A lucky buyer and S P Setia’s brand-building in Vietnam

S P Setia Bhd’s three-month “Jet Set with Setia” campaign, held in conjunction with its 40th anniversary, found a grand prize winner in Lee Sheng Jie at the concluding lucky draw on Dec 12 last year.

Lee won an all-expenses-paid trip to all the cities where the group has developments, namely London, Melbourne, Qinzhou and Ho Chi Minh City (HCMC), and an additional destination — Datai, Langkawi. He also won a Canon EOS 1200d camera, among others. Lee had bought a semi-detached Serrata house in Setia Alam with his mother.

“We are totally surprised yet extremely excited to have won the grand prize. After seeing what the previous winners experienced, we cannot wait to start jet- setting with S P Setia. I think it is a really great programme to reward purchasers with such exclusive experiences. What’s more, we can bring along a travel partner,” remarked Lee, who hails from the Klang Valley, following his win.

The trip was split evenly, with Lee and his partner travelling to the UK and Australia, and his parents taking the first leg of the trip to Langkawi and Vietnam, and the last leg to Singapore and China in March.

“Words cannot express our happiness at being the grand prize winner of Jet Set with Setia. We thank the S P Setia staff for all their hospitality throughout this journey,” said Lee’s mother, Yeo Soo Yong, while visiting a project site in Vietnam.

Purchasers of any S P Setia property from Jan 1, 2015, to Dec 1, 2015, were eligible for the lucky draw, which was initiated in August. They had to answer just two questions to qualify for the lucky draws.

“Having celebrated Setia’s 40th anniversary this year and won many awards along the way, we can’t thank the purchasers enough for their support in walking this journey with us,” said S P Setia acting president and CEO Datuk Khor Chap Jen after the final lucky draw.

“We hope we have done enough to keep the support coming and that the purchasers will keep believing in the Setia brand to deliver on its promises.”

Up for grabs were all-expenses-paid trips in business class to Langkawi, Ho Chi Minh City, Singapore, Nanning, Melbourne and London. There were three draws in total, with the first held on Sept 19 and the second on Oct 31.

Counting on its competitive edge

S P Setia is developing two integrated neighbourhoods — EcoLakes and EcoXuan — in Ho Chi Minh City. With the easing of government regulations in July last year, foreign investors have been able to buy property in Vietnam but on two conditions: they must have entered the country legally and resided in the country for a minimum of three months.

A CBRE report on Vietnam for 4Q2015 states that “more foreign buyers will look at the Vietnam market as more guiding laws are issued to foster investment activity”. It adds, however, that homebuyers and developers will need to prepare for a prospective oversupply at higher prices and evolving regulations, which may eventually affect the absorption and purchase pattern.

However, S P Setia is counting on its competitive edge, not only because its developments are integrated but also because they are located away from HCMC.

“Though our developments are not too far from the city centre, they are much more affordable than those within the CBD,” S P Setia Vietnam sales and marketing manager Pham Thj Hong Cam tells City & Country.

She adds that the neighbourhood concept of the developments and their significantly lower prices make them attractive to potential buyers.

The CBRE report also says the average price of residential properties in the city centre is VND44,711,111 per sq m.

S P Setia partnered the Investment and Industrial Development Corporation to develop EcoLakes, which is located 40km north of HCMC. With an expected completion date of 2020, the 226ha eco sanctuary comprises a mix of projects.

It was launched in 2007 and consists of a town park, a commercial centre, a medical centre, a lake, apartments, schools offering preschool to tertiary education, the Botanica Valley consisting of 1-storey houses, the Valley of Dreams offering villas, and the Garden of Splendour with row houses.

S P Setia says the launch of Botanica Valley after its completion this year will depend on the market condition. Tentatively priced at VND600 million, the 1-storey houses have built-ups of 60 to 63.66 sq m and have two bedrooms and a bathroom.

“We’re still in the midst of receiving feedback on how the market feels about the homes. Then we’ll decide on the launch date,” Cam says, adding that the group is also using feedback to decide which projects within EcoLakes should be constructed first.

Slated for completion in 2020, S P Setia’s other township, EcoXuan, is situated at the northern gateway of HCMC in the Lai Thieu district. The 10.8ha development comprises apartments, luxury condos, villas and twin villas, a lifestyle centre, shoplots, row houses and spring gardens.

Completed and launched officially in 2011, the Park Residences terraced houses in EcoXuan have seen a take-up rate of 99%. With built-ups of 142.33 to 191.17 sq m, each unit has four bedrooms and three bathrooms. The average selling price is VND204 million.

S P Setia is getting ready to launch EcoXuan’s Sky Residences apartments, tentatively in August this year. The built-ups of these homes range from 58.99 to 84.84 sq m and the indicative selling price is VND800 million. The launch of the rest of the group’s projects within the township will depend on market demand.

“The Vietnamese government wants townships outside HCMC and S P Setia is well known for such developments,” states Cam.

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This article first appeared in City & Country, a pullout of The Edge Malaysia Weekly, on Feb 8, 2016. Subscribe here for your personal copy.