SP Setia New Project- Setia Sky Residences
Setia Sky Residences is another new project by SP Setia. 5/95 Home Loan package launched by SP Setia getting good result while the world market getting effected by economy crisis. SP Setia property developer not only getting good respond property in Malaysia, SP Setia started develop their business in Singapore and Vietnam.
New projest – Setia Sky Residences condominium in Kuala Lumpur that will be launched next month,April y2009. Setia Sky Residences is located along Jalan Tun Razak on a 2.43ha site and will comprise four 39-storey tower blocks, with each block containing 211 condos.
In April, only first two towers will be launched. Setia Sky Residences condominium lauch at an average selling price of RM680 per sq ft. Both towers are expected to be completed in 2012.
Setia Sky Residences condominium Setia is the first high-rise project in the Kuala Lumpur city centre by SP Setia. Setia Sky Residences condominium has a gross development value of RM800mil, Setia Sky Residences condominium estimate has positive response.
Actually, SP Setia Bhd posted a net profit of RM31.2mil for first quarter ended Jan 31, down RM17mil from a year earlier due to slow property sales.The property group also posted lower revenue at RM259.9mil, against RM303.7mil in the previous corresponding period.
The ongoing global financial turmoil and its adverse effects on the domestic economy, it is evident that 2009 will be an extremely challenging y2009.While the group is still relatively well placed due to its strong financial postion with RM572mil cash and a net gearing of only 0.19 as at Jan 31.SP Setia would focus on cash conservation and cash generation to ride out the economic slowdown.
SP Setia Bhd planned to undertake a development in Singapore in the future via a joint venture with a reputable Singapore-based company. SP Setia Singapore office is SP Setia’s second abroad after the one in Ho Chin Minh City, Vietnam. SP Setia also plans to open offices in Beijing and Dubai.
SP Setia Singapore office aimed at enhancing the company’s service to Singaporean home buyers while attracting new ones. SP Setia had attracted 800 buyers from Singapore who had bought RM300mil worth of properties from the group, mainly for its projects in Johor Baru.
SP Setia had to date recorded about RM500mil sales for its 5/95 home loan package launched in January. SP Setia confident that it will attract not only well-heeled Malaysians but also wealthy foreigners who want to call Kuala Lumpur their home. Malaysia had launched as progremme “MM2H” (Malaysia My Second Home).
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[...] SP Setia would continue to brand, build and execute marketing strategies that were cost efficient and proven effective to moving forward for company development. Currently, its total undeveloped land bank stood at 1,600ha. On its performance, SP Setia had managed to ramp up sales despite the tough market conditions. Such as Setia Sky Residences project. [...]