S P Setia eyes Toh Tuck residential land in Singapore

KUALA LUMPUR (April 12): Property developer S P Setia Bhd has submitted a bid to acquire a residential plot of land at Toh Tuck Road in Singapore.

In a filing with Bursa Malaysia today, S P Setia said its wholly-owned subsidiary S P Setia International (S) Pte Ltd has submitted the bid to the Urban Redevelopment Authority, Singapore (URA) at the tender closing on Tuesday.

"(However, we) have yet to receive the official notification from URA on the final result of the tender award," it added.

S P Setia said a detailed announcement will be made to Bursa upon receipt of notification of the final result of the tender award.

The group was responding to a news report that S P Setia was among 24 firms bidding for a 18,721.4 sq m residential plot of land at Toh Tuck Road.

S P Setia's bid is reported to be the highest at S$265 million (RM837 million), which translates to about S$939 per sq ft per plot ratio.

At 2:40pm, S P Setia shares were unchanged at RM3.50, giving it a market capitalisation of RM9.99 billion. —  theedgemarkets.com

For more stories, download TheEdgeProperty.com pullout here for free.