S P Setia proceeds with two scheduled launches

SHAH ALAM: The 5% real property gains tax or RPGT from the disposal of all real estate announced in Budget 2010 on Oct 23 did not go down well with many property players and investors. Nevertheless, S P Setia Bhd decided to proceed with two scheduled launches on Oct 31– Brio Tower serviced apartments in Setia Walk, Puchong and landed homes in Phase 8B of Setia Eco Park, Shah Alam.

As it panned out, there were queues for both products. Those keen on the Brio Tower serviced apartment units had lined up the night before at about midnight in front of the Setia Walk Galleria. The queue in Setia Eco Park, meanwhile, started at about 6am that morning, eyeing the 28 units of 2-storey semi-detached homes and four units of 2-storey bungalows.

S P Setia president and chief executive Tan Sri Liew Kee Sin attributes the response to Malaysia’s stable macro factors and the developer’s recently launched “The Best for The Best” campaign which incorporates the developer’s successful 5/95 financing scheme where the buyer needs only to pay 5% of the purchase price upon signing the sales and purchase agreement. A loan is secured for the remaining 95% but this will only be required to be serviced when the unit is handed over.

Introduced in January this year in the face of the global credit crunch, the financial package ended in July, after raking in about RM1.39 billion in sales.

The Best for The Best campaign which is on till April next year. The programme basically emphasises and promotes the developer’s unique development concepts which are geared at differentiating the S P Setia brand from its competitors.

The developer is looking to launch two more phases before end-2009, and it expects these to be a sellout as well.