Date: 14 April 2017
Company: S P Setia Bhd
S P Setia acquired 342.5 acres of prime land in Bangi, Selangor, from Seriemas Development Sdn Bhd, a subsidiary of Permodalan Nasional Berhad (PNB) Development Sdn Bhd, to further enhance its Klang Valley landbank.
The land (dubbed Bangi Land) is located near Bandar Baru Bangi, Kajang and Semenyih, approximately 30 kilometres south-east of the city centre and 25 kilometres from the Kuala Lumpur International Airport (KLIA).
S P Setia plans to develop the land into a mixed township comprising residential components, with apartments, linked houses and cluster houses, as well as commercial areas, with shops and shop offices. It is expected to have a RM2.74 billion gross development value.
“Bangi Land is also located within a 5-kilometre radius from our two existing mixed development townships, namely Setia Ecohill and Setia Ecohill 2,” said Datuk Khor Chap Jen, president and CEO of S P Setia. “With our good track record, we are confident of developing Bangi Land into another success story for us to be proud of.”
On the same day, S P Setia, PNB and Amanahraya Trustees Bhd, the trustee for Amanah Saham Bumiputera, entered into a non-binding Memorandum of Intent to commence negotiations on S P Setia’s proposed acquisition of the entire equity interest in I&P Group Sdn Bhd, which has 4,263 acres in landbank.