S P Setia

S P Setia Berhad is a Malaysian publicly traded property-development group headquartered in Shah Alam, Selangor. The company began in 1974 as a construction business and subsequently developed into one of Malaysia’s largest property developers by sales. Its activities include residential development, commercial and retail property, high-rise housing, mixed-use projects, construction, infrastructure, wood-based manufacturing and related trading activities. The group’s development model has historically emphasized large, master-planned communities rather than isolated buildings. Its portfolio includes townships, gated and landed residential projects, high-rise residences, commercial districts, retail components and integrated urban developments. In Malaysia, its projects are concentrated in the Klang Valley, Johor and Penang, with additional activity in Kota Kinabalu and Sabah. Notable Malaysian projects associated with the brand include Setia Alam, Setia Eco Park, Alam Impian, KL Eco City, Setia SPICE, Setia V Residences, Setia Tropika, Setia Indah and Aeropod. The group has also been involved in infrastructure-related projects, including the Setia Alam Highway and the proposed or associated Western Sabah Railway Line. S P Setia expanded beyond Malaysia through projects and investments in Vietnam, Australia, Singapore, the United Kingdom, China and Japan. Its international portfolio has included the redevelopment of the Battersea Power Station site in London as part of a wider consortium, together with related transport infrastructure such as the Northern Line extension to Battersea. The company’s international presence gives it a broader development profile than a purely domestic Malaysian builder, although Malaysia remains its principal operating base and market. The group’s corporate development has included several major strategic shifts. After operating primarily as a construction company, it refocused its core business toward property development in 1996 while retaining construction and wood-based manufacturing as supporting activities. It was listed on Bursa Malaysia in 1993. In 2011 and 2012, Permodalan Nasional Berhad, Malaysia’s state asset manager, took over S P Setia, bringing the company into the portfolio of a major government-linked institutional investor. The transition was followed by leadership changes, including the departure of long-serving president and chief executive Liew Kee Sin in 2014. S P Setia also operates a social-impact platform through the Setia Foundation, established in 2000 to support education, general welfare and medical assistance. From 2015, the foundation adopted schools serving underprivileged students in rural areas and reported support for schools in Selangor, Penang and Johor. In 2022, a subsidiary entered an agreement with Qualitas Medical Group to jointly develop and operate an ambulatory care centre in Setia Alam, extending the group’s development activity into healthcare-related infrastructure. The company is positioned around large-scale, community-oriented and increasingly integrated property development, with sustainability and placemaking commonly associated with its township and mixed-use projects. Its current public identity combines Malaysian township development with selective overseas projects and supporting construction and infrastructure capabilities. Public reference material identifies Datuk Choong Kai Wai as president and chief executive officer and Dato’ Seri Koe Peng Kang as deputy president and chief operating officer from October 2021, following the retirement of their predecessors.

