SP Setia eyes RM300m from villas project

Property developer SP Setia Bhd aims to achieves sales of RM300 million for its luxury Duta Villa project this year, its Bandar Setia Alam, General Manager, Tan Hon Lim said.

The amount is equivalent to 10 per cent of the group gross development value (GDV)of RM3.0 billion, he said.

"We will conduct a more exclusive product preview to attract and convince potential buyers, especially from Petaling Jaya, Damansara, Kuala Lumpur and Shah Alam," he told Bernama in an interview.

Duta Villa comprises 300 units of three-storey villas priced from RM1.62 million as well as three-and-a-half storey villas from RM1.95 million.

The project is located at one of the highest spots in the 1,600 hectare Setia Alam and Setia Eco Park site in Shah Alam and allows residents to enjoy a 360 degree view from the club house.

This gated and guarded strata landed development combines elegant architecture, with a big built area, of a minimum 4,515 sq ft.

Tan regards the project as an investment type product, similar to its development, Duta Tropika in Hartamas several years back, which now has appreciated from RM1.6 million to RM3.5 million.

SP Setia will launch the first phase comprising 123 units of villas by end-April and expects completion by June 2013, he said.

"About 400 people have registered during several private preview sessions and are very keen to purchase the units," he added.

The company is still offering its 5/95 home loan package with a considerably low interest rate.

On new projects, Tan said SP Setia plans to launch cluster homes by May, small office home offices (SOHO) by August as well as medium low and medium cost apartments by October.

He said the launch of the apartment units is in line with the government campaign of a 100 per cent loan for those earning RM3,000 and below for houses priced between RM100,000 and RM220,000, with an up to 30-year repayment.

Meanwhile, Tan said the demand for properties will continue to be strong for years to come, backed by the support from government under the Economy Transformation Plan (ETP).

"There is still a lot of demand in the market, especially for landed properties at good locations.

"A good track record of the developer and development concept, competitive prices and an attractive financing package will help sustain the sales," he added. --Bernama

By Bernama