S P Setia acquires land in Johor

KUALA LUMPUR: Top property developer S P Setia Bhd is purchasing a 265.7 acre piece of land in Johor Bahru for RM125.78 million, it told the local bourse on Friday, Jan 28.

Its unit Setia Indah Sdn Bhd had on the same day entered into a conditional sale and purchase agreement with Kenyalang Property Development Sdn Bhd for the acquisition, which will be developed into a mixed residential development project.

"The said land is situated in the Tebrau corridor, which is a fast growing area in Johor given increased development activities and new property launches as housing demand has spilled over from the congested Johor Bahru city to this corridor. The group's matured Setia Indah Johor township is located approximately 10 minutes from the land," it added.

The amount is calculated at the rate of RM11 psf based on a net land of 262.519 acres after excluding approximately 3.2 acres reserved for water pipeline.

In a separate media statement, its president and CEO Tan Sri Liew Kee Sin said the group is looking forward to taking advantage of the exciting happenings in the Iskandar Malaysia region to further broaden and deepen its already dominant position in the state, with about 1,500 acres of undeveloped landbank in Johor Bahru following this latest acquisition.

The developer believes that the robust Singapore economy will see a more sustainable rate of growth of 4% to 6% and create positive spill-over effects for Johor Bahru.

"The acquisition is in-line with the group's strategy to continue to grow and strengthen its presence in Johor Bahru. The land's location within the Tebrau corridor where the S P Setia has established a strong following enables it to tap further into the sustained potential demand from upgraders comprised within the group's own customer base and the surrounding matured residential areas," he added.

S P Setia has been present in Johor for more than 13 years and has carved a solid reputation for delivering quality homes in its four ongoing projects, namely Bukit Indah Johor, Setia Indah Johor, Setia Tropika and Setia Eco Gardens.

The group's long presence and continuous efforts to create value for all its integrated townships in Johor have resulted in numerous local and international awards along with consistently strong sales.

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