S P Setia to launch S'pore project in 3 countries concurrently

SHAH ALAM (April 20): Leading property developer S P Setia Bhd will unveil its maiden Singapore project, 18 Woodsville, with a simultaneous launch in three cities — Kuala Lumpur, Singapore and Jakarta.

The concurrent launch this weekend is a first for the developer and will be executed in real time where prospective buyers will know exactly which units have been booked and which are still on the market, regardless of whether the buyers are viewing the project in Singapore, Kuala Lumpur or Jakarta.

The development located on Woodville Close comprises a 15-storey block of 101 condominium units offering one, two and three bedrooms. Standard sized units range from 495 sq ft for the 1-bedroom, 732 sq ft to 818 sq ft for the 2-bedroom and 915 sq ft for the 3-bedroom units. Prices start from S$1,500 (RM3,672) to S$1,950 psf.

The project offers buyers three different levels of recreational zones and efficient unit layouts with dual key options. The development, on 0.7 acres (0.28ha) of freehold land, commands a GDV of S$120 million.

S P Setia president and CEO Tan Sri Liew Kee Sin said the group is looking forward to launching in all three cities concurrently after the strong take-up in Kuala Lumpur when it first previewed its Australian project, Fulton Lane, last year.

"We are confident that 18 Woodsville will be an attractive proposition for Asean investors and S P Setia's long-time supporters who believe in and trust the group's brand," he said in a statement.

He added that the launch in Indonesia was timely as the group had recently set up a representative office in Jakarta which had increased awareness among high net worth Indonesians about its products.

The developer expects strong demand given the site's choice location, easy accessibility to Orchard Road and good connectivity to the city via the Central Expressway and Pan Island Expressway. The development is also located just two minutes away from the Potong Pasir MRT station.

S P Setia had announced the acquisition of the Woodville Close site in April last year for S$65 million through its subsidiary S P Setia International (S) Ptd Ltd.

The simultaneous launch will take place at S P Setia's own sales gallery in Singapore next to the Potong Pasir MRT station and at the JW Marriot Hotel in Kuala Lumpur while Indonesian buyers will be able to attend the launch at the Grand Hyatt Hotel in Jakarta.

Customers at the three-nation concurrent event will be entitled to special discounts only available for this weekend's launch.

The developer also owns a 4.62-acre plot along Chesnut Avenue which it won in a tender bid end last year for S$180 million. Plans for the Chestnut Avenue site are for an eco-themed development comprising an estimated 400 units of 1, 2, 3 and 4-bedroom types with a potential development value of RM1.1 billion.

S P Setia was ranked Malaysia's No1 property developer in The Edge Top Property Developers Awards 2011, a position it held for the sixth time since the inception of the awards.

Its portfolio includes townships, eco sanctuaries, luxury enclaves, high-rise residences as well as commercial and retail developments including the award-winning Setia Eco Park in Shah Alam, and Setia Sky Residences in Kuala Lumpur.

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