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Saturday, August 13, 2011

SP Setia buys 409ha plot for RM330m

SP SETIA Bhd, Malaysia's most valuable property company, has bought over 409ha of freehold land in Beranang, Ulu Langat, in Selangor for over RM330.1 million cash or RM7.50 per sq ft from Ban Guan Hin Realty Sdn Bhd.

In a statement yesterday, SP Setia said it intends to develop a mixed residential township development project on the land with an estimated gross deve-lopment value of RM3.5 billion.

"The proposed acquisition offers SP Setia a good opportunity to tap into strong demand for attractively priced homes by first time owners and other home buyers in the Semenyih-Kajang corridor," it said.

It also allows the group to further reinforce and expand its core business by replicating its proven township development model in an emerging growth corridor that is not presently served by its more matured projects in the Klang Valley.

SP Setia said it is currently too preliminary to ascertain the exact product mix, total development cost, expected completion date or expected profits to be derived.

However, its management is confident the proposed development will be well received and is expected to contribute positively to the future earnings and cash flow of SP Setia.

The land deal is expected to be completed during the first half of financial year ending October 2012.

Ban Guan Hin Realty's principal activities involve the working of an estate, as well as producing and selling of rubber and oil palm fresh fruit bunches.

The terrain of the land is generally undulating and is zoned for mixed housing development, and is situated midway between the towns of Semenyih, Bangi Old Town and Beranang.

By Business Times

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