General Manager S. Rajoo said SP Setia has identified a parcel of land measuring 0.92 hectares in the area, and plans to build 70 units of high-end condominiums.
"We intend to incorporate lots of greenery into the proposed development for the super-condominiums which are set to boast a floor area of 3,000 sq feet," he told Business Times.
Rajoo was speaking during a Chinese New Year celebration hosted by SP Setia in Penang which was attended by the company's president and chief executive officer Tan Sri Liew Kee Sin and chief operating officer Datuk Voon Tin Yow.
The proposed project in Gurney Drive is part of SP Setia's move to expand its landbank by 12ha this year.
Gurney Drive, located in the affluent Pulau Tikus area in George Town, is currently lined with high-end condominiums and is near a sea-fronting shopping mall and a host of eateries.
"We have also identified another 5.6ha land to acquire in the southwest district of Penang island. We intend to develop a gated community comprising detached and semi-detached homes," Rajoo said.
SP Setia is also looking to buy more land in the southwest district for a resort homes development.
"This would be a sizeable piece of land where more bungalows and semi-detached units will be built," he added.
It now has an undeveloped landbank of around 24.4ha on Penang island.
SP Setia still thinks that demand for landed properties is strong despite similar projects being launched by other developers.
"The supply for landed properties is still lacking and we intend to market our homes to foreign investors and locals," he said.
SP Setia's entry into Penang was via its maiden development "Setia Pearl Island" in Sungai Ara near the Penang International Airport.
The project, which is sited on a 45.2ha of land, serves as the company's flagship project in Penang.
From November 2009 until now, the company has sold properties worth RM115 million at Setia Pearl Island.
"Our target is to chalk sales of RM200 million by the end of October," he added.
By Business Times (by Marina Emmanuel)