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Thursday, April 14, 2011

SP Setia plans residential apartments in Singapore, GDV S$130m

KUALA LUMPUR: SP SETIA BHD plans to undertake a multi-storey residential apartment building at Woodsville Close in Singapore with an estimated gross development value of S$130 million.

The company said on Thursday, April 14 its subsidiary SP Setia International (S) Pte Ltd had signed a sale and purchase agreement with 27 strata units’ subsidiary proprietors at Leong Bee Court.

The acquisition would include the strata units and common property on a 0.68 acre site for S$65 million or RM159 million.

“The land is square shaped with a flat terrain which makes re-development potential very attractive. The purchaser proposes to undertake a re-development of the said land into a multi-storey residential apartment building.

“Based on the preliminary feasibility study and subject to the approvals of the relevant authorities, the proposed project is expected to have an estimated GDV of approximately S$130 million or approximately RM318 million,” it said.

By The EDGE Malaysia

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