SP Setia: Pact execution extended to Feb 20

PROPERTY developer SP Setia Bhd said its wholly-owned unit KL Eco City Sdn Bhd and Datuk Bandar Kuala Lumpur (DBKL) have agreed to extend the period for the execution of a privatisation agreement up to February 20 2010.

Both the parties were supposed to execute the agreement within two years from the date of a memorandum of understanding (MOU) entered on August 21 2007.

Under the MOU, SP Setia has agreed to pay, through DBKL, compensation to a maximum of 600 squatter families amounting to RM3.6 million for the land near Mid Valley in KL, to be developed into a mixed residential and commercial development as a privatisation joint-venture project.

By Business Times