SP Setia buys land in Penang for RM620m

PETALING JAYA: SP Setia Bhd is acquiring 1,675 acres of land in Penang for RM620.12 million following a successful tender bid.
In a filing with Bursa Malaysia yesterday, the group said its wholly owned subsidiary Setia Recreation Sdn Bhd accepted an award of tender for the purchase of the parcels of freehold land in Seberang Perai Utara.
The land represents SP Setia’s maiden entry into the mainland of the state, the company said in a statement issued yesterday.
The site is about 18km away from Butterworth and 32km away from the Penang Bridge. It is surrounded by existing townships, retail malls, medical institute, a university campus and a golf course.
The land is planned for an eco-themed mixed development township that has a potential gross development value of RM9.6 billion, to be developed over 15 to 20 years.