SP Setia buys land for RM126m

SP Setia Bhd, which has established a strong foothold in Johor, continues to expand its landbank in the state by acquiring a land from Kenyalang Property Development Sdn Bhd for RM125.8 million.

In a filing to Bursa Malaysia today, SP Setia said its subsidiary, Setia Indah Sdn Bhd, had entered into an agreement with Kenyalang for the acquisition, which is expected to conclude during the financial year ending Oct 31, 2011.

It plans to develop a mixed residential development project on the land, located in the Tebrau corridor.

Currently, it is developing four on-going project within the corridor, namely Bukit Indah Johor, Setia Indah Johor, Setia Tropika and Setia Eco Gardens.

SP Setia said the proposed acquisition was in line with its strategy to strengthen its presence in the state while taking advantage of the exciting happenings in the Iskandar region.
It is also expected to contribute positively to the future earnings and cash flow of the group.

By Bernama