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From luxury condominiums to public housing

ONE of the many projects S P Setia Bhd's Datuk Wong Tuck Wai is overseeing is the upcoming Setia Sky Tropika. The luxury condominium project sits on 4.835 freehold acres in Taman Seputeh, Kuala Lumpur. The design and pricing have not been firmed up, says Wong, who is executive vice-president of niche developments.

"We are planning to have a galleria open to the public, with F&B outlets, an art gallery and other amenities," says Wong. The launch is scheduled for 4Q2013.

S P Setia's first luxury high-rise residential project is the freehold Setia Sky Residences, with a gross development value of RM1.04 billion, on a 5.96-acre tract just off the central business district in KL, bisected by Kampung Baru.

When fully completed in 2016, the project will have a total of 938 units in four towers — Alia, Boheme, Celeste and Divina — with built-ups ranging from 600 to 1,800 sq ft. Alia and Boheme will have 211 units each, while Celeste will have 225 units, and the soon-to-be-launched Divina, 291 units.

The Boheme units were sold at an average of RM700 psf when first launched at end-2009 and prices have been increased for subsequent blocks. The final tower, Divina, is expected to fetch an average RM1,000 psf. Divina is currently open for registration and will be launched in 2Q2013.

Boheme and Alia have been fully sold. Units in Boheme were handed over to owners in February, while Alia is in the final stages of completion. Celeste is 80% taken up.

"From the experience and expertise we have garnered from Setia Sky Residences, we have embarked on Setia Sky 88 in Johor and Vogue Suites in KL Ecocity. We have been able to develop our own capacity and capabilities with regards to this kind of high-rise developments," Wong says.

Setia Sky 88, launched in September 2012, is a 55-storey luxury serviced apartment project in Johor Baru city centre. It sits on 4.5 freehold acres and will offer 588 units. Prices range from RM900 to RM1,400 psf with built-ups of between 800 and 1,000 sq ft. Meanwhile, Vogue Suites at KL Ecocity, launched in March 2012, is the first residential tower in the 24-acre integrated mixed-use development that has a total GDV of RM6 billion. The 60-storey project offers 708 units with built-ups from 650 to 4,000 sq ft, and prices starting at RM700,000.

Wong is also involved in the RM1.6 billion Aeropod development in Kota Kinabalu, Sabah. This 60-acre mixed-use project consists of boutique retail office, small office versatile office (SoVo) units, retail lots, F&B outlets, mall, hotels, and serviced apartments.

The first phase, comprising boutique retail offices, was launched in February 2012. The RM231 million phase features three blocks — C, D and H. Blocks C and D have been sold enbloc while strata-titled block H is 90% sold. The retail lots with built-ups of 1,200 to 1,500 sq ft were priced from RM920 to RM1,200 psf or between RM1.2 million and RM1.8 million. The offices, with a built-up of 1,500 sq ft, were going for RM350 to RM550 psf or RM440,000 to RM820,000.

Next to be launched at Aeropod, most likely in June, will be the small office/versatile office (SoVo) units, which have a GDV of RM60 million. Wong says there will be an initial launch of 170 units, out of the total of 340. Built-ups range from 330 to 1,213 sq ft.

As for the British Embassy land in Jalan Ampang, Wong says the company is doing a market survey at the moment and the project is very much in its infancy. The 3.1-acre freehold tract was acquired at end-2012 for RM295 million or RM2,200 psf. Existing structures on the land include a 3-storey building, a 2-storey clubhouse with auxiliary building and swimming pool. The proposed integrated commercial development to be built on the tract will have an estimated GDV of RM1.04 billion. At the recently concluded 38th annual general meeting in March, Liew said the project will be launched in 2014.

On April 5, a memorandum of understanding was signed between Cyberview Sdn Bhd, the landowner of Cyberjaya, and S P Setia to develop a freehold 141.27-acre site into the proposed Cyberjaya City Centre comprising commercial and residential units, hotels and convention halls, entertainment outlets and a business park. Concrete plans have yet to be confirmed.

Besides these high-profile projects, Wong will also oversee two public projects. The first is the redevelopment of 5,668 low-cost flats in Bandar Tun Razak, Cheras, which is stll in the early stages of planning. The project will cover 141.47 acres. The second is the affordable homes for government servants project or Perumahan Penjawat Awam 1 Malaysia (PPA1M) in Putrajaya. This 11.77-acre project will have a total of 1,000 units and offer three types of homes with built-ups from 1,000 to 1,500 sq ft. The project was officially launched on April 18.


This story first appeared in The Edge weekly edition of May 13-20, 2013.

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