JOHOR BARU: SP Setia Bhd supports the move by the state government to freeze applications for service apartment development projects in Johor as it could help to stabilise the market.
Its general manager Ricky Yeo said the freeze did not necessarily mean that there was no demand for service apartments in the state especially in Iskandar Malaysia.
“We are registering good sales for our existing and on-going serviced apartment projects but we believed that the state authorities just want to ensure the stability of the market.
“When demand for service apartments exceeds supply again, Johor might consider reviewing the freeze,” he said in a press conference at the Setia Mega Showcase at Komtar JBCC here.
Yeo also said that local buyers can look forward to acquiring the company’s latest offering – cluster homes in Setia Tropika housing estate here. “The RM110mil project is slated for completion in the next two years with 96 cluster homes up for grabs,” he said adding that housing estate’s strategic location would be one of the main strong selling point for the cluster homes.
Some 5,000 visitors were expected to throng the three-day Setia Mega Showcase organised in conjunction with Setia Group’s 40th anniversary.
Yeo explained that the showcase was organised to provide information on the company’s progress and development since its establishment in 1974.
“We have been in Johor since 1975 but not many Johoreans know that Setia is not just based here but also in other states and countries including London, Melbourne and Japan.
“Through this display, we want to let the people know where we have step foot and what to look forward to in the near future,” he added.