S P Setia to develop township in Seberang Perai following successful bid for site

PETALING JAYA (Nov 9): S P Setia Bhd is planning to develop an eco-themed mixed development township on a recently acquired site in Seberang Perai Utara in Penang.

According to a statement today, S P Setia said it has been notified by WTW Real Estate Sdn Bhd of its successful tender bid of RM620 million for a freehold site in Seberang Perai Utara, measuring about 1,675 acres.

The land is planned for an eco-themed mixed development township that has a potential gross development value of RM9.6 billion spanning over 15 to 20 years, said the developer.

The land is located within the Butterworth-Sungai Petani Growth Corridor with good accessibility from the North-South Highway via the Bertam Interchange.

The land is also surrounded by existing townships, retail malls, a medical institute, a university campus as well as a golf course.

The land tender, which was made through S P Setia’s subsidiary Setia Recreation Sdn Bhd, marks the developer’s first foray into mainland Penang.