S P Setia to launch Setia Sky Ville condos and Isle of Palm semi-dees this month

PETALING JAYA (Sept 13): S P Setia is set to launch its Setia Sky Ville condominium in Jelutong, and 3-storey semi-detached houses, the Isle of Palm in its Setia Pearl Island development, both in Penang sometime this month, the company’s general manager of property division north, Ng Han Seong told TheEdgeProperty.com.

Setia Sky Ville comprises two blocks of 33-storey condo units with a total of 550 units. The first block, Block A1, consists of 307 units while Block 1B has 243 units.

“The freehold units will have built-ups ranging from 1,036 to 1,424 sq ft. Prices for the units will start from RM758,000,” said Ng, who added that the project is slated for completion in the last quarter of 2020.

Setia Sky Ville has a gross development value of RM470 million.

According to Ng, the project has excellent connectivity to the town centre as well as nearby amenities.

“Within the 5km radius from the project, there are several reputable schools in the vicinity such as SMJK Heng Ee High School, SMK Convent Green Lane, Penang Free School and the Han Chiang high school. There are also private hospitals like Lam Wah Ee hospital and Carl Corrynton Medical Centre which are just 2km away. There are also plenty of F&B outlets and shopping malls located nearby as well,” said Ng.

The development is easily accessible via major roads such as Jalan Masjid Negeri, Jalan Perak, Jalan Free School and the Jelutong Expressway.

Among some of the amenities that future residents of Setia Sky Ville can enjoy are a one-acre water garden which is located at the ground floor level offering a 50m salt water resort-styled pool, children’s pool, bio pond, water cascades and Jacuzzi. There is also a 1.8-acre wind garden located at level seven offering wide garden spaces, a 2-storey clubhouse and resort-styled swimming pool.

“The target market for this project include upgraders from the surrounding low and medium-cost apartments as well as parents from the surrounding residential areas buying for their children and young professionals owning their first home,” said Ng.

Meanwhile, The Isle of Palm is made up of 30 units of 3-storey semidees which will have built-ups ranging from 2,155 to 3,795 sq ft, with land area ranging from 2,880-8,148sq ft.

“Priced from RM1.727 million onwards, the project which has a GDV of RM70 million is slated for completion in 2048,” said Ng.

Just like for Setia Sky Ville condos, S P Setia is hoping to attract upgraders from the surrounding residential areas and also senior management employees from the factories nearby and property investors to invest in the Isle of Palm homes, said Ng.

The Isle of Palm also has excellent connectivity to several major highways such as The Jelutong and Bayan Lepas Expressway, the Penang bridge and the second link from Batu Maung to Batu Kawan enable easy access to the four corners of the island and mainland.

“It is located approximately 3km to the Penang International Airport, and within 5km to 8km radius to major shopping malls such as Queensbay Mall, schools, hypermarket such as well as the Free Industrial Zone,” said Ng.

Ng noted that to complement the master plan of the 113-acres Setia Pearl Island, the Isle of Palm will be developed with a tropical island concept where residents can enjoy a nature-inspired lifestyle.

“The uniqueness of this development are the 17 different designs within this 30 units of semi-detached homes.  The setting of this boutique homes surrounded by matured trees and lush landscape park in the centre of the development provides a tropical ambience,” Ng explained.

Ng expects both developments to do well. Setia Sky Ville has received positive response from the market in terms of registration and is expecting the initial take-up rate to be 40% to 50% during the official launch, with the remaining units to be sold gradually over the next one year.

As for The Isle of Palm, Ng noted that in view of the absolute price which is around RM2 million per unit, he is expecting about 30% to 40% take up rate during the launch.

Commenting on the property industry in Penang currently, Ng said: “The overall property industry has seen a slowdown in recent months compared with previous years with potential buyers being more cautious with big ticket items such as property. Furthermore, the stringent bank loan approvals and higher rejection rate have slowed the property market down. However, on the bright side, announcements such as Bank Negara Malaysia’s recent move to reduce overnight policy rate is certainly a welcomed news for homeowners or potential homeowners as their monthly loan repayments will be reduced.”

Ng also noted that the government’s on-going initiatives to improve infrastructure such as the Penang Transport Master Plan, the third crossing and various highways for Penang will bear positive impact for the overall Penang market and, in turn, stimulate the country’s economy.

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