S P Setia purchases land in Penang for RM186m

KUALA LUMPUR (May 16): S P Setia Bhd's wholly-owned subsidiary, Intra Hillside Sdn Bhd, has entered into a sale and purchase agreement with Penang Realty Sdn Bhd for the proposed purchase of 21.31 acres (8.5ha) of freehold land on Penang Island for RM185.65 million or RM200 per sq ft.

Intra Hillside said it plans to carry out the development of terraced houses and condominiums with a gross development value of RM1.1 billion.

The tract is less than 10 minutes' drive from the international beach resorts along Jalan Batu Ferringhi and 15 minutes' drive from George Town.