Saturday, 19 May 2018

(The Star) SP Setia targets RM400mil sales in Penang

Group executive vice-president Datuk Koe Peng Kang said that the sales contribution from the Setia Fontaines project in Bertam would help the group to achieve the target for its 2018 financial year ending December 30.

He said that at the launch of the ‘Ka Ki Lang’ Bonanza Campaign in Penang, where the group has established a presence for the past 15 years.

Last year, the contribution from Penang was about RM180mil.

“The project, on a 1,675-acre site, has the room to cater for residential and commercial projects that would attract foreign buyers.

“We have the room the launch landed properties that are priced around RM400,000, to holiday homes that will attract overseas investors. The size allow us to plan and develop a full host of concepts, facilities, and amenities for a total experience of well thought, well-planned development,” he added.

According to Koe, Setia Fontaines, to be executed in stages over a 15 to 20-year period, will benefit people from Butterworth, Bukit Mertajam, Sungai Petani, and Kulim.

On the island, the group has 140 acres of undeveloped land.

“We currently have projects going on in 14 locations on the islands.

“The type of projects to be launched will depend on what is required by the people.

“There is excess supply only in certain locations and in certain categories of properties,” he added.

On the ‘Ka Ki Lang’ Bonanza Campaign, Koe said it was a way of rewarding property owners in Penang, otherwise known as Citizen Setia, who purchased Setia properties that are currently available.

“Purchasers will get rewards like zero payment until the vacant possession delivery of the unit, RM30,000 rebate or same amount worth of electrical and furnishing vouchers, and sinking fund contribution payments for a fixed period of time as well as loyal customer rebates,” Koe said.

As of 31 March 2018, the group has 46 ongoing projects, with an effective remaining land bank of 9,586 acres valued a GDV of RM139.72bil and a totalled unbilled sales of RM7.95bil