Setia City is Launched

On both sides of the highway exiting the tol plaza at Setia Alam, there is a frenzy of development.

Yes, SP Setia  Bhd seems to have everything in top form collecting top dollar by bringing in investors to invest in their units by just paying 5% of the value through a bank-loan. Ingenious marketing! The balance need be paid only when you get your completed units withing 24 months.

The more recent completed phases have super more value to the secondary market with medium size terraced units going on the market beyond RM550,000. You can just skim off a RM100K profit by off-lifting your unit to the next desperate buyer. Not a bad job for a 5% investment into a property with such a handsome return.

So what are the current landmarks currently around the vicinity apart from super bungalows, an international school, 2 supermarkets with the likes of TESCO and GIANT and fast food joints ranging from Pizza Hut, KFC to McDonald?

On your right side as you drive north on the Meru Highway, there is a huge development you just cannot miss. It is the building of a RM5 billion city.

SP Setia is planning to have some 40 corporate office buildings here in this 96ha integrated green commercial hub to be called Setia City. It will be fully completed in 10 to 15 years.

Many companies have indicated that they will shift their corporate headquarters to the coprporate hub here. The fore-runners includes  Top Glove  and Khind Holdings. The corporate hub will comprise office towers, hotels, service apartments and a retail mall.

SP Setia is also constructing its own corporate building here at Setia City. It is a  nine-storey block with a four-storey annexed building connected to the mall via a bridge.The construction of its headquarters is expected to start by the first quarter of next year and to be completed by end of 2012.

On the drawing board is the next phase of On Setia City’s future development. What is planned is two blocks of serviced apartment and a SoHo to be launched next year. Also in the works is a three or four stars hotel.

SP Setia also plans to build a medical centre and a private university here in Setia City.

At the fast pace of property development seen here, it is little wonder that residential values are being pushed off the roof because of the potential rental markets when more companies  as well as people re-locate here from outside of over-crowded Petaling Jaya and Kuala Lumpur!