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Saturday, December 19, 2009

SP Setia plans more homes at Shah Alam township

SP SETIA Bhd will launch 3,000 new homes in Precinct 6, 7 and 8 at its 1,000ha Setia Alam township in Shah Alam over the next two years.

To date, it has launched about 7,000 homes in the three precincts, sprawled over 400ha, where 4,000 homes are occupied.

Bandar Setia Alam Sdn Bhd general manager Tan Hon Lim said SP Setia has another 600ha to develop over the next seven to 10 years, which will cater to an additional 10,000-15,000 new homes and Setia City commercial hub.

"We will continuously launch our terraced homes and semi-dees in various sizes to give purchasers a wide range of choice when considering buying a home in Setia Alam," Tan told Business Times.
Tan said people are buying into SP Setia due to potential price appreciation and value.

"Thanks to our 5/95 financing package, we sold around 1,000 units this year. We hope to sell the 3,000 homes that we plan to launch, in two or three years. So, next year will be more challenging for us than 2009," Tan said.

Tan said Setia Alam homes have evolved into more modern designs for some phases, incorporating more friendly features with emphasis on security.

Setia Alam, previously known as the North Hummock Estate, was started in April 2004.

SP Setia bought 1,600ha of the estate in 2002.

It sold 274ha to the Selangor Development Corp (PKNS) and allocated 316.4 for the development of Setia Eco Park.

SP Setia, the Employees Provident Fund and Great Eastern respectively hold 50 per cent, 34 per cent and 16 per cent of Setia Eco Park, which is focused on selling land, bungalows and semi-dees.

Tan said Setia Alam has potential to generate a gross development value of RM8 billion, which is excluding the Setia City commercial hub.

Since the launch of Setia Alam, SP Setia has sold around RM2 billion worth of properties, including terraced houses and semi-dees.

To boost sales, SP Setia constructed the Meru/Setia Alam Link for RM150 million with direct access to the New Klang Valley Expressway (NKVE).

By Business Times (by Sharen Kaur)

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