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Annual Report 2014 | S P SETIA BERHAD GROUP | 63

review of operations

III. business Review


Aeropod, S P Setia’s maiden project in Kota

Kinabalu, Sabah contributed RM25 million in

sales in FY2014. Recognising the potential

of Sabah’s state capital, with growth rates

of 2.42% and a population that will reach

nearly a million in 2020, as well as being

the second busiest airport in the nation,

the Group ventured into East Malaysia in

year 2012. The cohesive masterplan of

Aeropod comprises boutique retail offices,

SOVO units, hotels, high-rise residential

towers, a shopping and lifestyle mall and a

transportation hub as well as green parks

spread over the 60-acre site. As one of the

biggest development in Sabah, it will take

up to 10 years to complete.


S P Setia’s two projects in Melbourne,

Australia – Fulton Lane and Parque –

has received incredible results to date.

In October 2014, the Group witnessed

the topping out of its maiden project in

Australia, Fulton Lane, which is expected to

commence settlement late February 2015,

two months ahead of its scheduled delivery

date. Fulton Lane recorded RM265 million

sales for the year under review while Parque

Melbourne, fully sold recorded RM241

million in sales. Parque is expected to be

completed in FY2017.


EcoLakes at MyPhuoc and EcoXuan at Lai

Thieu are two of S P Setia’s projects in

Vietnam. A kindergarten facility was set up

by a foreign investor in Jan 2015, with the

ability to accommodate up to 400 children at

EcoLakes. With education being conducted

in three languages – English, Chinese and

Vietnamese, the facility caters to the needs

of the local and expatriates working in My

Phuoc Industrial Parks I, II and III. In FY2014,

both EcoLakes and EcoXuan recorded total

combined sales of RM9 million.


FY2014 also witnessed the topping out of

18 Woodsville, S P Setia’s maiden project

in Singapore, slated for completion by

mid-2015, four months ahead of schedule.

The Group’s second development in

Singapore – Eco Sanctuary – is nestled

within the verdant greenery of Singapore’s

Central Catchment Nature Reserve, Zheng

Hua Garden and reservoirs. The three

block luxury condominium is targeted for

completion in mid-2016. Both 18 Woodsville

and Eco Sanctuary recorded combined sales

of RM95 million.


A 41-acre riverside community made up of

all ages and lifestyles, a nexus of culture,

commerce, retail and leisure and home

to 18-acres of new public space, with its

own new Zone 1 underground station,

the Battersea Power Station is no longer

a stranger to the world. Developed by the

consortium consisting of S P Setia, Sime

Darby and the Employees Provident Fund

(EPF), construction work has commenced

on site, where repair work on the iconic

chimneys has begun.

Phase 2, the power station itself, was

launched in London in May 2014, presenting

a unique opportunity to buy a home within

this iconic landmark. Majority of the 254

properties were sold within the first week

of sales. Designed by award-winning

British practice, Wilkinson Eyre Architects,

the redevelopment will provide over 2

million square feet of new offices, shops,

restaurants, leisure venues and homes,

becoming one of the most amazing places

in London.

In October 2014, keeping to the momentum

from Phase 2 launch, Phase 3a of the

Battersea Power Station was launched in

an unprecedented global launch in major

cities across the world. Phase 3 will be the

main gateway to the entire development,

connecting the Northern Line Extension

Station to the power station itself. 50%

of Phase 3a was snapped up at the global


The Group’s 40% share in the re-

development of the Battersea Power Station

generated a significant RM1.2 billion in sales

in FY2014.

Battersea Power Station