S P Setia, Setia Haruman undertake 2nd Cyberjaya development with RM650m GDV

KUALA LUMPUR (April 27): S P Setia Bhd has acquired 57 acres of freehold land in Cyberjaya, Selangor from Setia Haruman Sdn Bhd, the master developer of Cyberjaya, for RM177.5 million, which will be grown into a residential area with an expected gross development value (GDV) of RM650 million.

"The land would be developed by the joint venture (JV) company between S P Setia (70%) and Setia Haruman (30%)," S P Setia president and CEO Datuk Khor Chap Jen (pictured) said in a statement today.

“The project is expected to commence in the second half of 2019 pending approvals, and is expected to take about six years to complete. It would be developed [into] an eco-themed sanctuary, emulating Setia Eco Glades in Cyberjaya,” Khor added.

S P Setia said the JV is a continuation of the successful collaboration between both companies in building the 268-acre eco-themed development of Setia Eco Glades.

S P Setia shares closed down one sen or 0.33% at RM3.05 today, bringing a market capitalisation of RM11.45 billion.  — theedgemarkets.com

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