Friday 29 Mar 2024
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This article first appeared in The Edge Financial Daily, on November 10, 2016.

 

KUALA LUMPUR: S P Setia Bhd, which recently clinched the top spot in The Edge Malaysia Top Property Developers Awards 2016, has won the tender to purchase a 1,675-acre (678ha) piece of land in Seberang Perai Utara, Penang for RM620 million.

In a statement yesterday, S P Setia said it plans to develop the land over 15 to 20 years into an eco-themed mixed-development township that has a potential gross development value of RM9.6 billion.

It added that it had been notified by WTW Real Estate Sdn Bhd of its successful tender bid for the freehold land. The land tender was made through its subsidiary, Setia Recreation Sdn Bhd.

“The land represents S P Setia’s maiden entry into mainland Penang and it is located within the Butterworth-Sungai Petani growth corridor, with good accessibility from the North-South Highway via the Bertam Interchange. The land is approximately 18km away from Butterworth and 32km away from Penang Bridge,” it said.

S P Setia shares closed 12 sen or 3.66% lower at RM3.16 yesterday, with a market capitalisation of RM8.88 billion.

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