Property developer SP Setia Bhd’s sales hit RM1.04bil at June 30, well before its financial year ending Oct 31. President and chief executive officer Tan Sri Liew Kee Sin attributed the success to the company’s 5/95 program which gave various incentives to home buyers and really benefits to first time home buyer.

Due to the overwhelming success of the program, SP Setia Home Loan package have extended it for another three months. As per SP Setia management, SP Setia Home Loan package will not extend the package when it ends. The program started Jan 19 and ends July 19.

The home loan package allows a buyer to pay only an initial 5% of the house price. All legal fees and stamp duties on the sales and purchase agreement are borne by the company (property developer). SP Setia would not extend the package when it ended on July 19.

SP Setia will stop launching new products for a couple of months to focus on building more quality homes. The 5/95 program was initiated by SP Setia but had now been adopted by other property developers into property investment market. Read more »

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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.
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Property market in Kuala Lumpur showing sign effected by economy crisis. Malaysian Institute of Economic Research (MIER) projects Malaysia will have 50% chance of full-year recession this year and is quite certain that the country will dip into technical recession in the first half of this year.

MIER expects the domestic economy to return to normalcy only in two to five years. Malaysia is not spared from the global financial crisis as well as property market meltdown. Since late last year, the domestic property market has started to show signs of weakening.

Kuala Lumpur City Centre’s (KLCC) high-end condominium is heading towards a 15%-20% price depreciation in two to three months. Property buyers are looking for more realistic pricing, reflecting the current conditions. In a worst-case scenario, he is projecting up to 30% drop in prices over that period.
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Property Market in economy down turn estimate to rebound in two years. One of the Property Developers was show a good selling result for the property in Malaysia. At this point in time, SP Setia Bhd did not specify a target because the property market was so bad. SP Setia Bhd’ wanted to test whether this `5/95 programme` will work, and apparently it works very well.

SP Setia Bhd (Malaysia’s No.1 property developer in The Edge Malaysia Top Property Developers Award and Euro money Real Estate Awards in 2005, 2006 and 2007) recently launched 5/95 Home Loan Package has achieved better-than-expected sales of RM300mil amid the softening economy. RM300mil sales in less than two months is very good result in uncertain economy. The RM300mil sales figure was based on bookings made.

Launched on Jan 19, SP Setia’s 5/95 Home Loan Package allows home buyers to pay only an initial 5% of the price of the house while all legal fees and stamp duty on the sales and purchase agreement, among other benefits, will be borne by SP Setia. 0% interest during property under construction period. The package is available until April. Read more »