I would not say all developers are pessimistic because there’s one looking to launch RM4.7 billion gross development value worth of properties in 2016. This figure is for a total of 13 new launches. The developer is SP Setia Bhd and the projects include international ones such as the Melbourne-based low-rise apartments “Carnegie” (GDV of RM91 million) and Vietnam-based township, “Eco Xuan” (GDV of RM3 million). Besides these, it will be launching another 8,200 units of landed and strata properties. It’s good to see a few of these largest developers all confidently launching new projects amidst current negative sentiment.
Its president and chief executive officer, Datuk Khor Chap Jen said, “Out of the 13, we have already launched two this year and those are the three-storey terrace houses and three-storey linked semi-detached homes in Setia Alam with GDV of RM128 million.” This new President and CEO says far fewer words than the previous CEO but to me, as long as SP Setia continues to do a good job, that’s fine with me. SP Setia announced its top management members just recently.
It launched phase one of Setia Eco Templer in Selayang (GDV of RM269 million) just last weekend. From online reports thus far, it went extremely well. Some buyers were reported to have camped overnight just to get the unit they wanted. As of 31st December 2015, SP Setia has a total ongoing GDV of RM70.6 billion from 27 ongoing projects. It has a total of 3,907 acres of undeveloped land bank remaining. Khor also expressed his optimism that SP Setia will hit its RM4 billion target for 2016. (Eco World has also announced a RM4 billion target for 2016) Yes, of course when SP Setia is mentioned, Eco World would come into the picture even if both are now considered competitors. May both continue to attract lots of attention. Happy following.
written on 22 May 2016
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