S P Setia Bhd, Malaysia's most valuable real estate developer, will showcase five major projects with a Gross Development Value (GDV) of US$7.5 billion at Cityscape Dubai 2007. S P Setia, voted the best property developer in Malaysia by Euromoney magazine for the last three years, will also seek business partnerships with companies in the GCC region. The company is eyeing agency agreements and identifying investment and joint-development opportunities for the Middle East and in Asia.
Setia EcoCoty in the Iskandar
Development Region (IDR).
Tan Sri Dato' Sri Liew Kee Sin, Group Managing Director and Chief Executive Officer of SP Setia, said: "S P Setia is the first Malaysian company to strategically tap the huge investment appetite for quality global real estate products in the GCC property market. It is our vision to introduce our exciting concepts to international markets, especially potential buyers and investors from the Middle East."
S P Setia is spearheading two mega commercial ventures Setia City and Setia EcoCity in the economic centers of Klang Valley and Iskandar Development Region (IDR) in central and southern Malaysia. Its ecologically-enhanced development, Setia Eco Park, which redefines urban living in a tropical luxury resort will also be showcased at Cityscape 2007.
In addition, S P Setia will unveil a new luxury condominium Setia Sky Residences, and a super high-end bungalow project - Duta Grandé that is being developed in the heart of Kuala Lumpur.
Dato' Voon Tin Yow, Executive Director of S P Setia, said "We have an in-depth knowledge, industry expertise and a good track record in Malaysia and other emerging markets such as Vietnam. We are, therefore, better placed to ride on the regional potential. Cityscape Dubai is the region's largest business-to-business property investment and development event. As a Malaysian property major, we will seek to use the event as a platform to contact regional businesses for new ventures in our country, as well as for partnerships in the GCC region."
Malaysia's undervalued property market offers strong investment potential due to its high quality developments such as those offered by S P Setia. Compared to Singapore or Hong-Kong, which have undergone tremendous growth in their property sectors over the last few years, the Malaysian market is set to follow this trend boosted by a range of government incentives, according to estimates.
A new luxury condominium project in downtown Kuala Lumpur recently raised the bar by offering units priced at US$529 per square foot. This compares to Singapore where a similar development breached US$2,400 per square foot, demonstrating a significant upside potential in the Malaysia market.
S P Setia has won several accolades, including "World's Best Master Plan Development" for its Setia Eco Park project - FIABCI Prix d'Excellence Award 2007; "Best Property Developer in Malaysia" - Euromoney Real Estate Awards 2005, 2006 and 2007, and "No. 1 Property Developer in Malaysia" - The Edge Malaysia's Top Property Development Awards 2005, 2006 and 2007.
S P Setia is a listed company with annual revenue in 2006 at US$300 mln. and a current market value of