Malaysian Developer SP Setia Sets Up S'pore Office

Source : The Business Times, March 24, 2009

It aims to expand market share among Singaporeans

MALAYSIAN developer SP Setia has set up an office here to boost sales of its properties in Malaysia to Singaporeans.

'As neighbouring countries with close links, Malaysia and Singapore have always enjoyed a good flow of people and investments,' the company said.

'Our office in Singapore will put us in a better position to facilitate these activities.'

Setia also has a presence in Vietnam and plans to set up offices in Beijing and Dubai.

More than 800 Singaporeans have bought more than RM300 million (S$124.7 million) of Setia's Malaysian properties in the past two years, said chief executive Liew Kee Sin. But Singaporeans account for just 5 per cent of sales.

'We want to expand our market share, which is why we are setting up here,' Mr Liew said yesterday at the official opening of the Singapore office.

Setia hopes its new 5/95 loan package will drive demand for its homes. Under the scheme - which is offered to Singaporeans - buyers can make a 5 per cent downpayment and take a 95 per cent loan, with no interest payable during construction. Other offers include free legal fees and stamp duty.

Setia intends to showcase its 'prime good investment yield' properties here. Singaporeans have typically bought its properties in Johor, but the developer will soon launch here its Setia Sky Residences in Kuala Lumpur.