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Thursday, March 3, 2011

SP Setia buys Cyberjaya land for RM420mil

CYBERJAYA: Property developer SP Setia Bhd has bought 108.5ha of prime freehold land in Cyberjaya's flagship zone for RM420.4mil from Setia Haruman Sdn Bhd.

The land will be developed as Setia Eco Glades project by Setia Eco Villa, a joint-venture company between SP Setia Bhd which holds 70% and Setia Haruman Sdn Bhd 30%.

SP Setia president and chief executive officer Tan Sri Liew Kee Sin said the project would be a mixed residential and commercial development. “It is expected to have a gross development value of RM3bil,” he told a press conference after a signing ceremony between SP Setia and Setia Haruman.

Liew represented SP Setia while Setia Haruman by its chairman Tan Sri Mustapha Kamal Abu Bakar.

Liew is optimistic about the demand as the project will be targeted to high-end customers in Cyberjaya.

“Cyberjaya is a market that you must not ignore. It provides huge potentials as there are ready customers from 5,000 multinational companies operating there,” he said.

Asked on the price range, Liew said: “We want something that is really upmarket development.”

Giving indications based on Setia Eco Park in Shah Alam, Liew said it offered RM2mil for a semi-detached house and a minimum RM3mil for a bungalow.

Setia Eco Glades will be created as a new eco-themed development in Cyberjaya based on its flagship development, Setia Eco Park.

The project is expected to commence in financial year-end 2012 and span a six-year development period.

Meanwhile, Mustapha Kamal said there was about 680ha still available for sale in Cyberjaya.

“I truly believe after this signing ceremony, the land price would not be the same any more,” he added.

By Bernama

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