PROPERTY NEWS: SP Setia poised to expand strongly overseas after record local sales
SOLID SALES: Despite talk of a slowdown, SP Setia bucks the trend & racks up good sales
SP Setia Bhd is poised to expand strongly overseas after chalking up sales of RM1.81 billion for the first six months (FY2012), representing an increase of 29 per cent over the RM1.41 billion achieved in the corresponding
first half of FY2011.
Commenting on this, President and CEO Tan Sri Liew Kee Sin said it is well on track to achieve the RM4 billion sales target set for FY2012 ending 31 October with sales coming mainly from its many projects in the Klang Valley, Johor Bahru and Penang.
“We are aiming to achieve sales of about RM3.4 billion from our Malaysian projects with our overseas projects giving us another RM600-700 million in FY2012. Our Setia Alam and Setia Eco Park flagship projects can easily sustain annual sales of RM1 billion collectively for at least the next seven years. We also expect our RM6 billion KL Eco City in Bangsar to contribute RM1 billion sales this year”.
“Our six active projects in Iskandar are doing tremendously well and we are on track to deliver RM1 billion worth of Johor sales in FY2012,” said Liew. In Penang, the developer is actively looking
to acquire more choice landbanks.
Liew said the Group expects sales for the second half of the financial year to come from its newly launched projects such as the Residential Tower 1 of KL Eco City, Setia Eco Cascadia in Johor, Brook Residences in Penang and Aeropod in Sabah, as well as upcoming launches including Setia Eco Glades in Cyberjaya and Setia Sky 88 in Johor.
“Overseas, we can count on Fulton Lane in Melbourne and 18 Woodsville in Singapore. We aim to launch another two projects, located in Chestnut Avenue, Singapore and on St Kilda Road, Melbourne before the end of the year. We are also working with our joint venture partners to finalise terms on the China-Malaysia G2G Qinzhou Industrial Park,” said Liew.
The CEO also expressed confidence in being an international property player following its recent successful joint bid with Sime Darby Property Berhad to acquire the Battersea Power Station site in central London.
Asian real estate to dominate within five years
FAST-RISING: Interest is rising in the fast-growing Asian real estate market amidst better governance and transparency, says Associate Professor Sr Dr Ting Kien Hwa during a recent conference on “REITs Reality”. Quoting from IMF (International Monetary Fund) “World Economic Outlook (Sept 2011)” and APREA (Asia Pacific Real Estate Association), the expert added that Asia will drive global growth for the next five years.
“Asian real estate is a sizeable and fast-growing market and Asia Pacific is forecast to be the world’s largest real estate market by 2020,” Dr Ting continued. At the same time, Asian economies are increasingly competitive and transparent, hence global investors have started to pay more attention to Asia, the expert said. As a result, the Asian REIT (Real Estate Investment Trust) market is charting rapid growth, he added.
Sunway REIT Management Sdn Bhd CEO Datuk Jeffrey Ng agreed saying that in Malaysia, the (REIT) market capitalisation is expected to grow by more than 30 per cent to RM20 billion this year from RM15 billion in 2011. “This is mainly from the upcoming listing of IGB Corp Bhd’s REIT,” he said.
Organised by ASLI, the two-day seminar was attended by prominent figures in the real estate industry, including Datuk Seri Chor Chee Heung (Minister of Housing & Local Government), Peter Mitchell (CEO, Asia Pacific Real Estate Association), Stephen Tew, founder and director of AXIS REIT Managers Berhad, and Yee Wing Peng, managing director of Deloitte KassimChan Tax Services Sdn Bhd.
“Realise your dreams with Mah Sing”
PROMOTION: Mah Sing Group Berhad‘s three-month property and lifestyle showcase „Realizing Dreams“ had just debuted at the Equatorial Hotel in Penang recently, following its debut in Kuala Lumpur, with a showcase of stars including the Shanghai Star Acrobatic Ballet, celebrity emcees Xandria Ooi and Jeremy Teo; celebrity chefs Chef Wan and Chef Daisy; feng shui and vasthu gurus, Master David Koh and Dr. T. Selva respectively; as well as landscape
and architecture speakers who shared on what makes a house a home.
The showcase, which runs from June 16 to September 15 highlights 11 landed and high-rise residential and commercial developments throughout Kuala Lumpur and the Klang Valley, Penang island and Johor Bahru.
They are Icon City (Petaling Jaya), M City (Jalan Ampang), Icon Residence Mont’ Kiara, Garden Residence & Garden Plaza (Cyberjaya), Kinrara Residence (Kinrara), Legenda@Southbay (Penang island), Southbay Plaza (Penang island), Austin Suites (Johor Bahru), M Residence (Rawang) and Sierra Perdana (Johor Bahru).
All properties come with DIBS (Developer Interest Bearing Scheme), except M Residence (Rawang), Sierra Perdana (Johor Bahru) and Palmiera @ Kinrara Residence (Puchong)*, which are non-DIBS projects. Mah Sing will also absorb the legal fees for the sales and purchase agreement and loan agreement for all 11 participating projects.
Buyers will find it easier to own their dream properties with affordable downpayments of only two per cent. Purchasers also have the option to pay their downpayment via zero per cent interest easy payment programmes
of up to 36 months with selected banks. Moreover, qualified purchasers will benefit from the Anniversary Lifestyle Package of up to RM488,888 depending on the property purchased. Participating partner banks will offer Pre-Approved Loan Assessment as an added convenience for the buyers.
The Group’s loyal existing customers, Mah Sing’s M Club members, will enjoy Repeat Purchase Discounts of up to 1.8 per cent, as well as M Club Members’ Buyer get Buyer Privilege of 1 per cent.
The showcase will be moving to Johor Bahru at KSL Resort tomorrow and Sunday, July 1. To find out more, the public can visit all Mah Sing sales galleries which will feature weekly activities throughout the entire duration of the 18th Anniversary Celebration.