KUALA LUMPUR (Dec 13): S P Setia Bhd is partnering with Mitsui Fudosan (Asia) Malaysia Sdn Bhd, which operates the Mitsui Outlet Park KLIA, in a joint venture to develop two parcels of commercial land measuring 2.67 acres in Setia Federal Hill, Bangsar.

The development, which has an estimated gross development value (GDV) of RM1.4 billion, will comprise two residential towers with approximately 1,300 units, with the first tower slated to be launched next year, according to a statement by S P Setia on Wednesday.

Its president and chief executive officer Datuk Choong Kai Wai said the collaboration will not only bolster the project’s profile but also provide an opportunity for S P Setia to market to international clients.

“This joint venture between S P Setia and Mitsui Fudosan is significant for both companies, as it brings together one of the country’s top developers and a distinguished property investment company in Malaysia.

“With their combined expertise and proven track records, the joint venture is poised to unlock the full potential of the development and redefine the skyline of Setia Federal Hill,” he said.

Setia Federal Hill, spanning 51.66 acres, is situated opposite KL Sentral, Malaysia’s largest integrated transport hub with a direct link to Kuala Lumpur International Airport and connects Kuala Lumpur City Centre to the rest of the Klang Valley townships.

As of June 30, 2023, S P Setia boasts a portfolio of 44 ongoing projects, supported by a robust land bank of 6,870 acres valued at a GDV of RM125.77 billion. Furthermore, the group’s total unbilled sales stood at RM6.82 billion.

For the cumulative nine-month period ended Sept 30, 2023 (9MFY2023), sales hit RM3.89 billion — surpassing the RM2.7 billion S P Setia achieved in the same period last year, thanks to land sales and stronger demand for its property offerings.

Revenue for the period rose 8.4% to RM2.98 billion from 2.75 billion in the previous year’s corresponding period, while net profit was RM150.3 million against RM217.8 million last year.

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