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Wednesday, May 16, 2012

SP Setia to develop RM1.1bil Penang project

PETALING JAYA: SP Setia Bhd will be embarking on a mixed residential development project with a gross development value of RM1.1bil in Penang after acquiring freehold land in the state.

In a filing with Bursa Malaysia, the company said it had acquired 21.3 acres in the north-east Penang Island district of Timor Laut for RM185.6mil.

Acquired via its wholly-owned subsidiary, Intra Hillside Sdn Bhd, the company said it would be developing an eco-themed project comprising terraced houses and condominiums.

It said the land's proximity to Batu Ferringhi, well known for its vibrant beachfronts and one of the island's main tourist destinations, was a key attraction for investors looking to acquire prime freehold land in Penang.

The proposed acquisition is expected to be completed during the second half of the financial year ending Oct 31.

By The Star

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