MIDF is of the view that S P Setia’s iHome project on sustainable homes and smart features for its upcoming projects bodes well for the group as it looks into more green projects.
Among the key takeaways from the visit to its iHome, include a smart home system that allows homeowners to control multiple switches and power plugs remotely via mobile apps, a green switch which is a master switch to activate and deactivate all lights and non-essential electrical points, smart lock, solar PV conduit ready, EV port ready, Box 366 which is a contactless drop box for food deliveries and parcels, and rainwater harvesting system which connected to outdoor taps. The features of iHome will be introduced in future landed residential projects which come in different packages. Meanwhile, the cost of iHome packages will be factored in at the property selling price.
Most of the features of iHome are for energy savings namely smart home systems, green switches, and solar PV. Smart home systems and green switches help reduce energy consumption as all appliances will be able to switch off with one touch. Similarly, homeowners of Setia iHome with solar panels installed will be able to track electricity savings from using solar power via a mobile app.
Meanwhile, rainwater harvesting system helps homeowners leverage renewable energy resources. Besides, Box366 is an innovative feature of S P Setia as it provides contactless food deliveries and parcels amid the growing trend of food deliveries and parcels. Overall, MIDF said it thinks that the green and sustainable features of iHome provide a competitive edge to
the developer and attract the buying interest of property buyers.
On a separate note, S P Setia announced that it has acquired a 1,374 sqm prime land site in Sydney, New South Wales at a cost of AUD73.3m (RM220m). On its new venture the maiden foray into Sydney, S P Setia plans to develop a residential development and secondary commercial and retail use with an estimated GDV of AUD236m (RM708m) which translates into the land cost to GDV ratio of 31%. The house estimates the net gearing of S P Setia to go up marginally to 0.62x from 0.6x in June 2023. Nevertheless, MIDF expects net gearing to be manageable as the developer is actively monetising its non-strategic landbank to lower net gearing.
Post visit, MIDF makes no changes to its earnings estimates for FY23F/24F/25F. Meanwhile, the house is revising its TP to RM1.04 from RM0.92.
