All allocated units of Careya terraced houses which is the first of S P Setia Bhd’s Starter Homes series in its 2,525-acre Setia Alam township were sold out on the day it was launched, said the developer in a statement on Feb 1.
According to The Edge Property, buyers had queued up at the launch venue as early as the night before the project was unveiled on Wednesday (Jan 31), it added.
“With only two parcels allocated for the Starter Homes series in Setia Alam, these limited editions homes were well received as expected,” said S P Setia.
Careya comprises 93 units of 20ft by 65ft 2-storey terraced homes with built-ups from 1,677 sq ft that are designed to maximise usable space.
Every home comes with an eight-foot backyard prepped for future renovation and extension works as foundation and slabs have been laid; in the interim, it serves as a drying area.
Prices start from RM585,000, translating into a GDV of RM58 million.
“The objective of the Starter Homes series is to give both first-time buyers and those looking to upgrade the chance to own a freehold landed residence in a thriving community, usually only found in new developments located far off from central Kuala Lumpur or Petaling Jaya,” said Bandar Setia Alam Sdn Bhd general manager Tan Siow Chung.
“Setia’s Starter Homes series is definitely something that has not been seen for many years in the local real estate scene.
“It is certainly an underserved market in Setia Alam and with manageable built-ups that come with either three or four bedrooms plus three bathrooms, it is very affordable to purchase and maintain,” he added.
Careya will be surrounded by perimeter fencing and natural barriers of hedges and streams, where the single entry and exit point is monitored by security guards.
To facilitate homeownership, S P Setia is also providing a promotional package with a 36-month Easy Payment Plan during which the developer will absorb the interest fees.
Tan added that the next phase of the Starter Homes series will feature 18ft x 65ft 2-storey homes.
In a different event, The Edge Property reported that Ooi Kee Liang – whose flagship Ideal Property Group’s numerous condominium developments across Penang Island have earned him the moniker “Penang Condo King” – has emerged as a substantial stakeholder in ailing steel products manufacturer Tatt Giap Group Bhd, in what may be a prelude to his foray into the state’s mainland property market.
According to The Edge weekly, the 46-year-old had amassed 21.4 million shares representing a 12.54% stake, with an acquisition of 13 million shares from Giapxin Sdn Bhd, the private vehicle of Tatt Giap chairman Datuk Steven Siah Kok Poay and his brother Siah Lee Beng.
As at Jan 17, Giapxin is no longer a substantial shareholder of Tatt Giap while Ooi is now the second-largest shareholder, after Hong Kong-based Arich Holdings Inc, which owns a 13.89% stake. It is unclear who controls Arich.
Ooi’s move follows the appointment of Datuk Thomas Liang Chee Fong – who is said to be Ooi’s close associate – as an executive director of Tatt Giap on April 28 last year. He was redesignated to a non-executive director in September.
The steel products maker’s annual report describes Liang as having experience in corporate restructuring and the rejuvenation of various business entities.
The annual report also stated that it is mulling a number of proposals to strengthen its financial performance, which include venturing into property development on its existing land.
The group’s properties, plants and equipment have a net book value of RM123.17 million, with land and buildings accounting for RM98.9 million.
This includes a 12.6-acre factory in Seberang Perai, which has a market value of RM55 million as at March 30, 2016, and a 5-acre factory in Bukit Minyak worth RM24 million.