Setia SV2 @ Jelutong, Penang
One 34-storey tower of 268 freehold condominiums on Lorong Slim, the same street as S P Setia’s completed Setia Sky Ville and about 220 m from Heng Ee High School. Four sizes from 1,087 to 1,647 sq ft, ten homes on a typical floor, and a permit band that sits wholly above Penang Island’s floor for non-citizens.
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Setia SV2 @ Jelutong, Penang at a glance
Every figure below comes from the developer’s own published material or the government register. Where neither has published something, it isn’t on this page.
- Development
- Setia SV2An S P Setia project · licence held by Kay Pride Sdn Bhd
- Where it is
- Lorong Slim, JelutongDaerah Timur Laut, Penang Island · same street as Setia Sky Ville
- Tenure
- Freehold‘Hakmilik kekal’ on the advertisement filed with the register; no land encumbrance stated
- Building
- 1 tower · 34 storeys2.3 acres of land, as reported by EdgeProp at the launch · car park on Levels 1 to 7 on the filed advertisement
- Units
- 268Ten homes on a typical floor; residential levels numbered 7 to 33A
- Layouts
- 1,087 to 1,647 sq ftFour sizes in 13 type codes · 2+1, 3 and 3+1 bedrooms
- Facilities
- Pool, gym, multipurpose courtAlso a water creek garden, zen garden, co-working space and social lounge · facilities floor on Level 7 on the filed advertisement
- Completion
- Latest delivery 12 Jan 2030Register date under the first agreement · the filed advertisement says September 2028
- Government permit
- 11978-4/10-2028/0885(A)-(S)Valid 24 Oct 2025 to 23 Oct 2028
- Foreign buyers
- Open, with state consentThe whole permit band is above Penang Island’s RM1,000,000 strata floor for non-citizens
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Six things about Setia SV2 worth knowing before you enquire
Four are reasons a Penang family would shortlist it. Two are things to settle first. Every one comes from S P Setia’s own material, a named news report or the government register.
Freehold land in the middle of the island’s old suburbs
The advertisement S P Setia filed with the housing register states ‘hakmilik kekal’ and records no encumbrance on the land. Jelutong is a built-up district where new freehold sites of any size are scarce, and this one is 2.3 acres according to EdgeProp’s launch report.
A school address, measured
Heng Ee High School on Jalan Hamilton is about 220 m away in a straight line, and the developer’s own page lists Han Chiang High School and Convent Green Lane at 1.5 km by road and Chung Ling at 2.8 km. For families who plan their purchase around secondary schools, that is the core of the argument.
Family sizes only
There is nothing small here. The four sizes are 1,087, 1,367, 1,421 and 1,647 sq ft, and the filed advertisement lists them as 2+1, 3+1, 3 and 3+1 bedrooms. The 1,421 sq ft group is the largest, with 84 of the 268 homes.
Ten homes a floor, one tower
The register’s unit list shows ten homes on a typical floor across 28 residential levels, which is how a 34-storey tower ends up with only 268 homes. The developer describes it as low in density; you can check the count yourself on the public register.
Three completion dates are in circulation
The filed advertisement says September 2028. News reports at the launch said early 2030. The register records an approved extension of 14 months, taking the delivery period from 36 to 50 months and the latest date under the first agreement to 12 January 2030. Plan around the date written in your own agreement.
Several basics are not published
S P Setia’s page does not state the number of car park bays per home, the number of lifts or the monthly charges. The advertisement filed with the register does show the car park on Levels 1 to 7 and the facilities floor on Level 7. With work at 5.00% on the register, you are also buying off-plan with years to wait. I will get the missing answers in writing.
The whole development, decoded
Every number here is the developer’s own or the government register’s.
Facilities, level by level
As named in EdgeProp’s launch report of 30 December 2025 and on the advertisement the developer filed with the register. That advertisement labels Level 7 as the facilities floor — swimming pool, gymnasium, multipurpose hall, barbecue area, sports and recreation — and Levels 1 to 7 as car park floors. The level of the other items is not published.
