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Tuesday, January 1, 2008

SP Setia unit to lease land to Tenby

SP SETIA Bhd's unit, Kesas Kenangan Sdn Bhd, has signed a conditional deal to lease a piece of land to Tenby Southern Sdn Bhd and to build a school complex on the area.

Kesas Kenangan will build the complex for Tenby Southern, which will operate a pre-school, a private school and an international school that can house about 1,800 students.

Kesas Kenangan's commitment for the construction is limited to RM13 million, SP Setia said in a statement to Bursa Malaysia Bhd.

The 5.6 ha is part of the 379.48 ha to be bought by Kesas Kenangan from Kawasan Mestika Sdn Bhd and Gan Theng Enterprise Sdn Bhd.

The land, which SP Setia plans to develop into an eco-styled township called Setia Eco Gardens, is located next to Bandar Nusajaya in Johor and 5 km from Bukit Indah - SP Setia's first residential project in Johor Baru.

By New Straits Times

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