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Setia Sky Residences final tower launch in 1Q12

KUALA LUMPUR (Dec 19): S P Setia Bhd is targeting 1Q12 for the launch of the fourth and final tower of its Setia Sky Residences project in downtown Kuala Lumpur.

The first phase is in an advanced stage of development and will be completed in the second half of 2012. The first phase comprises Alia Tower and Boheme Tower.

Alia is sold out and there are limited units left in Boheme Tower. The third tower, Celeste, is currently selling the remaining units, which are of larger sizes.

A model of the Setia Sky ResidencesThe project, S P Setia's first luxury high-rise development in Kuala Lumpur, is located on a 2.4ha site at the intersection of Jalan Tun Razak and Jalan Raja Muda Abdul Aziz, and offers unobstructed views of the Kuala Lumpur City Centre (KLCC) twin towers and city skyline.

The group is now embarking on its largest development in the city to date, the RM6 billion KL Eco City project in Abdullah Hukum, near Midvalley City.

Setia Sky Residences have seen only minimal impact from the new housing loan guidelines announced by Bank Negara Malaysia (BNM).

"We were only affected to a certain extent, but there are still people who can buy the units," said Norhayati Subali, the group's divisional general manager, who is in charge of the Sky Residences project.

The BNM guidelines call for housing loans to be assessed on the applicant's net income rather than the gross income.

"There are some people who feel like this is the right time to buy," Norhayati told The Edge Financial Daily at the show house last week.

Within Setia Sky Residences, Norhayati said her company noticed the larger units were taking longer than others to sell, and the S P Setia team is taking this into consideration in fine tuning the plans of the last tower, Divina. This tower will be launched in the first quarter of 2012.

"We knew  the demand for Kuala Lumpur properties was for smaller units," said Norhayati. "Not shoebox units, but sizeable units catered for an urban living lifestyle."

This would be better suited for the majority of the Sky Residence unit purchasers, who are younger professionals, according to Norhayati. She said many of these young professionals work in the Kuala Lumpur city centre, and find that most other properties in that area cost a great deal more than the Sky Residences.

Older, loyal customers of the S P Setia brand have also purchased units for their children who work in Kuala Lumpur. Norhayati said the group's track record and brand name are among the reasons the Sky Residences units attracted many repeat customers.

"They follow us because we have a commitment to maintain the facilities we provide," she said.

The Sky Residences feature some out of the ordinary facilities, including a cigar room, a wine cellar, outdoor event area and private lift lobbies.

So far, Norhayati has only been able to convey the facilities at Sky Residences through display models, but this will change come 2012, when the both Alia and Boheme towers will be completed in the second half of next year.

"People haven't seen the actual blocks yet, so when Phase 1 is complete, they will be able to feel the real experience that has been promised to them," said Norhayati.

Asked if she is worried about the uncertainties in the market hurting the sales of Sky Residences, Norhayati said, "People have many choices in the market, but S P Setia has the brand name and a track record. We have the competitive edge, so even if the market shrinks there will be those who will want to buy."

S P Setia holds the distinction of being the only property developer to be ranked No 1 six times in The Edge Top Property Developers Awards since its inception in 2003.

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