Leisure and water
- Swimming pool
- Jacuzzi
- Wading pool
- Miniature golf area
- Multipurpose court
- Water creek garden
- Zen garden
- Barbecue area
- Gymnasium
Shared rooms
- Co-working space
- Social lounge
- Meeting room
- Multipurpose hall
Building features
- Solar panels for common areas
- Rainwater harvesting for irrigation
- EV charging stations
Where the project is now
All 4 Setia SV2 @ Jelutong, Penang floor plans
Thirteen type codes, four sizes. S P Setia’s project page gives 1,087 sq ft for Types A and A1, 1,421 sq ft for the B and B3 group, 1,367 sq ft for B1 and B2, and 1,647 sq ft for the five C variants. The advertisement filed with the register prints the same four groups to within a few square feet, so treat the area in your sale and purchase agreement as final.
Type A / A1 — 1,087 sq ft
Get this floor plan
Type B / B(M) / B3 / B3(M) — 1,421 sq ft
Get this floor plan
Type B1 / B2 — 1,367 sq ft
Get this floor plan
Type C / C1 / C2 / C3 / C4 — 1,647 sq ft
Get this floor planSetia SV2 in the developer’s images and site plan
Where Setia SV2 @ Jelutong, Penang sits
Lorong Slim in Jelutong, Daerah Timur Laut — the inner suburb between George Town and Gelugor. In a straight line it is about 220 m from Heng Ee High School, 390 m from the Perak Road market and 2.6 km from KOMTAR.
Pinned to Lorong Slim, Jelutong — the street named in the launch reports and where the project is marked on Google Maps. The coordinates filed with the national housing register for project 11978-4 sit about 400 m to the south-east, beside the Perak Road market, so I have not used them. Distances are straight-line from the Lorong Slim pin and rounded.
- Heng Ee High School, Jalan Hamilton220 mstraight-line
- Perak Road market390 mstraight-line
- Lam Wah Ee Hospital1.2 kmstraight-line
- Island Hospital2.4 kmstraight-line
- KOMTAR, George Town2.6 kmstraight-line
- Gurney Plaza4.2 kmstraight-line
- Universiti Sains Malaysia (USM)5.1 kmstraight-line
- Penang Bridge6.5 kmstraight-line
- Penang International Airport12.3 kmstraight-line
On the government register it is project 11978-4 — 268 units at 5.00% built
The housing developer’s licence is held by Kay Pride Sdn Bhd (11978), an S P Setia company with its registered office at the group’s Setia Alam headquarters. It has four projects on the national register: Setia V Residences (11978-1), Rimbun Pangsapuri (11978-2), Setia Sky Ville (11978-3) and Setia SV2 (11978-4).
| Project code | Registered name | Advertising permit | Permit expires | Units | Bed / bath | Status |
|---|---|---|---|---|---|---|
| 11978-4 | Setia SV2 — flats / condominium, 34 storeys | 11978-4/10-2028/0885(A)-(S) | 23 Oct 2028 | 268 | 3 or 4 / 2 | 5.00% built · on track |
Swipe sideways to see the full table →
Read from teduh.kpkt.gov.my on 2 October 2026. Check it yourself: teduh.kpkt.gov.my/semakan-status-kemajuan?kodProjek=11978-4
268 units on the register, 268 on the developer’s advertisement
The register files Setia SV2 as one component of 268 flats / condominium units in a 34-storey building, with three or four rooms and two bathrooms. Its unit list covers 28 residential levels numbered 7 to 33A: ten homes on 24 of them, nine on two and five each on the lowest and highest, which adds up to 268. The filed advertisement splits the same total as 50 of Type A, 84 of the B group, 52 of B1 and B2 and 82 of the C group. On the day I read it, 20 units were recorded as sold and 248 as not yet sold, and none was flagged as a Bumiputera-quota unit.
What the permit band tells you — and where it leaves foreign buyers
The advertising permit records a minimum of RM1,069,916 and a maximum of RM1,692,654. That is the band on the advertising permit, not the price of any unit. Penang Island’s floor for a non-citizen buying strata property is RM1,000,000, so the whole band is above it and every unit can in principle be bought by a foreigner, subject to state consent. The state levy on approval is 3%, or 1.5% for island strata between RM1,000,000 and RM1,500,000; non-citizens pay a flat 8% stamp duty and may resell only after three years.
Schedule H, 36 months — already extended to 50
The sale and purchase agreement is Schedule H (strata). The original delivery period is 36 months, and the register records an approved extension of 14 months, making 50 months. The first agreement is dated 12 November 2025, so the original date would have been 12 November 2028 and the extended date under that agreement is 12 January 2030. Ask to see how the delivery period is worded in the agreement you are given.
