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KUALA LUMPUR (Nov 30): Property developer S P Setia Bhd has won a tender bid of an 18,700sqm site along Chestnut Avenue, Singapore, for S$180 million (RM437.4 million).
"The Chestnut Avenue site has a potential development value of RM1.1 billion and a maximum allowable gross floor area of 39,270 sq m," the company said in a statement.
The land tender represents S P Setia's second foray into the Singaporean property market following its acquisition of a freehold development along Woodsville Close in April.
The group's maiden Singapore project at Woodsville Close is expected to be launched in a few months' time followed by the proposed launch of the Chestnut Avenue site by end-2012.
In the statement, S P Setia president and chief executive officer Tan Sri Liew Kee Sin said the land tender provided the group with an extremely rare and excellent opportunity to showcase its core and multiple award-winning development expertise of building eco-brand sanctuaries in a lush green neighbourhood.
"We are very excited about this site which is next to the Zhenghua Park with nearby Bukit Timah Nature Reserve and Bukit Batok Nature Park offering scenic views and recreation," he said. — Bernama
