SP Setia Bhd is eyeing a joint-venture development at Sungai Ara on Penang Island.
The proposed "Setia View" project is set to comprise 102 bungalows and will carry a development value of RM300 million.
SP Setia property division (north) general manager S. Rajoo said the high-end bungalows will be priced from RM3 million upwards.
"We hope to take a 50 per cent stake in this project and our partner is likely to be a Penang-based company," he told the Business Times.
Rajoo said the proposed project, which will be sited close to SP Setia's RM880 million "Setia Pearl Island" development, is set to be launched in early 2009.
"We are also in talks with landowners in the southwest and northeast districts of Penang Island and Seberang Prai in our bid to enlarge our landbank," he added.
The Setia Pearl Island project, will have 1,200 landed homes spread over a 45ha site and will be SP Setia's maiden project in Penang.
To be developed over the next five to six years, the project comprises three-storey terraced homes, semi-detached units and commercial lots, and is located between 4km and 5km from the proposed site of the second Penang bridge at Batu Maung, 10km from the Penang Bridge and 20km from George Town.
Touted as the "Next Frontier of Modern Living", the project is marketed as "Six Islands".
Since its launch in April this year, the company has recorded RM248.8 million in sales.
Its "Isle of Life" phase which comprises 291 three-storey tropical homes are due for completion by April 2009 and all units except for Bumiputera ones have been sold.
"We are also nearly 99 per cent sold out of our 267 homes in the 'Isle of Aroma' precinct," Rajoo added.
By the first quarter of 2008, Rajoo said the company will launch its "Isle of Conifer" precinct which carries a gross development value of RM250 million.
Sited on 10.4ha of land, the 207 units comprising semi-detached, three-storey superlink and four storey villas are set to overlook a meadow of coniferous trees, pine, spruces and fir which will surround the precinct.