S P Setia Berhad

What S P Setia Berhad does

S P Setia Berhad is a public-listed Malaysian property developer founded in 1974 and headquartered in Shah Alam, Selangor. The company (KLSE: SPSETIA, ticker 19698) develops residential, commercial, and mixed-use properties across approximately 50 developments in four countries — Malaysia (45 projects), Australia, the United Kingdom, and Vietnam — serving individual homebuyers and investors seeking landed homes, high-rise residences, shop offices, and integrated township living. The core revenue model is one-time property sales with multi-year construction-to-handover contracts, supported by tiered unit pricing ranging from RM250,000 townhouses to RM4.4 million premium bungalows and a mandatory 15 percent Bumiputera discount on eligible properties.

Beyond development, S P Setia operates a diversified property-investment portfolio generating recurring revenue: two Amari 5-star hotels (Amari Kuala Lumpur, 252 rooms; Amari SPICE Penang, 453 rooms) under partnership with ONYX Hospitality Group; retail malls including Setia City Mall (1.18 million sq ft net lettable area, joint venture with Asian Retail Investment Fund and LendLease Malaysia), Setia EcoHill Mall, INC by KL Eco City, and SetiaWalk (2.3 million sq ft gross floor area); and convention / event venues such as the Setia SPICE Convention Centre (the world's first hybrid solar-powered convention centre, capacity 18,000) and Setia City Convention Centre. Distribution is multi-channel: physical sales galleries at each township, a registered property-agent network, and a corporate property portal with online registration interest forms, complemented by international sales offices in Melbourne, London, and Ho Chi Minh City.

The technology stack includes the Setia Go smart community mobile app (services, rewards, home management, facility booking) for resident retention and digital transaction processing via the e-SPA platform integrated with Malaysia's government-mandated HIMS system using iDsaya digital identity. The company holds FTSE4Good, MSCI ESG, and Sustainalytics ratings and pursues sustainability via Setia eGreenLiving and the #Setia4Malaysia campaign. FY2024 revenue was RM 5.2 billion.

Name

S P Setia Berhad

Legal name

S P Setia Berhad

Website

https://spsetia.com

Company type

Public

Founded year

1974

Operating status

Operating

Short description

S P Setia Berhad is a Malaysian public-listed property developer operating ~50 residential, commercial, and mixed-use developments across Malaysia, Australia, the UK, and Vietnam, serving individual and commercial property buyers with diversified recurring revenue from owned hotels, retail malls, and convention venues.

Ownership category

akta.pro rank

Headquarters

HQ city

Shah Alam

HQ country

Malaysia

HQ region

Asia

Offices7 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Property Development Sales: Core revenue stream from developing and selling residential properties (bungalows, terrace houses, semi-detached, serviced apartments, condominiums) and commercial properties (shop offices, retail spaces). Revenue recognized upon property handover to buyers. Mixed-use developments include residential, retail, and hospitality components.
2. Property Investment - Hospitality: Revenue from hotel operations through partnership with ONYX Hospitality Group, operating Amari Kuala Lumpur (252 rooms) and Amari SPICE Penang (453 rooms).
3. Property Investment - Retail: Revenue from retail mall operations including Setia City Mall (1.18 million sq ft net lettable area), Setia EcoHill Mall, INC by KL Eco City, and SetiaWalk with gross floor area of 2.3 million sq ft.
4. Property Investment - Convention Centres: Revenue from MICE (Meetings, Incentives, Conventions, Exhibitions) venues including Setia City Convention Centre (9,414 sqm indoor, 22,205 sqm outdoor space) and Setia SPICE Convention Centre (capacity up to 18,000 people).

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels7 records

Core offering

S P Setia Berhad develops, markets, and sells residential properties (bungalows, terrace houses, semi-detached, cluster homes, serviced apartments, condominiums) and commercial properties (shop offices, retail spaces) within integrated townships across Malaysia and selected international markets in Australia, the UK, and Vietnam. The company also operates property investment assets including retail malls, convention centres, and 5-star hotels under the Amari brand, complemented by the Setia Go smart community app and e-SPA digital property transaction platform.

Product overview

S P Setia Berhad is a leading Malaysian property developer operating a diversified portfolio across property development, property investment, hospitality, retail, and convention centre businesses. The company's core property development business offers residential (landed homes, condominiums, serviced apartments) and commercial (retail shops, offices, industrial) properties across Malaysian townships including Setia Alam, Setia Tropika, Setia Eco Cascadia, and Setia EcoHill. The portfolio includes the Setia Go mobile app for smart community management and the e-SPA digital platform for electronic property transaction signing. International operations span Australia (Atlas Melbourne, UNO Melbourne), the United Kingdom (Battersea Power Station), and Vietnam (EcoLakes). Property-related businesses include hospitality operations (Amari SPICE Penang, Amari Kuala Lumpur), retail malls (Setia City Mall, Setia EcoHill Mall, INC by KL Eco City, SetiaWalk), and convention centres (Setia SPICE Convention Centre, Setia City Convention Centre).

