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- “The completion of this land sale allows us to reallocate resources towards significant projects, reduce debt, and align with our asset-light strategy to enhance competitiveness," said S P Setia president and CEO, Datuk Choong Kai Wai.
SETIA ALAM (Aug 5): S P Setia Bhd has completed its land disposal to Elite Park Development Sdn Bhd, Grand Prestige Development Sdn Bhd, and Mestika Bistari Sdn Bhd, all subsidiaries wholly owned by Mah Sing Group Bhd. Announced mid-last year, the transaction involving approximately 500 acres of freehold land in Glengowrie, Semenyih, was settled for RM392 million in cash.
“The completion of this land sale allows us to reallocate resources towards significant projects, reduce debt, and align with our asset-light strategy to enhance competitiveness," said S P Setia president and CEO, Datuk Choong Kai Wai. (pictured)
"It also enables us for future growth, fostering a more dynamic and innovation-driven approach, allowing us to seize new opportunities, which increases profitability and stakeholder value," he added.
S P Setia stated in a media release that this move is “part of Setia's strategy to boost capital efficiency and focus on high-priority projects, steering the company towards a leaner business model”.
In March, Mah Sing announced it will unveil the M Legasi township in Semenyih by end-2024.
S P Setia is a strategic partner with EdgeProp START, featuring the Chorus @ Setia Ecohill 2 development. All S P Setia homebuyers also get to enjoy rewards worth up to RM18,888.
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