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Wednesday, December 14, 2011

Ban Guan Hin rejects SP Setia’s extension request

KUALA LUMPUR: SP Setia Bhd's request for an extension to fulfill some conditions for its proposed acquisition of 1,010.5 acres in Ulu Langat, Selangor for RM330.1mil was not agreed by vendor, Ban Guan Hin Realty Sdn Bhd.

According to SP Setia, in filing to Bursa Malaysia yesterday, conditions precedent included the approval of the Estate Land Board to be obtained for the sale and transfer of the said land to the purchaser.

“The purchaser is currently seeking legal advice on its position under the sale and purchase agreement and will seek the appropriate relief from the court, if necessary,” it said.

SP Setia had planned a mixed development for the land and was committed to building starter homes priced from RM300,000 onwards.

By The Star

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