SP Setia expands footprint in Penang

Property developer SP Setia Bhd is on the lookout to acquire more strategic pieces of land in Penang in a bid to extend its footprint in the state.

Presently, it is looking to buy three parcels of land on the island by the middle of the year.

The company, which currently boasts an undeveloped landbank totalling close to 40 hectares in the state, is in the final stages of negotiation to acquire land in Tanjung Bungah
and Jelutong.

SP Setia Property (North) general manager Datuk S.Rajoo told Business Times the company is eyeing two parcels of land in Tanjung Bungah totalling 10.2ha while the parcel of land in Jelutong measures 3.6ha.

“We are hoping to conclude the land acquisition deals by the middle of June and are planning mixed residential housing projects on the plots,” he said in an interview.

Present was the company’s deputy general manager for the northern region’s property division Khoo Teck Chong.

SP Setia made its entry in the state more than five years ago via the Setia Pearl Island development which is sprawled over a 45ha site and carries a development value of RM1.2 billion.

The project comprises three-storey terraced homes, semi-detached units and commercial lots, and is located between 4km and 5km from the proposed site of the second Penang bridge at Batu Maung and 20km from George Town.

“We would like to extend our presence to other parts of the island and have been doing so through our projects in George Town.

“We have acquired two pieces of land in Balik Pulau totalling 12ha for purposes of landed residential units,” Rajoo added, saying that the launching date of the project has yet to be determined.

Khoo said the last piece of undeveloped land at the Setia Pearl Island site is expected to be launched by the third quarter of 2013.

Carrying a development value of RM350 million and sprawled over 7.6ha of land, he said the project, called The Breeze, will
comprise low-rise and high-rise dwellings respectively.

"Our new launches," Khoo said, "will include exclusive high-rise condominiums at Teluk Kumbar which we hope to launch by the second half of 2013."

The QBees project, comprising 98 condominium units, will be sited on a 1.2ha plot and carries a gross development value of RM50 million.

Other planned launches include Penang's first Green Building Index residential project, which will be sited in the second phase of its Setia Greens development at Cangkat Sungai Ara.

"We are looking at launching more eco-housing via this project, which will comprise landed houses and one condominium block on a 5.6ha site," Khoo said.

By Business Times