SP Setia sees RM500mil revenue from Penang

SP Setia Bhd is projecting its Penang properties would generate about 15% or about RM500mil of the company's 2012 revenue, expected to be about RM4bil.

SP Setia Property (North) general manager Datuk S. Rajoo said that the developer's key contributing projects in Penang included Setia V Residences, Setia Triangle, Pearl Villas and 11 Brook Residences.

The biggest contributor to revenue for the financial year ending Oct 31, 2012 (FY12) would be the Setia V Residences project, comprising 166 units in 43- and 48-storey towers in Kelawei Road.

“This project will generate RM150mil for the company's 2012 fiscal year. We have sold about 20% of the project to Penangites working overseas, locals and foreigners from Medan and China,” he said.

According to Rajoo, the 48-storey block would be the tallest residential tower in Penang and is built to withstand earthquake vibrations of up to 6.8 on the richter scale.

The Setia V Residences units have built-up areas of at least 2,700 sq ft and are priced from RM2.7mil onwards.

“The buyers comprised largely those who have the disposable income to upgrade their lifestyle,” he said.

The RM265mil Setia Triangle is expected to add about RM120mil to the company's FY12 revenue.

“The project, already 50% sold since the soft launch two months ago, comprises 34 units of two, three and four-storey shop-offices with built-up areas of 3,000, 4,500 and 6,000 sq ft, respectively,” he said.

The units are priced between RM1.95mil and RM3.6mil.

“There will also be a residential component comprising a 225-unit condominium, priced between RM575,000 and RM1.2mil,” he said.

The Pearl Villas bungalows and 11 Brook Residences are expected to contribute about RM150mil to the group's 2012 revenue.

“The balance will be generated by the release of bumiputra units from other projects,” he said. - By David Tan (The Star)

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