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I FOUND THIS....SETIA CITY....ANY IDEA WHERE?


Mega venture: Setia City

Malaysia developer woos GCC investors


S P Setia Bhd, Malaysia’s most valuable real estate developer, showcased five major projects with a Gross Development Value (GDV) of $7.5 billion at last month’s Cityscape Dubai 2007.

S P Setia, voted the best property developer in Malaysia by Euromoney magazine for the last three years, sought business partnerships with companies in the GCC region. The company is eyeing agency agreements and identifying investment and joint-development opportunities in the Middle East and in Asia.
Tan Sri Dato’ Sri Liew Kee Sin, group managing director and chief executive officer of SP Setia, said: “S P Setia is the first Malaysian company to strategically tap the huge investment appetite for quality global real estate products in the GCC property market. It is our vision to introduce our exciting concepts to international markets, especially potential buyers and investors from the Middle East.”
S P Setia is spearheading two mega commercial ventures – Setia City and Setia EcoCity in the economic centres of Klang Valley and Iskandar Development Region (IDR) in central and southern Malaysia. Its ecologically-enhanced development, Setia Eco Park, which redefines urban living in a tropical luxury resort will also be showcased at Cityscape 2007.
In addition, S P Setia will unveil a new luxury condominium – Setia Sky Residences, and a super high-end bungalow project – Duta Grandé that is being developed in the heart of Kuala Lumpur.
Dato’ Voon Tin Yow, executive director of S P Setia, said: “We have an in-depth knowledge, industry expertise and a good track record in Malaysia and other emerging markets such as Vietnam. We are, therefore, better placed to ride on the regional potential.
“Cityscape Dubai is the region’s largest business-to-business property investment and development event. As a Malaysian property major, we used the event as a platform to contact regional businesses for new ventures in our country, as well as for partnerships in the GCC region.”
Malaysia’s undervalued property market offers strong investment potential due to its high quality developments such as those offered by S P Setia. Compared to Singapore or Hong Kong, which have undergone tremendous growth in their property sectors over the last few years, the Malaysian market is set to follow this trend boosted by a range of government incentives, according to estimates.
A new luxury condominium project in downtown Kuala Lumpur recently raised the bar by offering units priced at $529 per sq ft. This compares to Singapore where a similar development breached $2,400 per sq ft, demonstrating a significant upside potential in the Malaysian market.