By now #SPSetia has been fully grown to be "A-list" developer in Malaysia. It has been said that the company under its current CEO Tan Sri Liew Kee Sin has managed to position S P Setia at its pedestal. As a matured company pushing for its revenue to 50% contribution from local(Malaysia) and 50% from elsewhere is indeed a prudent and wise strategy as the saying "never put all your eggs into one basket." In the event Malaysia's market softening as with the hike of #RPGT(Real Property Gain Tax) the company still can cling on its revenue elsewhere to be in healthly balance sheet. He envisioned the 50/50 contribution five years ago.
It's known that SP Setia has its development in elsewhere in countries like Australia, Singapore, Vietnam and London(on massive #Battersea Power Station project joint-ventured with EPF and Sime Darby). Australia, Singapore and London are developed economies whilst Vietnam and Malaysia are developing economies.
In Australia, they've previously launched Fulton LN (http://vulcaninternational.blogspot.com/2011/06/current-australia-property-market.html) and now Parque(557 St Kilda Road) both in Melbourne. The units at Parque are with build up of 1,500 sq ft to 1,700 sq ft. It's a 332-apartment development. SP Setia is said to sold 331units within few months after the project was launched. 40% of the units sales came from Malaysia while the rest 60% was sold in Melbourne. To put icing on the cake, they hired renowned architect in Australia, Karl Fender to design Fulton Lane and Parque. This is to added value. Having top architects design SP Setia's projects are becoming a theme as it fits into the concept Liew is championing, which is having 5-start consultants to go along with a 5-star service and 5-star quality for its projects. Construction for Parque is expected to begin in early 2014 and end in 2016.
Having such good response, they're said to be looking for buy land in major cities in Australia such as Sydney, Perth and Brisbane.
To quote CEO Tan Sri Liew Kee Sin,"We definitely want to continue investing in Melbourne and London. These two markets are very good markets."
This article has been written by VULCAN INT'L Real Estate Research Institute http://www.vulcanresearch.blogspot.com for VULCAN INTERNATIONAL Real Estate Investors Club http://www.vulcaninternational.blogspot.com .
VulcanInternational could be contacted at +6 016 451 1321 .
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Praque, 557 St Kilda Road
