News
SP Setia Buys Prime Land In Cyberjaya For RM420.4 Million
CYBERJAYA, March 2 (Bernama) -- Property developer, S P Setia Bhd, has bought 108.5 hectares (268.11 acres) of prime freehold land in Cyberjaya's flagship zone for RM420.4 million from Setia Haruman Sdn Bhd.
The land will be developed as Setia Eco Glades project by Setia Eco Villa, a joint-venture company between S P Setia Bhd which holds 70 per cent and Setia Haruman Sdn Bhd 30 per cent.
S P Setia president and chief executive officer Tan Sri Liew Kee Sin said the project would be a mixed residential and commercial development.
"It is expected to have a gross development value of about RM3 billion," he told a press conference after a signing ceremony between SP Setia and Setia Haruman.
Liew represented S P Setia while Setia Haruman by its chairman Tan Sri Mustapha Kamal Abu Bakar.
Liew is optimistic about the demand as the project will be targeted to high-end customers in Cyberjaya.
"Cyberjaya is a market that you must not ignore. It provides huge potentials as there are ready customers from 5,000 multi-national companies that are operating there," he said.
Asked on the price range, Liew said: �We want something that is really upmarket development."
Giving indications based on Setia Eco Park in Shah Alam, Liew said it offered RM2 million for a semi-detached house and a minimum RM3 million for a bungalow.
Setia Eco Glades will be created as a new eco-themed development in Cyberjaya based on its flagship development, Setia Eco Park.
The project is expected to commence in financial year end-2012 and span a six-year development period.
Meanwhile, Mustapha Kamal said there were about 680ha (7,000 acres) of land still available for sale in Cyberjaya.
"When we started 11 years ago, we have 7,000 acres. Of the 7,000 acres, sellable land was 1,480ha (3,700 acres) and to date we have developed, including the sale to S P Setia about 800ha (2,000 acres).
"I truly believe after this signing ceremony, the land price would not be the same anymore," he added.
-� BERNAMA
The land will be developed as Setia Eco Glades project by Setia Eco Villa, a joint-venture company between S P Setia Bhd which holds 70 per cent and Setia Haruman Sdn Bhd 30 per cent.
S P Setia president and chief executive officer Tan Sri Liew Kee Sin said the project would be a mixed residential and commercial development.
"It is expected to have a gross development value of about RM3 billion," he told a press conference after a signing ceremony between SP Setia and Setia Haruman.
Liew represented S P Setia while Setia Haruman by its chairman Tan Sri Mustapha Kamal Abu Bakar.
Liew is optimistic about the demand as the project will be targeted to high-end customers in Cyberjaya.
"Cyberjaya is a market that you must not ignore. It provides huge potentials as there are ready customers from 5,000 multi-national companies that are operating there," he said.
Asked on the price range, Liew said: �We want something that is really upmarket development."
Giving indications based on Setia Eco Park in Shah Alam, Liew said it offered RM2 million for a semi-detached house and a minimum RM3 million for a bungalow.
Setia Eco Glades will be created as a new eco-themed development in Cyberjaya based on its flagship development, Setia Eco Park.
The project is expected to commence in financial year end-2012 and span a six-year development period.
Meanwhile, Mustapha Kamal said there were about 680ha (7,000 acres) of land still available for sale in Cyberjaya.
"When we started 11 years ago, we have 7,000 acres. Of the 7,000 acres, sellable land was 1,480ha (3,700 acres) and to date we have developed, including the sale to S P Setia about 800ha (2,000 acres).
"I truly believe after this signing ceremony, the land price would not be the same anymore," he added.
-� BERNAMA
No comments:
Post a Comment