In a filing to Bursa Malaysia, the company said Setia International has formally exchanged a conditional contract of sale with S.L.Nominees Pty Ltd and Jonquil Pty Ltd.
It said the proposed acquisition is expected to be completed in the financial year ending October 31, 2010.
SP Setia's president and chief executive officer Tan Sri Liew Kee Sin in a statement said this new venture is in line with the group's strategy since 2007 to expand its reach beyond its well known township developments, to include integrated commercial, high-rise residential as well as international expansion.
Liew said along with international expansion, the group will also continue to focus on acquiring new landbanks in Malaysia for growth and re-investment, given the many opportunities which still exist at home.
He said the acquisition will give the group a rare and valuable opportunity to enter the matured, high-income and robust Melbourne property market, to credibly, further establish its credentials and boost the profile as an international property developer.
By Bernama
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