Wednesday, October 10, 2007

SP Setia sees RM2bil GDV from project

SP Setia sees RM2bil GDV from project
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Setia Eco Gardens to have up to 12,000 units


JOHOR BARU: SP Setia Bhd expects its latest property project, Setia Eco Gardens in Johor, to generate some RM2bil in gross development value (GDV), executive director Chang Khim Wah said.

On completion in eight years, the mixed development project on 948 acres would have between 10,000 and 12,000 residential and commercial units, and 60,000 residents.

Chang Khim Wah (left) and SP Setia subsidiary Kesas Kenangan Sdn Bhd GM Saniman MD Apandi.
“This is the first nature-inspired township project blending eco-living whereby residents can enjoy nature at their doorstep,” he told reporters at the soft launch of the Setia Eco Gardens sales office on Sunday.

This is the company’s second property project featuring the eco-living concept, the first one being in Shah Alam.

Chang said in developing the project, the company would preserve tree and plant species indigenous to the area and maintain the natural terrain.

“By doing so, we hope to attract insects such as butterflies, fireflies, dragonflies and various bird species,” he said.

Chang said the company would spend between RM40mil and RM50mil on landscaping works at Setia Eco Gardens.

The project ground breaking ceremony is expected to take place in December followed by the sales launch of phase one comprising 1,200 single and double-storey link houses.

Chang said the company was still working on the pricing but a single-storey unit could probably start from RM170,000 and a double-storey house, from RM200,000.

He said the project was easily accessible from Singapore via the second link crossing, would get a further boost with the opening of the Pontian Link and the upgrading of Perling Highway.

Meanwhile, SP Setia has been awarded a contract to build the RM190.4mil Home Affairs Ministry's new complex here. Work is to start soon for completion in August 2010.

Covering 16.7 acres in the central business district of the 740-acre Setia Tropika township in Kempas, the complex would “significantly boost the vibrancy of the commercial hub as well as augment the overall value of the properties,” group managing director and chief executive officer Tan Sri Liew Kee Sin said at its ground-breaking ceremony yesterday.

Launched in September 2005, Setia Tropika recently delivered its first 1,000 homes and still has 592 acres of undeveloped land.

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