5.00% built, permit running to October 2028
The latest return reports the tower at 5.00% complete and ‘lancar’ (on track). No certificate of completion and compliance or vacant possession is recorded yet. The advertising permit runs from 24 October 2025 to 23 October 2028, which is before the extended delivery date, so expect a renewal to appear on the register in time.
About S P Setia
S P Setia Berhad is one of Malaysia’s largest listed developers, better known in Penang for the Setia Fontaines township on the mainland and for its island condominiums. On the island it builds through Kay Pride Sdn Bhd, the licensee for Setia V Residences, Rimbun Pangsapuri, Setia Sky Ville and now Setia SV2.
Setia Sky Ville is the reference point. It stands on the same street, Lorong Slim: 550 units in two 33-storey components of 307 and 243 homes on the register, completed with its certificate of completion and compliance dated 16 March 2021. Setia SV2 is the smaller sequel — one tower, 268 homes — and the developer’s own image files are labelled ‘Setia Sky Ville 2’.
EdgeProp reported the launch on 30 December 2025: a 34-storey tower of 268 units on 2.3 acres of freehold land with a gross development value of RM343 million. The report quotes S P Setia divisional general manager Datuk Muhamad Zaili Muhammad Yusof describing the project as designed for contemporary families who want spacious, flexible layouts with smart and sustainable features.
One honest note on track record: the register shows Setia Sky Ville’s delivery period was extended, with approval, from 36 to 54 months. It was finished, but later than first scheduled. Setia SV2 already carries a 14-month approved extension while it is only 5.00% built. That is not a warning sign by itself, but it is the reason to rely on the delivery clause in your agreement and not on the date printed on a brochure.
Frequently asked questions
How many units are there at Setia SV2?
268 condominiums in a single 34-storey tower. The developer’s filed advertisement, the launch reports and the government register all give the same total.
The register’s unit list shows ten homes on a typical floor over 28 residential levels numbered 7 to 33A, with five homes each on the lowest and highest of those levels.
Is Setia SV2 freehold?
Yes, according to the developer: the advertisement filed with the housing register states ‘hakmilik kekal’, which is freehold tenure, and records no encumbrance on the land. EdgeProp’s launch report also describes the 2.3-acre site as freehold.
Your solicitor’s title search at signing is the final word, and will also show whether any project financing charge has been registered since.
What are the unit sizes and layouts at Setia SV2?
Four sizes on S P Setia’s project page: 1,087 sq ft (Types A and A1), 1,367 sq ft (B1 and B2), 1,421 sq ft (B, B(M), B3 and B3(M)) and 1,647 sq ft (C to C4). The filed advertisement lists them as 2+1, 3+1, 3 and 3+1 bedrooms, each with two bathrooms. On the developer’s drawings the ‘+1’ is a study in Types A and A1 and a utility room in the B1, B2 and C types, and the 1,647 sq ft C types are drawn with three bathrooms, not two.
The developer publishes a drawing for every one of the 13 type codes. Four are shown on this page — Types A, B, B1 and C; tell me which type you are considering and I will send the exact drawing with its position on the floor.
Can foreigners buy at Setia SV2?
In principle, yes. The permit band runs from RM1,069,916 to RM1,692,654, which is entirely above Penang Island’s RM1,000,000 minimum for a non-citizen buying strata property, and no unit is flagged as Bumiputera quota on the register.
You still need state consent. The state levy is 3% on approval, or 1.5% for island strata between RM1,000,000 and RM1,500,000; stamp duty for non-citizens is a flat 8%; and you may resell only after three years. I will check your unit against these rules before you pay anything.
When will Setia SV2 be completed?
There are three dates. The developer’s filed advertisement gives September 2028 as the expected completion. Launch reports in December 2025 said early 2030. The register records a 50-month delivery period after an approved 14-month extension, which puts the latest date under the first agreement at 12 January 2030.
In October 2026 the register shows the tower 5.00% built and on track. The date that binds the developer is the one in your own sale and purchase agreement, counted from the day you sign.
Which type and floor should I choose?
Start with how many rooms you actually need. Type A at 1,087 sq ft is the 2+1 layout for a couple or a small family; the 1,421 sq ft B group is the plain three-bedroom and the most numerous; B1 and B2 at 1,367 sq ft squeeze in a 3+1; the C group at 1,647 sq ft is the one for three generations.
