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Friday, June 5, 2009

SP Setia, DutaLand trade higher

PROPERTY development companies, SP Setia Bhd and DutaLand Bhd, both traded higher today following their announcement on joint development ventures in China.

As at 10.35 am, SP Setia increased eight sen to RM4.18 while DutaLand rose five sen to 55 sen.

Yesterday, SP Setia announced that it had entered into a co-operation agreement with Hangzhou Ju Shen Construction Engineering Ltd for a 25-acre mixed property development in the province of Zhejiang.

The cooperation marks the start of the company's foray into China, and its third venture overseas after Vietnam, where it is developing the Eco-Lakes project at MyPhuoc Industrial.
Meanwhile, DutaLand sealed a memorandum of understanding (MoU) with the China-Boda Group to jointly develop two pieces of land in Hebei province, as well as in the Iskandar Regional Development (IRD) Malaysia.

DutaLand said the project in China would be developed over two phases.The the first would involve approximately 51.5 hectares and 100 hectares in the second phase.

The company said phase one comprised a mixed development project with a total estimated gross development value (GDV) of RM3.1 billion.

By Bernama

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