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Monday, January 4, 2010

SP Setia to set benchmark in retail mall development

Property developer SP Setia Bhd, may build towers and buildings at the multi-billion ringgit Setia City commercial hub, its flagship township in Shah Alam, Selangor, by as early as 2012.

The 63.2ha Setia City will be developed in two phases.

Phase 1 comprises the 1.23 million square ft Setia City Mall, worth RM750 million, and a central park, estimated to cost more than RM10 million.

Phase 2 will feature more than 20 low- and high-rise buildings, including office towers, corporate towers, serviced apartments, institutions and hospitals.

Bandar Setia Alam Sdn Bhd general manager Tan Hon Lim said the development of phase 2, which is still in planning stage, will commence pending market conditions and the completion of phase 1.
"We have started earthworks for phase 1. Actual construction will commence in first quarter of the year. Our target is to complete the mall and park by end-2011," Tan said in an interview with Business Times recently, at Setia Alam.

Bandar Setia Alam, a SP Setia unit, will build the mall with Lend Lease Asian Retail Investment Fund 2 Ltd in a 50:50 joint venture, on 12.2ha.

Lend Lease is part of Lend Lease Corp Ltd, an Australian property group.

Tan said Setia City Mall, which is SP Setia's first retail mall development will set the benchmark in sustainable retail development.

He said it will be the first and only mall to be included under the Green Building Index's pilot accreditation scheme.

Setia City Mall will house a department store, 250 local and international specialty stores, a number of major anchor retailers and an entertainment precinct.

Tan said SP Setia is in talks with several local and foreign hospital operators to take up shop at Setia City.

"We are also talking to institutions. We want Setia City to be a vibrant development with local and international presence," Tan said.

By Business Times (by Sharen Kaur)

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