SP Setia Bhd bucks the trend in its coming launch, offering large units for sale when most developers are offering smaller units to cater to the weak market. Known as Setia Sky Seputeh, the Taman Seputeh condominium project has prices ranging from RM2.99mil to RM3.6mil, which translates to about RM1,300 per sq ft.
The first block of 145 units will be sold at an average price of RM1,250 per sq ft next month, and the second block later in the year at RM1,350 per sq ft, says divisional general manager Paul Soh of the project that will have a gross development value (GDV) of RM950mil.
The developer is offering the first 50 units with a 2% rebate on a 10:90 scheme. Buyers pay a 10% down payment and formalise the purchase with a sale and purchase agreement. The balance 90% is paid when buyers get possession of the unit. Both blocks have 37 storeys. There will be a total of 290 units on the 4.8acre project. It main entrance/exit is on Jalan Taman Seputeh.
“Response has been good, especially from Damansara Heights, Bangsar, Old Klang Road and the vicinity (of Taman Seputeh),” says Soh at a media and buyers’ preview on Thursday evening.
He says buyers’ profile are expected to be older, and those with teenage children. The project have attracted the interest of upgraders and investors.
“As soon as they knew about Setia Sky Seputeh, they made enquiries. We had more than 800 online registrants. Even if only 10% of these were to result in a sale, that would be considered as very good in today’s challenging market,” he says, adding that there is no necessity to market the project abroad.
Strategically located in the affluent residential area of Taman Seputeh, the project is accessible from Bangsar, Pantai and Mid Valley City. It is about equal distance between Kuala Lumpur and Petaling Jaya.
There are six designs with three sizes, at 2,300 sq ft, 2,600 sq ft and 2,900 sq ft. Each unit will have three to four parking bays. There will be four to six units per floor with each unit having its own private lift lobby.
Designs will be contemporary, says Soh, with the main take-away being high ceiling and floor to ceiling glass, wide windows and broad balconies.
“Units will be spacious. Maintenance will be above 50 sen per sq ft. A large part of this will go towards security. If owners want to have a higher number of security personnel, the cost will rise,” he says.
The project’s main attraction is a 1.5acre podium featuring one of Malaysia’s longest man-made sandy beach in a high-rise development. The development is about 500m away from Mid Valley shopping mall.
Soh says the company will be improving the current pedestrian crossing at Jalan Syed Putra to enable owners to walk to Mid Valley. It will also upgrade and enhance Jalan Taman Seputeh, Soh says. Project construction commences in the fourth quarter of this year with targeted delivery by the last quarter of 2020.
S P Setia has projects in the Klang Valley, Johor Baru, Penang and Sabah. Its international reach includes Vietnam, Australia, Singapore, China and the United Kingdom.
As of Dec 31 2015, the group has 27 ongoing projects, with an effective stake of 3,907 acres in undeveloped land bank remaining and RM70.6bil in GDV.