S P Setia Bhd’s mixed development known as the Trio by Setia will mark its debut in Klang, Selangor. The developer currently has 30 ongoing property projects across Malaysia and overseas but this would be its first in Klang.
The developer’s divisional general manager for niche developments Paul Soh Hee Pin says S P Setia is always on the move to expand its brand and presence in new locations with strong growth potential.
“Bukit Tinggi in Klang definitely has a lot of potential. It is a very vibrant area so I think to establish our brand here is very exciting for S P Setia.
“When we came across this piece of land, we saw that it was very accessible as it is just adjacent to Jalan Langat which is the main arterial road that runs through Klang town to Bukit Tinggi.
“There is also a separate secondary access at the back of the development so residents will also be able to access the development from the back. This dual accessibility is a very important factor to this development (as it could reduce traffic congestion),” he tells TheEdgeProperty.com.
Sitting on a 5.49-acre of freehold land, Trio by Setia has a gross development value (GDV) of RM571 million and will comprise 914 units of serviced apartments across three towers — hence its name — as well as 42 three-storey retail units.
As of now, over 50% of the first tower comprising 426 serviced apartment units have been booked ahead of an official launch on April 8. The built-up sizes of the units in the first tower range from 656 sq ft to 1,216 sq ft with prices from RM412,000.
Soh is confident that Trio by Setia will do well in the port city due to its strategic location in Bukti Tinggi. The project lies 2.5km away from AEON Bukit Tinggi Klang, 1.2km from Tesco Klang and 23.7km from Bandar Sunway. Other amenities in the vicinity include Hospital Besar Klang, Andalas Medical Centre, Hin Hua High School, SMK Convent and Regent International School.
Accessibility will soon be given a boost with a proposed Light Rail Transit 3 station nearby. Trio is currently accessible via the Shah Alam Expressway, North-South Expressway Central Link, Federal Highway and New Klang Valley Expressway.
“We are using this piece of land to build a mainly residential development with a complementary commercial component as this form of integrated development provides a more complete lifestyle proposition to residents as opposed to a purely residential development.
“The sub-commercial component faces the main road for better visibility and accessibility, plus it is physically separated from the serviced apartments for increased security but still near enough for residents,” he says.
According to Soh, the non-landed market in Bukit Tinggi is slightly different from other areas such as in Kuala Lumpur city centre. There are not many such high-rise living projects with full quality lifestyle facilities in the area. Trio has all that and yet able to offer units at prices that are affordable, he says.
Among the lifestyle facilities at Trio are a swimming pool, indoor games room, shaded pavilion, sunken deck, residents’ community garden, a gym and a multi-purpose hall.
The first phase [first tower] of Trio carries an affordable pricing that will be attractive for first-time homebuyers, Soh offers, adding that Trio by Setia is one of the participating projects for the developer’s 10:90 scheme whereby purchasers pay only 10% upon signing the Sale and Purchase Agreement and pay the balance 90% after the completion of the property.
Construction for Trio will commence in 2Q2017 with targeted delivery by 4Q2021.
With population growth and urbanisation, Soh believes high-rise residences will be the future of not only property developments but also the lifestyle trend for those who are already living or looking to live in cities.
“I think nowadays, people are already talking about vertical cities and as the population grows in urban areas and with more people migrating to cities, land for development in urban areas will be scarce. This means that developers don’t have much land for large-scale landed developments.
“So moving forward, in urbanised areas, it will be common for the younger generation to be living in mostly high-rises. [Moreover] some people may prefer high-rise living compared to landed homes in terms of security, safety and maintenance — because there are people who will carry out the maintenance for you,” he says.
S P Setia was incorporated in 1974 and has ongoing property projects across Malaysia and overseas including Vietnam, Australia, Singapore, China and the UK. As of December 2016, the developer has 5,218 acres of undeveloped landbank, with a GDV of RM76.48 billion.
Besides its award-winning townships such as Setia Alam and Setia Eco Park in Shah Alam, the developer also offers niche lifestyle high-rise residential projects. Among them are Setia Seraya in Presint 15, Putrajaya; Setia Sky Seputeh in Taman Seputeh, KL; Setia Sky 88 in Johor Bahru city centre; and Setia Sky Ville in Jelutong, Penang.
On the market outlook, Soh notes that although the market sentiment has not been as strong as a few years ago, “property products are still selling”.
“The market goes in a cycle and urbanisation is an ongoing thing. Property ownership is something that people will always need, it’s just that sometimes the demand may dip or rise.
“Property development is very location-specific and you cannot just take the previous development model and replicate it on a different location. Market trends are very active and quick so you need to be spot on to catch the trend for that particular area.
“So for us, we are bringing Bukit Tinggi to the next level by introducing the lifestyle of the city centre to this area. I believe such lifestyle living will progressively move towards the fringes of the Klang Valley,” he says.
This story first appeared in the Special Report on High-Rise Living in TheEdgeProperty.com pullout on March 31, 2017. Download TheEdgeProperty.com pullout here for free.