Over the next 10 years, SP Setia Bhd targets to launch RM3 billion worth of properties on Penang island.
According to group general manager Ng Han Seong, the property developer had 56.6ha of undeveloped land bank on the eastern side of the island, Jelutong, Tanjung Bungah, Balik Pulau and Teluk Kumbar.
“We expect to launch at least one project per year. There will be a mixture of high-rise and landed properties planned for our future launches,” said Ng at the unveiling of the Setia Sky Ville project in Jelutong.
Notably, the RM470 mil Setia Sky Ville project is set for launch on 5 November.
Commenting on the weakened property market, Ng explained that the property cycle usually takes two to three years.
“The trend is the same globally,” he said.
Ng also revealed that SP Setia launched the Setia Sky Vista project last year in Relau, which posted a take-up rate of 55 percent.
“The pricing from RM650,000 was very attractive. The built-up area ranging between 1,100 sq ft and 1,400 sq ft is sizeable. Because of the success, we are now launching Setia Sky Ville in Jelutong,” he added.
Mangalesri Chandrasekaran, Editor at PropertyGuru, edited this story. To contact her about this or other stories email firstname.lastname@example.org