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S P Setia to enter S'pore property market this year

KUALA LUMPUR: S P Setia Bhd Group, which has RM40.5 billion worth of property projects in the pipeline, plans to enter the Singapore property market this year, its president and chief executive officer Tan Sri Liew Kee Sin said.

For a start, the company plans to build condominiums there and besides cross selling, it also expects to offer the units to its 60,000-customer base in Malaysia.

"Singapore is a good market to enter but we will do it step by step," he told reporters at the sideline of Invest Malaysia 2011, here on Wednesday, Apr 13.

Meanwhile, Liew said S P Setia's recent acquisition of three sizeable new projects in Klang Valley and the upcoming launch of KL Eco City as well as Setia City will add RM21.5 billion in gross development value (GDV).

The growing confidence in Malaysia's private sector together with the government's stimulus packages are boosting the property market in the country, he said.

Liew also said that the company will launch its project in Melbourne, Australia called Fulton Lane with a GDV of A$450 million (RM1.43 billion) in the next two months.

Fulton Lane is a high-rise residential development. — Bernama

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