S P Setia plans mixed township in Semenyih, GDV RM4b

KUALA LUMPUR: S P Setia Bhd plans to undertake a mixed township project with a gross development value of RM4 billion in Semenyih, Selangor.

The company said on Monday, Oct 3 the development would be carried out on 673 acres of land which it is acquiring from Spektrum Megah (M) Sdn Bhd.

S P Setia said it had entered into a sale and purchase agreement with Spektrum Megah to acquire the 673.27 acres of freehold land out of the 737.87 acres in Semenyih, Ulu Langat, for RM381.26 million or RM13 per square foot.

It added the terrain of the land was undulating and zoned for mixed housing development. The land was currently planted with oil palm trees.

S P Setia said land was near Beranang where it had on Aug 12, proposed to acquire 1,010 acres to offer starter homes to first-time owners and other house buyers in a new corridor presently unserved by the group’s more matured projects.

On the rationale for the latest acquisition, it said the Semenyih land was near the Beranang site which would enable the droup to reap economies of scale on infrastructure spending and optimise amenities.

“The estimated GDV of mixed township development project on the said land (in Semenyih) is approximately RM4 billion. Along with the RM3.5 billion GDV estimated for the Beranang Land, the proposed acquisition therefore offers the group an unrivalled opportunity to repeat the twin project success of Setia Alam / Setia Eco Park in the southern region of the Klang Valley,” it said.