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Friday, November 13, 2009

SP Setia expands landbank in Penang

Property developer SP Setia Bhd has expanded its Penang landbank with the purchase of two plots of land on the island which are being earmarked for residential development.

SP Setia property division (north) general manager S. Rajoo said two parcels of land - one in Sg Ara and the other in the affluent Jesselton neighbourhood - have been acquired for a total of RM87 million.

The Sg Ara plot, totalling 12ha, is made up of half hill and half level ground, is being planned for a mixed development project of terraced houses, semi-detached units, bungalows and condominiums.

"We have also acquired slightly more than 0.8ha of land right next to the Penang Turf Club along Jalan Brook for RM24 million," Rajoo told Business Times.
He said low-density high-end bungalows are being planned in the prestigious neighbourhood and the company plans to build 11 low-density bungalows which are priced at RM5 million each.

"We are also actively talking to landowners to enter into either joint-ventures or outright purchase of their land," Rajoo added.

SP Setia's maiden entry into Penang more than three years ago was via the Setia Pearl Island development which is sprawled on a 45ha site and carries a development value of RM1.2 billion.

To be developed over the next five to six years, the project comprises three-storey terraced homes, semi-detached units and commercial lots, and is located between 4km and 5km from the proposed site of the second Penang bridge at Batu Maung, 10km from the Penang Bridge and 20km from George Town.

By Business Times (by Marina Emmanuel)

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