All 152 houses in Setia Eco Glades’ Reef of Tropic sold in two days

Date: 26-May-2019
Publication: The Edge Markets

S P Setia Bhd’s Reef of Tropic (Phase C1) in Setia Eco Glades, Cyberjaya, achieved a 100% take-up rate at the two-day launch on April 27 and 28. With a gross development value of RM140 million, Phase C1 comprises 152 units of 20ft by 70ft 2-storey link homes set in a gated-and-guarded 11.95-acre freehold site. The two-day event attracted over 1,000 visitors.

S P Setia executive vice-president Datuk Koe Peng Kang says the development’s success lies mainly in the development’s eco-concepts. “Setia is a pioneer in eco-themed developments and the sold-out [Phase C1] is a testament to how the purchasers welcome our eco-concepts.

“And apart from coming up with beautiful eco-concepts that purchasers want, we want to ensure that such concepts are sustainable in the long term. Our designs have received recognition with various international and national awards over the years.”

The homes in C1 come in 3-bedroom, 3-bathroom layouts with built-ups of 1,770 to 2,000 sq ft and are priced from RM700,000. Residents at Phase C1 will have access to its residents-only clubhouse that offers basic amenities such as a swimming pool, wading pool, playground, gym and community halls.

Phase C1 falls under the Home Ownership Campaign 2019, and buyers are eligible for a waiver of stamp duty on their loan agreement before the end of June. Phase C1 is targeted to be completed within 36 months of the signing of the sales and purchase agreements.

According to Koe, those that turned up for the launch were young families in the 35 to 45 age group. “There is a strong underlying demand for landed properties in Cyberjaya especially from the surrounding areas, including Puchong, Subang and Putrajaya. Many purchased the units for their own stay as Cyberjaya has evolved into a better place to live with a wide range of amenities. The fact that there is good connectivity to all major highways makes travelling to Cyberjaya more convenient and accessible.”

While the approval of bank loans may be the main challenge in converting bookings into sales, Koe says the developer is working closely with their appointed bankers to secure loans for the homebuyers. “We urge the government to look into this matter and ease the lending guidelines, especially for first-time homebuyers, to encourage more homeownership.

“Nevertheless, we still have a long waiting list if loan applicants are unsuccessful,” says Koe.

Setia Eco Glades is connected to major highways such as the Putrajaya Link, Expressway Lingkaran Tengah, Maju Expressway, Lebuhraya Damansara-Puchong, South Klang Valley Expressway and the B15 Expressway. It is close to educational facilities, from primary to tertiary level, shopping malls, hospitals and recreational areas.

The township is 70% developed. The remaining components are one commercial, two landed islands (Isle of Fantasia and Glades of Westlake) and two condominium developments (Reef of Tropic, Phases C2 and C3).

Koe says the developer is currrently focusing on completing Jewels of Grasmere (G6) this year. Comprising 117 units of superlink houses that were launched in October 2017, the development is fully sold.

Koe says the company is currently gearing up plans to launch Setia Safiro in Cyberjaya — a joint-venture development with Setia Haruman Sdn Bhd.

“S P Setia’s eco-themed DNA will feature in all our future developments. We will continue to come up with surprise enhancements and take this concept to the next level. All the best ingredients can be seen emulated in [our] recent eco-themed townships such as Setia Mayuri in Semenyih and upcoming ones, including Setia Safiro in Cyberjaya, Setia Fontaines in Penang and Setia Warisan Tropika in Salak Tinggi,” says Koe.

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