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Friday, May 23, 2008

S P Setia builds luxury high-rise in KLCC

Setia Sky Residences is S P Setia's first project downtown

The Kuala Lumpur City Centre is a coveted address for many real estate players. Award-winning S P Setia Bhd is not about to be left out of the action.

Although the established developer is a newcomer to the location, its divisional general manager Wong Tuck Wai is confident that the RM800 million Setia Sky Residences, its first downtown project, will be well-received because of its novel concept and superb location.

"This is our first high-end condominium project in the area and, having built a strong reputation in the landed luxury property segment, we are excited to realise our vision of luxury high-rise living with Setia Sky Residences," says Wong.

The six-acre freehold Setia Sky Residences is strategically located on the intersection of Jalan Tun Razak and Jalan Raja Muda Abdul Aziz Shah. It comprises 844 units, with sizes ranging from 1,044 to 1,679 sq ft. The project will be launched in stages, with the first batch up for sale by July. S P Setia is carrying out a registration drive for prospective buyers.

Wong says the target market will be owner-occupiers and property investors, both foreign and local, who wish to own a premium property with good appreciation potential.

"We believe Setia Sky Residences has all the ingredients of success. While the project is not on the immediate fringe of KLCC, most of the units offer a clear view of the Twin Towers. Indicative price is RM800 psf. The current selling prices of other high-rise projects in the KLCC area are above RM1,000 psf while those within the direct vicinity of KLCC have even exceeded RM2,500 psf. Our price is very attractive and offers good upside potential," he says.

Wong says the concept and design of Setia Sky Residences were inspired by the fluid lines of natural landforms. "The faces of the tower fronting KLCC are sculpted into a curvilinear form. This gives a longer building edge that allows more units to face this dramatic view. The sides facing the Titiwangsa Lake are shaped into slender and elegant forms, creating a dynamic composition of building blocks."

Setia Sky Residences has four towers of 40 storeys and will be ready by 2011. The layout includes a lobby for private lifts, a full range of family-recreational facilities spread over 40,000 sq ft of space at the Sky Deck (Level 5) and the Sky Club (Level 34).

The Sky Deck, located on the roof of the car park podium, features a playing area for children, spaces for family parties, a function room for big parties and a "secret spa garden" surrounded by lush greenery for quiet relaxation.

The Sky Club has four private entertainment villas. Each of the two villas on either end has a dramatic infinity plunge pool. All the villas are equipped with a kitchenette, where residents can host parties, The club also comes with a lap pool and a fully equipped gym with an aerobics and dance studio.

For the past three consecutive years from 2005, S P Setia has ranked first in The Edge Top Property Developers Awards. The developer's flagship projects include the 2,525-acre Setia Alam and the 791-acre Setia EcoPark in Shah Alam. In KL, S P Setia has three high-end projects — Duta Nusantara and Duta Tropika in Sri Hartamas, and Setiahills in Ampang. In Johor, it has Bukit Indah Johor in Bandar Nusajaya, Setia Indah Johor in Tebrau, Setia Tropika in Kempas and Setia Eco Gardens in Pulai. It also has Setia Pearl Island in Bayan Lepas, Penang, and Aeropod @ Tg Aru, Sabah. Last June, the group also inked a deal with Vietnam's top state-owned conglomerate, Becamex IDC Corp, to develop its maiden residential project there.

The Edge Investment Forum on Real Estate 2008 held on May 10 was supported by S P Setia.

By The EDGE Malaysia - City & Country (by Allison Lee)

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