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SP Setia, Bangsar, Luxury and Boutique offices

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When you mix a company which knows how to build and sell luxury and a piece of land which is surrounded by all the upper market properties, you get SP Setia, Bangsar, luxury and boutique. Under a filing to Bursa, SP Setia’s subsidiary, Setia Federal Hill Sdn Bhd will be building a new integrated health and research institute (1National Institute of Health Complex) in Setia Alam, Selangor and they will be given a pieces of land of 21.2ha in Jalan Bangsar. The value of the 1NIH? RM845 million.

This is not all, in addition of the 1NIH project, SP Setia will also pay the government RM217.1 million as a minimum guarantee profit (MGP) for the planned mixed development at the Bangsar land. It also stated that, “In the event 20% of the actual profit before tax for the relevant phase of the development is higher than the MGP, SFHSB shall pay the government the sum representing the difference thereof.” I think this is an example of a good private-government initiative.

SP Setia’s plans for the piece of land in Jalan Bangsar includes luxury residential apartments and integrated commercial products such as boutique and strata offices. This should appeal to buyers who loves the upmarket properties within the affluent Bangsar and Federal Hills areas.

Bangsar is considered a very prestigious area as there is a huge expatriate community there as well. Personally I have been there a few times and I love my friend’s place there which obviously is now millions. Landed properties would be the first choice when you think of Bangsar. Nevertheless, if you think of condo, the prices range from RM700 to RM1,000 psf which meant that even if the condo is only a 1,000 square feet, be prepared to pay lots of money for it.

written on 21 June 2014

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