Differentiator

Problem solved

Functional benefit

Brands

• Citizen Setia: Community loyalty and engagement program for residents
• Setia eGreenLiving
• #Setia4Malaysia
• Setia Go

Products and services

• Property Development Residential and commercial property development encompassing townships, high-rise residences, landed homes, and commercial spaces across Malaysia and international markets, targeting individual homebuyers, property investors, and commercial buyers.
• Property Investment Property investment division providing opportunities for co-investment with S P Setia in the group's enhanced properties and communities, targeting investors and capital partners.
• Setia Go Smart Community Mobile Application Smart community mobile application for S P Setia residents enabling access to home management services (solar panel installations, pet insurance, handyman and maid services), rewards programme with exclusive vouchers, facility booking, visitor management, bill tracking, and site progress updates.
• e-SPA (Electronic Sale and Purchase Agreement) Official online Sale and Purchase Agreement platform integrated with Malaysia's Housing Integrated Management System (HIMS), enabling digital signing of property contracts through the iDsaya government-backed digital identity platform with biometrics and PKI verification, mandatory from January 2026.
• Setia City Mall Neighbourhood shopping mall in Setia Alam, Shah Alam with 1.18 million sq ft net lettable area, over 320 retailers across 4 levels, jointly developed with Asian Retail Investment Fund and LendLease Malaysia, serving retail tenants and shoppers.
• Amari SPICE Penang 5-star business hotel with 453 rooms within Setia SPICE development in Bayan Baru, Penang, featuring all-day dining, Sky Bar, meeting rooms, spa, and Executive Lounge with Peranakan-influenced interior design, targeting business and leisure travellers.
• Amari Kuala Lumpur 5-star hotel with 252 rooms in KL Eco City, Bangsar, featuring all-day dining, meeting rooms, and 'Vivarium of the East' interior design theme, targeting business and leisure travellers.
• Setia SPICE Convention Centre Convention venue in Bayan Lepas, Penang with flexible event spaces accommodating up to 18,000 people, operating as the world's first hybrid solar-powered convention centre, targeting corporate events, conferences, exhibitions, and large-scale gatherings.
• Setia City Convention Centre Large-scale convention venue in Setia Alam with 9,414 sqm indoor event space, 22,205 sqm outdoor event space, ballrooms, function rooms, and 2,000 dedicated parking bays, targeting corporate events, weddings, conferences, and exhibitions.
• Atlas Melbourne Luxury residential development in Melbourne CBD with 24-hour concierge, wellness club, kids club, and 1, 2, and 3-bedroom apartments designed by world-renowned architects, targeting affluent international and expatriate buyers.
• UNO Melbourne Luxury apartment development in Melbourne CBD with 24-hour concierge, swimming pool, teppanyaki dining, and 1, 2, and 3-bedroom apartments equipped with Miele appliances, targeting affluent international and expatriate buyers.
• Sapphire by the Gardens Award-winning 325-residence development in Melbourne featuring stunning glass oculus skybridge architecture with views across UNESCO World Heritage-Listed Carlton Gardens, completed and fully sold in 2022.
• Battersea Power Station Residential Development Iconic mixed-use redevelopment of the Grade II* listed Battersea Power Station building in London, featuring premium concierge, health and fitness facilities, art, culture, restaurants, shops, and residential units targeting international buyers and London residents.
• EcoLakes Vietnam Township 226-hectare master-planned community in Vietnam based on award-winning 'Eco' concept balancing development with environmental preservation, targeting Vietnamese homebuyers and regional investors.
• Setia EcoHill Mall Retail mall with 280,000 sq ft gross area and approximately 160,000 sq ft net lettable area across 3.5 floors within Setia EcoHill Walk commercial hub, serving retail tenants and shoppers.
• INC by KL Eco City Retail mall with approximately 250,000 sq ft of retail space in KL Eco City offering F&B, lifestyle outlets, and services with direct connection to Abdullah Hukum LRT station, targeting urban shoppers and retail tenants.
• SetiaWalk 20.8-acre mixed development in Pusat Bandar Puchong comprising retail blocks and serviced apartments with 2.3 million sq ft gross floor area and 2.4 million sq ft net lettable area.
• Camellia Hall Event Venue Event venue at D'Network Hub @ Setia Eco Park in Shah Alam accommodating up to 220 banquet guests with AV system, projector, and catering services, targeting weddings, corporate events, and private celebrations.
• Templer's Club Grand Ballroom Luxury event venue within Setia Eco Templer in Rawang featuring Grand Ballroom accommodating up to 600 banquet or 800 theatre guests, plus Olympic-size swimming pool and gymnasium, targeting corporate events and weddings.

