SP Setia Bhd will be embarking on a mixed residential development project with a gross development value of RM1.1bil in Penang after acquiring freehold land in the state.
In a filing with Bursa Malaysia, the company said it had acquired 21.3 acres in the north-east Penang Island district of Timor Laut for RM185.6mil.
Acquired via its wholly-owned subsidiary, Intra Hillside Sdn Bhd, the company said it would be developing an eco-themed project comprising terraced houses and condominiums.
It said the land's proximity to Batu Ferringhi, well known for its vibrant beachfronts and one of the island's main tourist destinations, was a key attraction for investors looking to acquire prime freehold land in Penang.
The proposed acquisition is expected to be completed during the second half of the financial year ending Oct 31. - By The Star
4 comments
Home prices fall in 60% of big Chinese cities in the Star News Paper today. Will Malaysia be next?
Will Platino drop 60%?.... :P
My crystal ball says Malaysia next starting June.
@Noble : )
Seem like we are watching at the same crystal ball !!