SP Setia property division (north) general manager Datuk S. Rajoo yesterday said Batu Kawan is the preferred site to establish the company's footprint in Seberang Prai.
SP Setia's presence in the northern region is currently on Penang island.
"We are anticipating a population growth on the mainland once the second crossing is completed and think it would be prudent to establish a landbank there."
He spoke to reporters on the sidelines of the three-day "SP Setia Setia 4U Showcase" which is part of the firm's roadshow to showcase a selection of its products locally and overseas.
The Second Penang Bridge, linking Batu Kawan on the mainland and Batu Maung on the island, has been touted to emerge the longest bridge in Southeast Asia with a total length over water of 16.9km upon completion by September 2013.
Along with SP Setia, other Penang-based property developers like Tambun Indah Land and Asas Dunia, which are sitting on sizeable landbanks, are anticipating higher sales from the opening of the new bridge.
On Penang island where SP Setia continues to expand its landbank, especially in prime locations, Rajoo said the company has seen a 20 per cent take-up rate for 166 of its upscale "Setia V Residences" condominiums along the sea-fronting Gurney Drive.
The project, which boasts a dual frontage of the promenade and Jalan Kelawai in Pulau Tikus, is sprawled over a 0.9ha piece of land and comprises a 48-storey and a 43-storey towers respectively.
Dubbed as "bungalows in the sky", each unit comes with a dipping pool and a host of other luxurious amenities in what the developer has termed the tallest residential development in Penang. Its smallest unit will measure 2,700 per sq ft.
"Two heritage houses in the grounds of the project site will be incorporated into the development," Rajoo noted, adding that investors for the property, which is tagged from RM2.7 million onwards, include locals, Singaporeans, European, Indonesians and Chinese nationals.
He said the project with a development value of RM550 million, will take 48 months to complete (by 2016) owing to its earthquake-resistant design.
"Investors only need to pay the downpayment now for their units and the rest will be upon completion of the project," he added.
Rajoo said "Setia V Residences" is expected to contribute between 20 per cent and 30 per cent to SP Setia's targeted RM500 million revenue for the group's 2012 fiscal year ending October 31.
"Other big ticket contributors to our projected sales for Penang this year will include projects like Setia Triangle, Pearl Villas and 11 bungalow units of Brook Residences which were snapped up before we could even launch the projects," he added.
Rajoo said that SP Setia will be launching affordable homes on Penang island in locations such as Balik Pulau.
By Business Times
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