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Friday, April 15, 2011

SP Setia buys site in Singapore for RM156.65mil

KUALA LUMPUR: SP Setia Bhd, through its unit SP Setia International (S) Pte Ltd, has entered into a private treaty with owners of all 27 units of Leong Bee Court to buy the site for S$65mil (RM156.65mil).

The company said in a statement yesterday it would build on the acquired site measuring 29,440 sq ft a high-rise building comprising 105 units of one, two and three-bedroom apartments and launch the project by the middle of next year.

Its president and chief executive officer Tan Sri Liew Kee Sin said the group had been carefully crafting its strategy to expand its development base to include integrated commercial-cum-high rise residential projects as well as international expansion.

“We see this as a good timing to participate in the upturn of Singapore's economy,” said Liew.

By Bernama

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