“When we stopped 5/95 on April 19, many people still wanted to buy property but could not benefit from the promotion, so we extended it by three months,” SP Setia president and chief executive officer Tan Sri Liew Kee Sin said yesterday, adding that there would be no more extensions.
It had registered RM500mil revenue during the first three months of the 5/95 financing scheme launched on Jan 19.
SP Setia is also set to launch one block of Setia Sky Residences with a gross development value of about RM220mil and is waiting for one more approval from the authorities. This development is located in Jalan Tun Razak on a 5.96-acre site. It comprises four 39-storey tower blocks, with each block containing 211 condos.
Liew said the company was on track to achieve RM1.1bil sales for the financial year ending Oct 31 (FY09).
Contrary to media reports on the current slowing property market, Liew was optimistic on the domestic property market. He said now was a good time for development with sales worth a few billion ringgit transacted in the last three months.
He said this after the launch of a low-cost housing scheme and the signing of a memorandum of understanding between SP Setia and Malaysia Building Society Bhd (MBSB) for 100% financing for low-medium cost housing in Bandar Setia Alam.
Housing and Local Government Minister Datuk Seri Kong Cho Ha launched the event.
A total of 120 acres out of 2,525 acres in Setia Alam have been set aside for low-cost homes comprising 7,212 units. The low-cost scheme would be developed in phases and currently, 449 units are being offered. These comprise five- and six-storey walk-up apartments with a built-up area of 682 sq ft. The low-cost home costs RM42,000, while the low-medium cost home costs about RM72,000.
Liew said that for every low-cost unit sold, the company was subsidising RM20,000.
“As long as we can benefit the mass market, we will continue with this effort,” he said.
By The Star (by K.C.Law)
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