Listing all areas you cover might be useful. But your screenshot shows more than that: instead of listing just the areas, you include (variations of) the business keywords, too. *That* I’d consider spammy (but I can’t speak for all search engines).

Someone reading your list already knows what services you provide, so why should it be repeated for every area? It would only make sense if you don’t provide every service for every area, but in that case it might be better to group the list accordingly.

I’d use something like this:

> **We also cater in other areas of Sydney:**
> 
> * Central Business District
> * Eastern Sydney
> * Forest District
> * …
>
> **Not in Sidney? We also offer catering services in:**
>
> * Melbourne
> * Perth
> * …

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If you want to provide structured data with Schema.org, you could use the [`areaServed` property](http://schema.org/areaServed):

> The geographic area where a service or offered item is provided.