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Tuesday, March 24, 2009

SP Setia bullish on condo project

From left: SP Setia Bhd deputy president Datuk Voon Tin Yow, Tan Sri Liew Kee Sin and executive director Chang Khim Wah with a model of the Setia Sky Residences.

SINGAPORE: SP Setia Bhd sees positive response to its Setia Sky Residences condominium in Kuala Lumpur that will be launched next month, said group managing director Tan Sri Liew Kee Sin.

The project, which has a gross development value of RM800mil, is the property developer’s first high-rise project in the Kuala Lumpur city centre.

“We are confident that it will attract not only well-heeled Malaysians but also wealthy foreigners who want to call Kuala Lumpur their home,’’ Liew said after opening a sales office at the Harbourfront Tower One here.

Setia Sky Residences is located along Jalan Tun Razak on a 2.43ha site and will comprise four 39-storey tower blocks, with each block containing 211 condos.

“The first two towers will be launched next month at an average selling price of RM680 per sq ft and both towers are expected to be completed in 2012,’’ he said.

On the opening of the Singapore office, Liew said the move was aimed at enhancing the company’s service to Singaporean buyers while attracting new ones.

SP Setia had attracted 800 buyers from Singapore who had bought RM300mil worth of properties from the group, mainly for its projects in Johor Baru, he said.

It planned to undertake a development in Singapore in the future via a joint venture with a reputable Singapore-based company, he added.

The Singapore office is SP Setia’s second abroad after the one in Ho Chin Minh City, Vietnam. The developer also plans to open offices in Beijing and Dubai this year.

Liew also said SP Setia had to date recorded about RM500mil sales for its 5/95 home loan package launched in January.

By The Star (by Zazali Musa)

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