Then ask for the floor plate. With ten homes a floor, position matters more than height: which types face the hills, which face the city and the strait, and which look across to Setia Sky Ville. The register showed 248 of 268 units not yet sold when I read it, so the choice is still wide.
What is the price and the maintenance fee?
The only public price information I will quote is the government permit band: RM1,069,916 to RM1,692,654 — the band on the advertising permit, not the price of any unit. I do not repeat figures from property portals.
S P Setia has not published the monthly maintenance charge or sinking fund. Message me and I will send the current price list, the units still available and the charges in writing.
How does Setia SV2 compare with Setia Sky Ville?
Same developer, same licensee, same street. Setia Sky Ville is a finished community of 550 homes in two 33-storey components, with its completion certificate dated 16 March 2021. Setia SV2 is one 34-storey tower with 268 homes — fewer than half as many neighbours.
Sky Ville is a building you can walk through today on the resale market; SV2 is new, with the newer layouts and features such as EV charging, but you wait until about 2030 for the keys. If you need to move in soon, look at Sky Ville. If you can wait and want the smaller community, this is the one.
Is Jelutong practical for daily life or for renting out?
For daily life it is one of the easier addresses on the island: the Perak Road market is 390 m away in a straight line, Lam Wah Ee Hospital 1.2 km, Island Hospital 2.4 km and KOMTAR 2.6 km. The trade-off is traffic on Jalan Perak and Jalan Masjid Negeri at school and office hours.
For renting, demand in Jelutong comes from families who want the schools and from people working in George Town and at the hospitals. These are large homes, so expect family tenants and not students. I do not quote rental figures; ask me what comparable completed condominiums on the same street are actually letting for.
Get the current price list and unit availability
Developer pricing moves, and the good stacks go first. Tell me your budget and whether you’re buying to live in or to let — I’ll send back the units that actually fit, not a generic brochure.
No agent fee payable by the buyer on new developer launches
Louis Koh
11 years in Malaysian property · Johor Bahru, Kuala Lumpur & Penang new launches · English & 中文
I work with cross-border buyers from Singapore and further afield, and with local investors. I’ll tell you when a project isn’t right for you — that’s usually worth more than the brochure.
Published 2026-10-02 · Last verified 2026-10-07 against S P Setia’s Setia SV2 project page, the developer’s advertisement filed with the housing register, EdgeProp’s launch report of 30 December 2025 and the KPKT housing register. Unit availability, pricing and completion dates are set by the developer and subject to change. This page is marketing information, not an offer or a contract.
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Developer: S P Setia (8 developments on this site)
Where it is: Jelutong, Penang
The unit mix, the permitted price and how far up it is
None of this table is the developer’s account of itself. It is what the Ministry of Housing and Local Government records from the 7(f) returns: unit type, bedrooms and bathrooms, built-up area, unit count, the price range on the permit, and the certified percentage complete. A brochure price can be revised; the price on the permit was filed. A brochure need not mention progress; the percentage is certified. The status vocabulary is theirs too: Lancar (on schedule), Lewat (behind), Sakit (sick), Terbengkalai (abandoned).
11978-4 · SETIA SV2
Overall status: Lancar — on schedule
| Component | Bed / bath | Built-up | Units | Price on the permit | Complete |
|---|---|---|---|---|---|
| Rumah Pangsa/Kondo 34 storeys Lancar | 3, 4 / 2 | — | 268 | RM1,069,916.20 – RM1,692,654.25 | 5.00% |
Swipe the table sideways for the rest of the columns.
This is the document the developer had to file, and the housing department had to approve, before it was allowed to advertise at all — served from the ministry’s own host. It normally carries the location plan, the developer licence and building-plan approval references, the expected completion date, the encumbrance position, and the unit count and price floor and ceiling for each type. The brochure a salesperson hands you can be reissued. This one cannot.
Read from teduh.kpkt.gov.my on 2026-10-08, project code 11978-4. Re-read weekly.
What to do with the number. Read it against the delivery date in your own agreement, not against what a salesperson says. A project with a year left on its statutory clock and a third of the building up is telling you something the brochure will not.
How does that compare? Every development on this site, grouped by register status — cancelled, abandoned and behind schedule first.