President and chief executive officer Tan Sri Liew Kee Sin said a total of 120 acres had been set aside for low-cost homes comprising 7,212 units.
The low-cost scheme will be built in phases and 449 units are now being offered, he said.
The project comprised five-storey and six-storey walk-up apartments with a built-up area of 682 sq ft, Liew said.
"We have a long list of customers wanting to buy. Once we get approval from the ministry, we will call them," he said at a media conference after the launch.
The project launch was officiated by Housing and Local Government Minister Datuk Seri Kong Cho Ha.
Kong also witnessed the signing of a memorandum of understanding between SP Setia and Malaysia Building Society Bhd on the 100 per cent financing for Setia Alam's low medium-cost homes.
Development of the low medium-cost housing will comprise 220 units of five-storey walk-up apartments with a built-up area of 800 sq ft and these are targeted for launch next month.
Liew said that SP Setia's 5/95 Home Loan Package, which was launched on January and expired last month, has been extended until July 19.
"Our target for the next three months is RM300 million," he said.
The home loan package allows buyers to pay only an initial five per cent of the price of the house. All legal fees and stamp duty on the sales and purchase agreement will be borne by SP Setia.
By Bernama
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