City & Country: S P Setia eyes 1Q2016 launch for Setia EcoHill 2

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SP Setia Bhd plans to launch the newly approved Setia EcoHill 2 — a 1,010-acre township with a gross development value of RM5 billion — next year. The new township is coming up near Setia EcoHill, with Eco World Development Group Bhd’s EcoMajestic in between. “It will be similar to Setia EcoHill, but better,” S P Setia divisional general manager Tan Hon Lim tells City & Country.

Setia EcoHill 2 has a net sellable area of 501 acres, with 215 acres set aside for strata-titled landed properties. In total, 382 acres will be allocated to residential properties and 119 acres for commercial developments.

The homes and shops will be developed over 18 phases, each with its own themed park and garden. This is in line with the eight tenets of its predecessor Setia EcoHill, which includes reducing its carbon footprint, protecting the environment, facilitating a lifestyle of health and sustainability, and providing a safe and secure environment, Tan says.

In total, the township will have 8,024 homes, evenly divided between landed houses and high-rise residences. Terraced houses will make up the bulk of the homes — 2,284 in the pipeline — followed by semi-detached houses (496), link semidees (288), bungalows (109) and zero-lot bungalows (306).

The high-rises will comprise 1,610 low-cost, a similar number of low-medium-cost and 805 medium-cost units.

The commercial component features mainly 3-storey shopoffices (273), apart from 12 semidee shopoffices and 55 low-cost shops. Other properties include 13 commercial plots ranging from 1 to 18.9 acres, and four petrol station plots.

Two plots of 5 acres and 30.9 acres have been reserved for private institutions. Tan says the group is mulling another international school for the township, even though there is a Tenby International School campus in Setia EcoHill. The decision will depend on demand from the neighbourhood, he adds.

Phase 1 of Setia EcoHill 2, which is targeted for a 1Q2016 launch, will comprise 357 two-storey terraced houses. There will be four types of layouts, with lot sizes of 20ft by 65ft, 20ft by 70ft, 22ft by 70ft and 32ft by 60ft, and built-ups of 1,900, 2,100, 2,250 and 2,350 sq ft.

While prices have yet to be firmed up, S P Setia is looking at a 10% markup based on similar launches in Setia EcoHill, says Tan.

Unveiling Setia EcoHill’s final precinct

S P Setia’s more immediate launch at the 693-acre Setia EcoHill is Grandlis, the first phase of Horizon Residences — the township’s third and final precinct that will house its only superlink homes.

The six-acre Grandlis will comprise 127 superlinks, with four types of layouts. Lot sizes are 23.6ft by 76ft and 23.6ft by 86ft with built-ups of 2,289 to 2,628 sq ft. Prices start at RM773,000.

tan-hon-lim_tem_cc1070_theedgemarketsEach home will have a rainwater harvesting system and home alarm system, high ceilings and wide porches, says Tan.

The gated phase will be secured by the AgilFence Perimeter Intrusion Detection System, which is used in Changi Airport.

 “It’s better than what we are using at Setia EcoPark in Shah Alam. The fences there are very sensitive and the guards have to deal with a lot of false alarms triggered by wild animals and all that. AgilFence can actually detect if the force applied to it is unnatural [by humans] or not,” Tan explains.

Grandlis will feature round-the-clock security patrolling and a 52ft-wide road with cables and drainage hidden underground.

The units will be available for booking with a fully refundable RM10,000 deposit prior to signing the sale and purchase agreement, says Tan. However, refunds may not be given should buyers back out after signing the SPA unless they can prove extenuating circumstances such as rejection of loan applications, he adds. “So, we are telling them that they should think carefully before committing.”

S P Setia, as part of its 40th anniversary, is offering incentives for buyers of Grandlis, such as waiver of legal fees, stamp duty and disbursement for the SPA, loan agreement and memorandum of transfer. Loyal customers are eligible for discounts and rebates, as well as cash rewards.

Potential buyers registered their interest at the preview on May 30, with bookings made at the soft launch on June 6. The official launch is set for June 27.

Tan expects Setia EcoHill 2 to draw buyers from the immediate areas as well as suburbs such as Cheras, Seri Kembangan, Petaling Jaya, Damansara, USJ, Klang, Shah Alam and even other states.

He observes that about 40% of the buyers of Setia EcoHill were from neighbouring Kajang and Shah Alam, Seri Kembangan and Puchong.

Meanwhile, at Horizon Residences, the other two phases are Floris and Gloris. The precinct will ultimately comprise 287 superlinks across 13.6 acres and have a gross development value (GDV) of RM104 million.

Floris, scheduled to be launched in 3Q or 4Q this year, will have homes with a lot size of 23.6ft by 76ft, but the built-ups and prices have yet to be firmed up.

Setia EcoHill’s first phase is scheduled for completion by year-end.

Tan says the township’s direct link to Lebuhraya Kajang-Seremban (LEKAS) is expected to be completed by year-end, enabling residents to bypass the heavily congested Jalan Semenyih that serves as the thoroughfare.

How will Grandlis — and by extension Setia EcoHill — fare in the current market? As development sprawls outwards from the Klang Valley, developers, including other big players like China’s Country Garden, Mah Sing Group Bhd, MKH Bhd, Tropicana Corp Bhd and UEM Sunrise Bhd, have ventured into outlying areas such as Semenyih, Kajang and Bangi.

Semenyih may be considered far from Kuala Lumpur as it can take over an hour to reach the city centre, despite numerous highways. But it boasts many attractions such as Broga Hill, Hutan Lipur Sungai Tekala, Hulu Langat Dam, other recreational areas, and various restaurants selling local cuisine.

In addition, the feng shui is said to be excellent due to the area’s hilly terrain, says Tan.

Tan estimates that some 80,000 homes are coming up within a 10km radius of Setia EcoHill. While the newer townships may offer products similar in theme and appearance to Setia EcoHill, he believes the strength of S P Setia’s brand will help sell its products. “People understand the level of service and quality of work that we provide.”

S P Setia, he notes, conducts a lot of community-building exercises in the township to engage the local community and buyers of their schemes.

Among them is a monthly farmers’ market and weekly exercise sessions at Setia EcoHill. “The farmers did not have a market for their produce in this area until we started organising this,” Tan says.

The company also holds celebrations in conjunction with festivities such as Chinese New Year and Hari Raya.

Tan says the developer is not too concerned about the sales of properties priced below RM1 million as potential buyers of such properties are less likely to be affected by lending curbs. Those priced at about RM700,000, in particular, are deemed affordable.

Semenyih and Kajang, he notes, have sizeable populations, estimated at 100,000 and 300,000 respectively.

“The southern hot spot may just be the next commuter suburb for middle-class families who prefer landed and gated townships,” he says.

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This article first appeared in City & Country, The Edge Malaysia Weekly, on June 8 - 14, 2015.