SP SETIA Bhd, the country's biggest property developer, is on track to meet its sales target of RM1.1 billion by October 31, thanks to its innovative home loan scheme.
Dubbed "Setia 5/95 Home Loan Package", it allows buyers to make a 5 per cent downpayment on a house and nothing more until completion.
The scheme was launched on January 19, and due to its overwhelming response, the company has extended the promotion period to July 19 and is targeting an additional RM300 million in sales, group managing director and chief executive officer Tan Sri Liew Kee Sin said.
Up to April 19, SP Setia has registered RM500 million in sales.
SP Setia is launching Setia Sky Residences this month, expecting to rake in RM200 million sales.
"When we launch, one whole block comprising 211 units will be sold. Times are good for developers," Liew said at the launch of the group's first low-cost housing scheme at its flagship Bandar Setia Alam in Shah Alam, Selangor, yesterday.
Sky Residences comprises four 39-storey condominium blocks, featuring a total of 844 units worth about RM800 million.
It is SP Setia's first high-rise development in the Kuala Lumpur city centre, located next to the National Heart Institute on Jalan Tun Razak.
On Bandar Setia Alam, Liew said the group will launch 449 units of low-cost apartments priced at RM42,000 each, and 220 units of low medium-cost apartments priced from RM72,000 to RM105,000 per unit, as part of its corporate social responsibility.
The total gross development value is RM34 million.
"We will be losing RM20,000 from every unit we sell but we are building the apartments to cater to the lower income group. The properties will be located next to established areas," Liew said.
To help the lower income group own a home, SP Setia has teamed up with Malaysia Building Society Bhd (MBSB) to provide 100 per cent financing.
SP Setia will build 7,212 affordable homes over the next 10 years.
Housing and Local Government Minister Datuk Seri Kong Cho Ha, who witnessed the signing between SP Setia and MBSB yesterday, said the housing landscape should change with low-cost houses moving up a notch from a low-edge environment.
Kong also urged local developers to build affordable homes close to prime areas and infrastructure to assist the low income group whom largely depends on public transportation for travel.
By Business Times (by Sharen Kaur)
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