Kuala Lumpur, April 17 – S P Setia Berhad (S P Setia), via its wholly owned subsidiary, KL East Sdn Bhd, entered into a conditional sale and purchase agreement to acquire a parcel of land measuring approximately 342.5 acres located in Bangi, Selangor, known as Bangi Estate, from a subsidiary of PNB Development Sdn. Berhad (PNB Development), Seriemas Development Sdn Bhd.
The purchase is valued at approximately RM447.58 million (RM30.00 per square foot) plus a share of the future audited profit before taxation from the development of the said land, up to a maximum of RM3.00 per square foot. PNB Development is a wholly owned subsidiary of Permodalan Nasional Berhad (PNB).
Bangi Land is located near Bandar Baru Bangi, Kajang and Semenyih. It is accessible via several major highways namely Kajang-Seremban Highway (LEKAS), North-South Expressway (PLUS) and South Klang Valley Expressway (SKVE). Bangi Land is approximately 30 km south-east of the city centre of Kuala Lumpur and approximately 25 km from Kuala Lumpur International Airport (KLIA).
Bangi Land is planned for a mixed development township comprising residential (e.g. apartments, linked houses and cluster houses) and commercial (e.g. shops and shop offices) components and is expected to have a gross development value (GDV) of approximately RM2.74 billion.
“Bangi Land is also located within a 5-km radius from our existing two sister mixed development townships, namely Setia Ecohill and Setia Ecohill 2. With our good track record, we are confident of developing Bangi Land into another success story for us to be proud of,” said Datuk Khor Chap Jen.
About S P Setia Berhad
Since its incorporation in 1974, S P Setia has been a household name in the property development industry. The Group is recognised as one of Malaysia’s leading listed real estate players with a portfolio that encompasses townships, eco-sanctuaries, luxury enclaves, high-rise residences, commercial and retail developments.
S P Setia was ranked No.1 in The Edge Malaysia Top Property Developers Awards for the 9th time in 2016, the only developer to have achieved this feat since the inception of the awards. S P Setia is also the only Malaysian developer to have received 7 FIABCI Prix d’Excellence Awards by the International Real Estate Federation (FIABCI) and 9 FIABCI Malaysia Property Awards.
The Group is well-established in the three key economic centres of Malaysia, namely Klang Valley, Johor Bahru and Penang and also has a project in Sabah. Its international reach now includes five countries which are Vietnam, Australia, Singapore, China and the United Kingdom.
As of 31 December 2016, the Group has 30 ongoing projects, with an effective stake of 5,218 acres in remaining undeveloped landbank and RM76.48 billion in Gross Development Value.
For media enquiries, contact:
Adelene Wong
Head, Group Branding & Communications
S P Setia Berhad Group
T: +603 3348 2255
M: +6012 2121 303
E: adelene.wong@spsetia.com