S P Setia traces its origins to 1974, when the group began as a construction company in Malaysia. Its early identity was therefore that of a builder rather than a diversified property company. The business later came under the leadership of Liew Kee Sin in 1990, a period associated with the company’s development into a more prominent Malaysian property enterprise. S P Setia was listed on Bursa Malaysia in 1993, giving it access to public capital and a formal platform for expansion. A major strategic change occurred in 1996, when the group refocused its core activity on property development. Construction and wood-based manufacturing remained supporting businesses, but the company increasingly built its identity around residential communities, townships and integrated projects. This model enabled S P Setia to combine land development, construction capability and the planning of supporting commercial and community facilities. Over time, the portfolio expanded beyond individual housing schemes to include high-rise residences, retail and commercial districts, mixed-use developments and infrastructure-linked projects. The group established a substantial presence across Malaysia’s principal economic regions. Its Malaysian activities came to include the Klang Valley, Johor and Penang, as well as projects in Kota Kinabalu and Sabah. Developments such as Setia Alam, Setia Eco Park, Alam Impian, Setia Tropika and Setia Indah illustrate the company’s township and residential focus. Other projects, including KL Eco City, Setia SPICE, Setia V Residences and Aeropod, reflect a broader move into high-density, commercial, transport-connected or mixed-use environments. S P Setia’s ownership and corporate structure changed significantly in 2011 and 2012, when Permodalan Nasional Berhad, Malaysia’s state asset manager, took over the company. The transaction occurred during a wider period of government-linked investment activity in Malaysia’s private property sector. The ownership change did not eliminate the Setia brand, but it altered the group’s institutional context and was followed by changes in senior leadership. Liew Kee Sin stepped down as president and chief executive officer in 2014 and subsequently joined Eco World Development Group as a non-independent, non-executive director. The company also developed an international footprint. Its stated project presence has included Vietnam, Australia, Singapore, the United Kingdom, China and Japan. The most internationally recognizable undertaking in the reference material is the redevelopment of the Battersea Power Station site in London, carried out as part of a consortium. The project was linked with the Northern Line extension to Battersea and represented a move into major urban regeneration alongside the group’s established Malaysian township business. Beyond commercial development, S P Setia established the Setia Foundation in 2000. The foundation was created to assist disadvantaged individuals and charitable causes, particularly in education, general welfare and medical assistance. Beginning in 2015, it adopted schools serving underprivileged students in rural locations. The foundation reported support for nine schools in Selangor, Penang and Johor, connecting the corporate brand with community development in areas where the group operates. In October 2021, Datuk Choong Kai Wai became president and chief executive officer and Dato’ Seri Koe Peng Kang became deputy president and chief operating officer, following the retirement of Dato’ Khor Chap Jen and Datuk Wong Tuck Wai. In February 2022, the group announced an agreement through Setia HC Ventures with Qualitas Medical Group to jointly develop and operate an ambulatory care centre in Setia Alam. This initiative showed how the company could use its development platform for facilities beyond conventional residential and commercial property. Today, S P Setia is an active listed Malaysian property group with a portfolio spanning townships, housing, high-rise residences, commercial and retail assets, mixed-use developments and selected overseas projects. Its history is defined by the transition from construction to property development, expansion into master-planned communities and international urban projects, institutional ownership under Permodalan Nasional Berhad, and continued diversification into infrastructure and community-oriented facilities.

1. 2022Healthcare development agreement signed

   Setia HC Ventures agreed with Qualitas Medical Group to jointly develop and operate an ambulatory care centre in Setia Alam.

   Source
2. 2021New president and chief executive officer appointed

   Datuk Choong Kai Wai and Dato’ Seri Koe Peng Kang took the group’s top executive roles after the retirement of their predecessors.

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3. 2015Setia Foundation expands school-support programme

   The foundation began adopting schools serving underprivileged students in rural areas, including schools in Selangor, Penang and Johor.

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4. 2014Liew Kee Sin leaves chief executive role

   Liew Kee Sin stepped down as president and chief executive officer and later joined Eco World Development Group as a non-independent, non-executive director.

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5. 2011Permodalan Nasional Berhad begins takeover

   Permodalan Nasional Berhad moved to take over S P Setia as part of wider government-linked investment activity in Malaysia’s property sector.

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6. 2000Setia Foundation established

   The group created the Setia Foundation to support education, welfare and medical assistance.

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7. 1996Core strategy shifts to property development

   The group refocused its principal business on property development while retaining construction and wood-based manufacturing as supporting activities.

   Source
8. 1993Listed on Bursa Malaysia

   S P Setia became a publicly traded company on Bursa Malaysia.

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9. 1990Liew Kee Sin assumes leadership

   Liew Kee Sin took a leading role as the company developed into a major property enterprise.

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10. 1974Business founded as a construction company

    The group began operations in Malaysia as a construction business.

    Source

Large-scale, community-oriented and integrated property development with a strong Malaysian township base and selected international projects.

