By: THEAN LEE CHENG

SINGAPORE: Property developer SP Setia Bhd will push ahead with its international momentum now that it has gained a certain amount of traction in the countries it is in.

Acting president and CEO Datuk Wong Tuck Wai said the company will ride on the success of its maiden condo project here, 18 Woodsville, which obtained a temporary occupation permit two months ahead of schedule.

The company has a second project, Eco Sanctuary, where a topping-out ceremony was held yesterday to celebrate the success of its venture in Singapore.

“It makes sense to grow our business here. We have to have continuity here although the market is challenging on two points, take-up rates and prices,” said Wong after the ceremony.

“We will certainly look at land and other deals, but everything will be numbers-driven,” he added.

Wong said this strategy of riding on previous success applies to every country it is currently in, namely, Singapore, Australia, UK and others.

He said there were challenges in the property market globally, but that it would build its brand as it had done in Malaysia.

Battersea phase 3A is 50% sold about a year after launch. Singapore Eco Santuary took a while but there are only 53 units left.

“Anywhere we go, we localise accordingly,” he said.

On how the company was doing after the departure of founder Tan Sri Liew Kee Sin, he said the systems and processes were in place because Liew had very successfully build the company and these would steer the company forward.

Eco Sanctuary is located in the suburbs near Johor Baru. The S$465mil development comprises three blocks with a total of 483 units.

It has sold S$420mil of its gross development value.