SP Setia set to unveil luxury condo project in JB (8664)

JOHOR BARU: SP Setia Bhd will soon unveil its latest and perhaps most prestigious development in the city - a 55-storey luxury condominium valued at about half a billion ringgit.

Set to have 600 units, the Setia Sky 88 will be located on SP Setia's 1.7ha land on Jalan Abdullah Tahir.

According to SP Setia property division (south) general manager Hoe Mee Ling, the two-tower condominium will start at RM700 per sq ft, with unit size ranging from 500 sq ft to 1,500 sq ft.

The site will see a development of a third block, which is likely to be an office or commercial building.

She said after the company's 16-year presence here, the market is now ready for such a high-end development.

Hoe said while Johor Baru has seen gradual property appreciation for the first 10 years the company has been here, the last five years have seen property prices jump between 20 and 30 per cent.

SP Setia still has undeveloped land with a gross development value of RM10 billion, or 640ha in the south.

She said the group is actively on the lookout for more land in Iskandar.