S P Setia obtains approvals for land acquisition in Melbourne, Australia

PETALING JAYA: Setia International Ltd, a wholly owned subsidiary of S P Setia Bhd, has obtained the approval from Australia’s Foreign Investment Review Board for the purchase of land measuring approximately 1.07 acre in Melbourne’s Central Business District (CBD).

In a filing to Bursa Malaysia on April 28, S P Setia said with the approval, the Contract of Sale has now become unconditional.

The group plans to develop a high-density, inner-city, integrated residential and commercial project on the land.

“The group shall commence construction of the proposed development within a period of 24 months from the date of approval and after all relevant development approvals and/or permit have been obtained,” it said.

The group bought the land this March for A$30 million (RM92.4 million).

It is strategically located on the central spine of the Melbourne’s CBD within the northern precinct, between A’Beckett Street and Franklin Street, and between Elizabeth and Queen Streets.

The purchase consideration was arrived at following a tender process conducted by Savills Australia.
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