Setia SV2 Review 2026 — New-Launch Prices Barely Above the Resale Next Door

Looking at the wider area too? Setia SV2 sits in Jelutong, between George Town and the bridge.

The most useful number for anyone looking at Setia SV2 isn't on the brochure. It's next door. SP Setia's own Setia Sky Ville, completed in 2021, resells at roughly RM700–900 per sq ft. SV2, launched in November 2025, is priced at roughly RM770–890 per sq ft. You're paying about the same rate as the finished building beside it, for a brand-new unit you'll receive in early 2030.

Key takeaways:

• 268 freehold units in one 34-storey tower on 2.3 acres, next to Setia Sky Ville; launched 16 November 2025, due early 2030.
• Four layouts of 1,087–1,647 sq ft, from RM969,000 to about RM1.3M.
• Priced close to Setia Sky Ville's resale rate, so the case is newness and layout, not a discount.
• Only the entry Type A is below the RM1M foreign minimum.

What you're buying

Four family layouts: Type A (1,087 sq ft) for couples and small families, Type B1 (1,367 sq ft, 3+1, with barrier-free access), Type B (1,421 sq ft, dry and wet kitchens) and Type C (1,647 sq ft, designed for multi-generational households). Facilities include a pool, jacuzzi, mini golf, multipurpose court, gardens and a co-working lounge, with solar power for common areas and EV charging. Parking sits in a five-level podium.

SV2 or a Sky Ville resale?

This is the real decision. Setia Sky Ville, 819 units completed in 2021, resells at about RM710,000–1.19M for 1,036–1,424 sq ft, and rents at about RM2,500–3,100 a month. You can move in this year, see the actual view and check the building's management.

SV2 gives you a newer building, larger top layouts (up to 1,647 sq ft), a lower-density tower and four years of SP Setia's progress payments instead of a full loan from day one. What it doesn't give you is a discount. If you need a home now or want rental income sooner, the resale next door is the stronger buy; if you want new and can wait, SV2 is reasonably priced against it.

Getting around

Measured road distances from Lorong Slim at free-flow speeds:

• Lam Wah Ee Hospital: about 2 km, 4 minutes.
• Penang General Hospital: about 3.4 km, 6 minutes.
• Komtar: about 4 km, 5 minutes.
• USM: about 7 km, 8 minutes.
• Queensbay Mall: about 10 km, 10 minutes.
• Penang airport: about 13 km, 13 minutes.

Nearby schools include Heng Ee, Convent Green Lane, Han Chiang and Penang Free School. Jelutong is central, between George Town and the bridge, which is its main strength.

For foreign buyers

Only Type A, at RM969,000, sits below Penang Island's RM1M minimum. The other layouts, from about RM1.05M, qualify. Between RM1M and RM1.5M the state levy is 1.5%, plus the flat 8% foreign-buyer stamp duty and three to four months for state consent.

The catches

Early 2030 is a long wait, and Jelutong's resale market prices mainly on location and size. The SP Setia name helps a unit rent and show well, but don't count on it returning a large premium at resale.

Investors should be realistic: at RM800-plus per sq ft, Jelutong rents give an ordinary gross return. This is better as an own-stay purchase.

How it compares

Setia Sky Ville is the completed comparison next door. Alton Skyvillas in the same area takes a lower-density, larger-unit approach.

Current details are on the Setia SV2 project page.

Sources: Launch date, units, storeys, land area, layouts, starting price, facilities, completion target and access from EdgeProp's launch report (December 2025) and Penang Property Talk; layout prices from SP Setia's price list as recorded in our project data. Setia Sky Ville resale prices and rents from portal listings (2026). Road distances measured on OpenStreetMap routing.