“S P Setia unveils Setia SV2, a RM343 million freehold residential project in Jelutong, Penang, offering 268 low-density units with green features.”
Kuala Lumpur, 31th December 2025, 04.50pm – S P Setia Bhd has officially launched Setia SV2, a new freehold residential development located along Lorong Slim in Jelutong, Penang, on Nov 16, 2025.
With an estimated gross development value (GDV) of RM343 million, the 34-storey project comprises 268 low-density residential units on a 2.3-acre site within the established Jelutong township. The development is scheduled for completion by early 2030, with indicative prices starting from RM969,000 per unit.
According to S P Setia divisional general manager Datuk Muhamad Zaili Muhammad Yusof, Setia SV2 is designed to address the changing needs of modern households, building on the group’s track record of successful residential launches in Penang.
He said the project is aimed at both owner-occupiers and investors, particularly young professionals, growing families and multi-generational households seeking larger and more adaptable living spaces in a mature neighbourhood.
Setia SV2 offers a range of unit layouts catering to different lifestyle stages. Type A units, measuring 1,087 sq ft, are designed for singles and young couples with efficient and flexible living spaces. Type B units, sized at 1,421 sq ft, feature separate wet and dry kitchens as well as spacious balconies suited for family living.
Type B1 units, spanning 1,367 sq ft, come with a 3+1 bedroom configuration, foldable glass kitchen windows and barrier-free access, while the largest Type C units, at 1,647 sq ft, are designed to accommodate multi-generational households with enhanced accessibility and larger balconies.
Sustainability features incorporated into the development include solar panels to power common areas, a rainwater harvesting system for landscape irrigation and electric vehicle (EV) charging facilities to support green mobility.
Residents will have access to a wide range of facilities such as swimming, jacuzzi and wading pools, a multipurpose court, miniature golf area, as well as landscaped spaces including a water creek garden and zen garden. Shared amenities include a co-working space, social lounge and meeting room.
In terms of connectivity, Setia SV2 is accessible via major roads including Jalan Masjid Negeri, Jalan Perak, Jalan Free School and the Jelutong Expressway, providing convenient access to George Town and the Penang Bridge.
The development is also surrounded by established amenities, including nearby schools such as Penang Free School, Han Chiang High School, SMJK Heng Ee and SMJK Convent Green Lane, local markets and medical facilities such as Lam Wah Ee Hospital and Carl Corrynton Medical Centre.
