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Thursday, December 1, 2011

SP Setia wins RM437.40mil bid for S’pore project

PETALING JAYA: SP Setia Bhd has won the bid to develop Chestnut Avenue, an 18,700 sq m parcel of land in Singapore, for a total tender sum worth RM437.40mil.

In a filing with Bursa Malaysia yesterday, the company said that its unit, SP Setia International (S) Pte Ltd, had won the bid.

SP Setia said the land tender would be granted a lease term of 99 years and was to be developed into condominium or flats.

The tender sum would be satisfied in cash via a combination of internal funds or bank borrowings and to be completed during the financial year ending Oct 31, 2012.

The land is connected to major arterial roads and expressways such as the Bukit Timah Expressway, Pan Island Expressway and Upper Bukit Timah Road.

“It is also located near the Petir LRT station as well as two future Mass Rapid Transit stations, namely Cashew and Hillview.

“These two stations are part of the future Downtown Line 2 to be completed in 2015 connecting the land to key precincts in the city centre.

“Amenities like Lot One, The Rail Mall and Bukit Timah Plaza are all located close to the land,” it said.

SP Setia said it intended to build an eco-themed development comprising residential apartments with an estimated gross development value of RM1.1bil.

It intended to launch the project in the fourth-quarter of 2012.

“The proposed project is expected to span a development period of three to five years. At this preliminary stage, the total development cost and the expected profits to be derived from the project have yet to be ascertained,” it said.

The tender represented SP Setia's second foray into the Singaporean property market following its acquisition in April this year of a freehold development along Woodsville Close.

By The Star

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