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Friday, May 2, 2008

SP Setia builds RM15mil show village

PENANG: SP Setia Bhd is investing RM15mil in a first-of-its-kind show village to market its Setia Pearl Island properties.

SP Setia property division (north) general manager S. Rajoo said the investment was necessary, given that the group did not want to sell its homes through brochures.

S. Rajoo

“We want to show the buyers what they will be getting in the show village,” he said.

The village, located on eight acres within the housing scheme, comprises 32 types of residential properties in the RM900mil project comprising a total of 1,200 landed homes.

It has an outdoor gymnasium, children’s playground as well as man-made water pond.

The project is also landscaped with water features and various species of plants and trees.

Rajoo said representatives from various financial institutions would be at the show village daily to help house buyers obtain loans.

So far, the company has spent over RM8.8mil to construct, decorate and landscape 10 homes representing the semi-detached and terrace houses to be built in the project.

“Another 10 houses will be built by year-end. In 2009, we will build the remaining 12 properties for the show village,'' he said.

The entire village is scheduled for completion end-2009.

The Setia Pearl Island project will be 50% completed by year-end and would have about 600 residential properties.

“The whole project is scheduled for completion in three years,” Rajoo said, adding that the first phase, comprising 291 terrace houses, had been fully sold.

“The first phase is about 70% completed and should be ready in October,” he added.

The second phase, comprising 267 terrace houses, is also sold out.

By The Star (by David Tan)

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