• Master-planned townshipsProperty development

  Township development is a central part of the S P Setia model. These projects combine residential neighbourhoods with commercial areas, retail facilities, public amenities and supporting infrastructure. Setia Alam, Setia Eco Park, Alam Impian, Setia Tropika and Setia Indah are examples associated with the group’s large-scale community-building approach.

• Residential propertiesResidential real estate

  The group develops landed housing, gated communities and high-rise residences across Malaysian growth regions. Its residential portfolio is typically integrated with broader township or mixed-use plans, allowing housing projects to be supported by retail, commercial, recreational and community facilities.

• Commercial and retail developmentsCommercial real estate

  S P Setia develops commercial and retail components within townships and larger urban schemes. These assets can include offices, retail destinations and business districts intended to provide employment, services and daily amenities for residents while contributing to the broader value of the surrounding development.

• Integrated and mixed-use developmentsMixed-use real estate

  Integrated projects combine several property types and urban functions in a coordinated master plan. KL Eco City and Setia SPICE illustrate the group’s participation in denser, more complex developments that may include residences, offices, retail, hospitality, events or transport-oriented facilities.

• Battersea Power Station redevelopmentUrban regeneration

  The redevelopment of London’s Battersea Power Station site was undertaken by a consortium that included S P Setia. The project transformed a major industrial landmark into a large mixed-use urban destination and was associated with the Northern Line extension to Battersea.

• Infrastructure and construction servicesConstruction and infrastructure

  Construction and infrastructure remain supporting activities alongside property development. Projects associated with the group include the Setia Alam Highway and the Western Sabah Railway Line, although the exact scope and status of individual infrastructure initiatives may vary.

• Ambulatory care centreHealthcare-related property2022

  Through Setia HC Ventures, the group entered an agreement with Qualitas Medical Group to jointly develop and operate an ambulatory care centre in Setia Alam. The initiative broadened S P Setia’s development platform into healthcare-related facilities.

• 2022Agreement to develop an ambulatory care centreOther

  S P Setia sought to extend its development capabilities into healthcare-related facilities.

  What changed. Setia HC Ventures signed an agreement with Qualitas Medical Group to jointly develop and operate an ambulatory care centre in Setia Alam.

  Aftermath. The agreement represented a diversification of the group’s project types beyond conventional residential, commercial and mixed-use property.

  Source
• 2011Permodalan Nasional Berhad takeoverM&A

  Malaysia’s state asset manager participated in a wider period of government-linked acquisitions in the private property sector.

  What changed. Permodalan Nasional Berhad took over S P Setia during 2011–2012.

  Aftermath. S P Setia became part of a major institutional and government-linked ownership structure while continuing to operate under its established brand.

  Source
• 1996Refocus from construction toward property developmentStrategy

  The group had originated as a construction company but was seeking a more focused long-term business model.

  What changed. S P Setia made property development its core business while retaining construction and wood-based manufacturing as supporting activities.

  Aftermath. The strategy established the township, residential, commercial and mixed-use development model that became central to the Setia brand.

  Source

• 2022S P Setia and Qualitas agree to develop an ambulatory care centre

  Through subsidiary Setia HC Ventures, S P Setia signed an agreement with Qualitas Medical Group to jointly develop and operate an ambulatory care centre in Setia Alam, Shah Alam.

  Other
  Source
• 2021S P Setia leadership transition

  Datuk Choong Kai Wai and Dato’ Seri Koe Peng Kang became president and chief executive officer and deputy president and chief operating officer respectively after the retirement of Dato’ Khor Chap Jen and Datuk Wong Tuck Wai.

  Leadership change
  Source
• 2012Permodalan Nasional Berhad takes over S P Setia

  Malaysia’s state asset manager Permodalan Nasional Berhad took over S P Setia during 2011–2012, making the developer part of a major government-linked investment portfolio.

  M&A
  Source

1. S P Setia
2. S P Setia corporate website