Quantifiable outcome

• World's first hybrid solar-powered convention centre (Setia SPICE)
• +1 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core.

• KPKT (Ministry of Housing and Local Government)coreTechnology or Integration · 1 January 2026Mandatory adoption of the Housing Integrated Management System (HIMS) for e-SPA digital property transactions. From 1 January 2026, all Malaysian housing SPAs must be generated, signed, tracked, and audited digitally through HIMS. S P Setia implements the e-SPA system using iDsaya digital identity platform for biometric and PKI verification.
• ONYX Hospitality GroupcoreStrategic or Co-development PartnerPartnership with ONYX Hospitality Group for hotel operations. Under this partnership, two Amari hotels operate within S P Setia developments: Amari Kuala Lumpur (252-room hotel in KL Eco City, Bangsar) and Amari SPICE Penang (453-room hotel in Setia SPICE, Bayan Baru, Penang). The partnership brings hospitality expertise while S P Setia provides the property infrastructure.
• Asian Retail Investment FundcoreStrategic or Co-development PartnerJoint venture with Asian Retail Investment Fund and LendLease Malaysia for Setia City Mall development. The mall has a net lettable area of 1.18 million square feet with over 320 retailers across 4 levels.
• LendLease MalaysiacoreStrategic or Co-development PartnerJoint venture partner in Setia City Mall development alongside Asian Retail Investment Fund, contributing retail development expertise and investment capital.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Mah Sing Group Berhad: Malaysian developer active in residential and commercial projects across Klang Valley and Johor. Comparable mid-market pricing strategy and similar product mix (townhouses, serviced apartments, shop offices), with overlapping geographic focus.
• Gamuda Berhad: Malaysian infrastructure and property developer with township projects (Gamuda Gardens, twentyfive7). Comparable in township development, though it derives additional revenue from construction and infrastructure concessions.
• Sime Darby Property Berhad: Leading Malaysian township developer with a comparable integrated township model (e.g., Bandar Bukit Raja, Putra Heights) and a sizeable land bank. Operates in similar price tiers and customer segments, making it a direct competitor for Malaysian residential buyers.
• Matrix Concepts Holdings Berhad: Malaysian developer centred on Sendayan/Seremban townships in Negeri Sembilan, with comparable mid-market residential and commercial product mix. Smaller in scale but operates the same master-planned township model.
• IOI Properties Group Berhad: Major Malaysian property developer focused on integrated townships and commercial developments. Closely comparable to S P Setia in scale, township model and Malaysian market concentration, with overlapping product categories across residential and commercial.
• Eco World Development Group Berhad: Malaysian developer focused on eco-themed master-planned townships (e.g., Eco Botanic, Eco Ardence). Comparable township positioning, sustainability branding and pricing tiers, making it a key direct competitor in the Malaysian market.
• Sunway Berhad: Integrated Malaysian conglomerate with property, construction, hospitality and healthcare. Its Sunway City township model and investment-property portfolio (malls, hotels, hospitals) closely parallels S P Setia's township + recurring income strategy.
• UEM Sunrise Berhad: Malaysian developer with flagship integrated developments such as Iskandar Puteri (Johor) and Mont Kiara. Comparable in township scale, Johor exposure and mixed-use product offering including retail and hospitality components.

Broad incumbents

• YTL Corporation Berhad: Diversified Malaysian conglomerate with property, hospitality and infrastructure operations. Overlaps with S P Setia in hotels and property development, but operates much more broadly across utilities, construction and digital services.

Emerging players

• City Developments Limited: Singapore-based developer with global luxury residential and mixed-use projects, including London presence. Useful comparator on international expansion strategy and luxury residential positioning (e.g., Atlas/UNO Melbourne, Battersea).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xtwitter.com/spsetiabhd
• YouTubeyoutube.com/user/SetiaToday
• Facebookfacebook.com/spsetia
• LinkedInlinkedin.com/company/s-p-setia-berhad
• Instagraminstagram.com/spsetiabhd
• TikToktiktok.com/@spsetia

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about S P Setia Berhad