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S P Setia announces extended period to fulfill Huangzhou JV contract conditions

KUALA LUMPUR: S P Setia Bhd subsidiary Setia (Hangzhou) Development Company Limited and its joint venture (JV) partner, Hangzhou Ju Shen Construction Engineering Limited have agreed to extend the precedent conditions fulfillment period set out in the JV contract between the two parties, by six months.

The extension period will expire on Oct 27, 2010, the property developer announced in a Bursa Malaysia listing on Monday, May 3.

The JV contract is conditional upon the approval from the People’s Republic of China Ministry of Commerce (or the relevant approving authority) for the JV contract to be obtained within six months from the date of the said contract. The extension was needed as the conditions precedent have yet to be fulfilled, said S P Setia.

The JV contract involves developing and operating a mixed development on a 25-acre tract situated in the growth corridor of XiaoShan, Huangzhou in China. The first phase of the project is approximately five acres, with a gross development value of RMB1 billion (about RM467 million) comprising commercial / retail properties and serviced apartments. It is expected to complete within 3-4 years from the date of launch.

Hangzhou Ju Shen is principally involved in construction, infrastructure works and landscaping.
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