder not much crowd at the sales gallery. Most of the properties available were all snapped up earlier. Now potential customer can register with Setia Alam and they will be notify when there are new launches.

Setia Alam Property

Recently, a friend bought a house in Setia Alam. Double storey link 24x80. The price? A whopping RM644k. I personally feel the price is too high even for an end lot. And yet most of the units have been sold. Another launch 20x65 (intermediate) is selling for RM375k. I wonder if those buyers intend to stay or for investment..

As for my friend, she buys for own stay. Good for her. I don't think those investors can make profit with this kind of price. How much more can they sell for a double storey link house. Furthermore, many do not even know where Setia Alam is..

As for now, I feel the price has reflected the upcoming infrastructure and shopping mall for the next 3 years. If the developer does not deliver, or delivers late these prices will be adversely affected. Maybe as a long term investment of more than 5 years, it is still viable.

Setia Alam Forum

A great place for owners, residents, future residents and public to mingle and share information.

Check out Setia Alam & Setia Eco Park latest happenings @...

http://www.setiaalam.net/sara/

SP Setia builds on winning formula

By EUGENE MAHALINGAM
CEO: Key to a project’s success is to give what customers want

PETALING JAYA: The annual International Real Estate Federation (FIABCI) Malaysia Property Award (MPA) has, over the years, highlighted some of the best developments the local property sector has to offer.
One project that stands out is SP Setia Bhd’s Setia Eco Gardens mixed “green” township in Johor, which won the MPA 2008 (Master Plan category) and FIABCI Prix d’Excellence Award 2009 (Best Master Plan Development) category.
President and chief executive officer Tan Sri Liew Kee Sin said the philosophy, or “masterplan” behind the success of the eco-themed development was to “give what customers want.”
“To be a leader in property development, you need to come up with something innovative. But to do that, you must first know what your customers want,” he told StarBiz.
Inspired by its Setia Eco Park development in Shah Alam, the 379.2ha freehold Setia Eco Gardens is located in the heart of Iskandar Malaysia.
With a gross development value of RM3.5bil, the project was being developed in phases and would take a decade to complete, said Liew. Up to September 2009, SP Setia had sold 362 of the 369 units launched, raking in sales totalling RM92mil.
Tan Sri Liew Kee Sin: ‘To be a leader in property development, you need to come up with something innovative.’
Liew said 98% of the buyers were local and the remainder comprised Singaporeans. He added that the development was like “living in a modern world but with natural surroundings.”
“It’s a place where nature and man can co-exist side by side,” he said.
In preserving the environment, SP Setia set aside more than 14% of the land for green zones, double the 7% required for a standard mixed development.
The green zones comprise an 7.4ha Eco park, a 6.4ha rainforest, lush greenery, smaller landscaped parks as well as water features that include rivers, lakes and well-manicured canals.
All retention ponds were also converted into waterways and canals.
Energy conservation initiatives such as rainwater harvesting, water recycling system, water efficient fittings and photovoltaic solar panel are among the common features of the eco homes and eco villas.
Liew said the biggest challenge in developing an eco-based project was turning a barren piece of terrain into an ecological wonderland.
“Property development is about land and returns. It’s how to turn the land into a return on investment. It’s about having the right ecosystem for the project. We are blessed with a country that has a lot of rainfall and sunshine. Everything will grow.
“But the challenge is finding the right formula. Everybody can make char kuey teow but some do it better than others. That’s because they have the right ingredients,” he said.
Liew said that while it was always an honour to win awards, the business of property development was not about winning accolades.
“We don’t go about planning to win an award. We’re in business. We need to come up with something that can differentiate ourselves from other developers or what we think the customers will want to buy from us.
“But along the way if we win an award, we’re thankful but it’s not our major purpose,” he said.
Fiabci Malaysia will be organising the 2009 MPA on Nov 16 in Kuala Lumpur, with Malayan Banking Bhd as the official sponsor. The emphasis for this year’s award is Intrinsic Value in Holistic Living.
The categories that will be contested are: Property CEO of the Year, Master Plan, Residential Development (low rise and high rise), Retail Development, Office Development and Purpose-Built Project. The event will be graced by the Sultan of Selangor.

from
http://biz.thestar.com.my