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S P Setia advances on new township plan
by hlk Mon 15 Aug 2011, 13:17
KUALA LUMPUR: S P Setia Bhd (SPSB) shares rose on Monday, Aug 15 on the company’s plans to undertake a mixed residential township development project in Ulu Langat with an estimated gross development value of RM3.5 billion.
At 9.20am, SPSB was up four sen to RM3.89 with 12,000 shares traded.
SPSB said the project would be carried out on 1,010.5 acres of freehold land which it is purchasing from Ban Guan Hin Realty Sdn Bhd for RM330.13 million or RM7.50 per square foot.
Maybank IB Research maintained its Buy call on SPSB with a target price of RM5, and said the property developer was spearheading a new relatively untapped trend i.e. affordable housing via its latest sizeable land acquisition in Semenyih (south of KL CBD).
“The 1,011-acre land, which has been earmarked for affordable housing, would provide steady bread-and-butter sales and support SPSB’s long-term growth.
“The land could turn out to be another highly successful "Setia Alam" given SPSB's expertise and track record in township development,” the research house said in a note Aug 15.
At 9.20am, SPSB was up four sen to RM3.89 with 12,000 shares traded.
SPSB said the project would be carried out on 1,010.5 acres of freehold land which it is purchasing from Ban Guan Hin Realty Sdn Bhd for RM330.13 million or RM7.50 per square foot.
Maybank IB Research maintained its Buy call on SPSB with a target price of RM5, and said the property developer was spearheading a new relatively untapped trend i.e. affordable housing via its latest sizeable land acquisition in Semenyih (south of KL CBD).
“The 1,011-acre land, which has been earmarked for affordable housing, would provide steady bread-and-butter sales and support SPSB’s long-term growth.
“The land could turn out to be another highly successful "Setia Alam" given SPSB's expertise and track record in township development,” the research house said in a note Aug 15.
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